StatoilHydro reconsidering Barents Sea

StatoilHydro, Barents Sea

None of the new hydrocarbon findings made by StatoilHydro in the Barents Sea are big enough for the development of new infrastructure. In the course of the year, the company might reconsider its activities in the area.


In the conference Exploration Revived in Bergen Norway this week, StatoilHydro’s Geir Richardsen indicated that his company might review its plans for the Barents Sea.

-Unfortunately, none of the findings made seem big enough for the development of new infrastructure in the area. […] The way the situation is now, we have to evaluate results carefully and consider what needs to be done in the time ahead, Mr. Richardsen said, reports.

-Although the volumes in the ground might be considerable, it is the productivity of the findings made which will be the challenge for further development, the StatoilHydro representative added.

Mr. Richardsen at the same time maintains that all 2008 projects in the Barents Sea were made according to plans. All operations have been successful with no accidents and no environmental problems, he underlines. StatoilHydro in 2008 drilled seven exploration wells in the Barents Sea, writes. Hydrocarbons were found in six of them, however only minor amounts.

The Snøhvit field remains StatoilHydro’s flagship in the Barents Sea.

Should StatoilHydro decide to lower its activitity level in the Norwegian part of the Barents Sea, it might be the Russian Shtokman field, which becomes the company’s main investment project in the region.