STATOIL DRY WELLS
Norwegian oil firm Statoil has drilled dry wells in two areas in which it had high expectations, off Angola and in the U.S. Gulf of Mexico, hitting its shares and raising questions over whether its successful exploration run is coming to an end.
Statoil was the most successful offshore explorer last year, discovering more oil and gas resources than any other oil company in the world.
It has great hopes for drilling in the pre-salt formations off Angola, where it said billion-barrel discoveries were possible. It was also hopeful that it could find hydrocarbons in the Martin prospect in the Gulf of Mexico.
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