Statoil drops leases in the US Arctic

Norway’s state-controlled oil producer has followed Shell out of the high-cost, high-risk Arctic, but downplays the extent of the costs it has incurred there

Statoil is in talks with the authorities and partners about disposing its exploration leases in the US Arctic, following its decision to walk away from the high-cost region, it told PE. But it played down the financial impairments, with only $75m spent on signature bonuses and farm-in agreements so far, and relatively little exploration activity done. In a statement on 17 November Norway’s state-controlled major said it was committed to optimising its portfolio, strengthening its financial performance and positioning itself for long-term value. The leases in the Chukchi Sea were no longer considered competitive within Statoil’s global portfolio, so the decision has been made to exit the leas