Statoil exits Alaska

Statoil has announced it has decided to exit Alaska following recent exploration results in neighbouring leases. The leases in the Chukchi Sea are no longer considered competitive within Statoil’s global portfolio, so the decision has been made to exit the leases and close the office in Anchorage, Alaska.

“Since 2008 we have worked to progress our options in Alaska. Solid work has been carried out, but given the current outlook we could not support continued efforts to mature these opportunities,” said Tim Dodson, Executive Vice President for exploration in Statoil.

The decision enables Statoil to exit 16 Statoil-operated leases, and its stake in 50 leases operated by ConocoPhillips, all in the Chukchi Sea. The leases were awarded in the 2008 lease sale in Alaska and expire in 2020.

Increased understanding

The studies, research and activities, which have taken place in Alaska, have provided the company significant skills and expertise that can be leveraged in other opportunities in northern environments in the future.

“Our understanding of the challenges and opportunities has increased considerably over the last years. This gives Statoil a unique position and experience which the company will continue to apply going forward,” commented Dodson.

Edited from press release by Angharad Lock

Read the article online at: https://www.oilfieldtechnology.com/exploration/17112015/statoil-leaves-alaska-1633/