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THE WALL STREET JOURNAL: Statoil Bets on Finding Oil

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. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Oil Explorers Searching Ever More Remote Areas

The New York Times: Oil Explorers Searching Ever More Remote Areas

“Exxon Mobil, BP and Shell will have to find a total of 4.4 billion new barrels of oil each year just to replace their current production.”

By JAD MOUAWAD

Published: September 9, 2004

TAVANGER, Norway, Sept. 3 – It is a tale that Statoil’s explorers enjoy retelling. In 1992, the company decided to give up on an offshore tract after two exploratory wells came up dry. Management was getting nervous about the cost – $15 million a well – and was ready to cut its losses.

The explorers still had hopes, though, and managed to get permission for one last try. The third well struck oil, opening a field with about 550 million barrels of recoverable oil, enough to satisfy Britain’s consumption for a year. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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