Statoil to Intensify Arctic Gas Exploration

Statoil will increase its gas and oil exploration in Arctic waters, despite policy and technological issues, Statoil CEO Helge Lund has said. 

"We expect Arctic exploration to intensify, and yet-to-find estimates could grow pending seismic and exploration results and the industry's interest in the Arctic offshore to increase accordingly," Mr. Lund said.

The Arctic region could hold about a quarter of the world's oil and gas reserves, he said.

Speaking at the 20th World Petroleum Congress in Doha, Qatar, Mr. Lund said that despite challenges facing exploration, these were not "show-stoppers" and Statoil would continue to explore in the region as safely as it possibly could.

"Policies and technology represent barriers to Arctic activity but they are not show stoppers in my opinion,"he said. "Political support will always depend on the industry ability to deliver safe and efficient operations."

Statoil is currently involved in a number of projects in the Arctic region, including the Shtokman project with Russian Gazprom in the Barents Sea.