THE WALL STREET JOURNAL: Statoil Bets on Finding Oil
30 April 05
Unlike Rivals, Norwegian Firm Spends More On Exploration
By CHIP CUMMINS
Staff Reporter of THE WALL STREET JOURNAL
After taking the helm last summer at Statoil ASA, Norway’s biggest oil producer, Helge Lund made an unusual move.
The chief executive increased planned outlays for finding new oil this year, even as many of his peers are holding back on exploration spending amid today’s high but uncertain oil prices. And yesterday, Statoil announced a planned $2 billion purchase of prospects in the Gulf of Mexico from EnCana Corp., based in Calgary, Alberta.