Statoil says Arctic gas find not commercial

Statoil-in-Offshore-Mozambique-Farmout27 September 2014, News Wires – Norwegian energy firm Statoil’s gas find in the Pingvin prospect in the Arctic Barents Sea is not commercial, even though the find holds up to 120 million barrels of oil equivalents, the firm said on Friday.

“For a discovery in this area to be commercially viable it needs to be an oil accumulation of a significant size,” Statoil said in a statement. “A gas discovery does not have commercial value at present.” The Barents Sea does not have the pipeline infrastructure to transport gas, making gas finds less valuable. 



– Reuters

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