facebook
twitter
search
search

Statoil comes up dry in Gulf of Mexico

Company among largest lease holders in the region.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   Sept. 4, 2014 at 8:31 AM

HOUSTON, Sept. 4 (UPI) -- Norwegian energy company Statoil said it would reposition a rig in the Gulf of Mexico after coming up dry in the deep water Martin prospect.

Statoil said it completed operations at the Martin well, coming up only with a small discovery the company said had no commercial prospects. Once abandonment operations are completed, the company said it would reposition the Maersk Developer drilling rig to the Persues project in the Gulf of Mexico.

Statoil says it's one of the largest lease holders in the Gulf of Mexico, describing the area as "among the most attractive in the industry." From an office in Houston, the company said it handles about 30,000 barrels of oil equivalent from the Gulf of Mexico, a level it says is on pace for a steady increase.

In July, the company, one of the largest in the world, said it was cutting as many as 1,400 positions in an effort to trim costs. In terms of production, Statoil said it put out about 1.8 billion barrels of oil equivalent during the second quarter, a 9 percent decrease from the same time last year.

The company added it had similar disappointing results from operations off the coast of Angola.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
North Dakota refinery completed
SCOTUS says no to Gulf of Mexico spill appeals
China starts work on Russian gas pipeline
Eni reaches LNG deal in Indonesia
More than $1B in new orders for Saab