A consortium led by Norway’s Statoil discovered a gas pay zone at wildcat well 6706/11-2 in the Gymir prospect in the Norwegian Sea. The well was drilled about 12 miles west of the Aasta Hansteen field to prove petroleum in Upper Cretaceous reservoir rocks, in the Nise formation.

More than $100bn of spending on new projects by the world’s energy companies has been slowed, postponed or axed following the oil price plunge, evidence of the drastic industry action that will curb output in coming years.

Britain's largest energy supplier Centrica (CNA.L) has signed new gas contracts with two of the world's largest producers, Russia's Gazprom and Norway's Statoil, reflecting the UK's growing dependence on gas imports as its production declines.

Despite challenging oil and gas prices in the quarter, Statoil (OSE:STL, NYSE:STO) delivered Adjusted earnings of NOK 22.9 billion and NOK 7.0 billion after tax. Statoil reports a negative IFRS Net income of NOK 35.4 billion due to impairments.

On 26 March, the Solitaire pipe-laying vessel started on the first stage of the Polarled installation project. The 482-kilometre long pipeline will transport gas from the Aasta Hansteen field in the Norwegian Sea to Nyhamna in western Norway.

Norwegian energy firm Statoil has made a gas discovery near the Aasta Hansteen field in the northern part of the Norwegian Sea, the company said on Tuesday.

Statoil ASA plans to drill four wells in Russia with state oil company OAO Rosneft, targeting heavy oil fields, showing Norway’s biggest energy producer is deepening its involvement in the country against the backdrop of international sanctions.

Things are not any easier for the natural gas business in Europe at the beginning of 2015, but in a session dedicated to new customers and new markets, industry representatives gathered in Vienna, Austria at the European Gas Conference offered their views on how gas might regain its position amid the numerous challenges.

Statoil reduces capital budget by $2 billion following 4Q losses

Statoil’s (OSE: STL, NYSE: STO) board of directors has appointed Eldar Sætre as new president and CEO.