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Source: Petro Global News
Norway’s Statoil said Tuesday it is pulling out of its leasesin Alaska’s Chukchi Sea.
The company will exit 16 operated leases and its stake in 50 leasesoperated by ConocoPhillips, all located in the Chukchi Sea.
Statoil will also close itsoffices in Anchorage, Alaska.
The leases were awarded in2008 and expire in 2020.
The company said it no longerconsiders the leases “competitive within Statoil’s global portfolio.”
“Since 2008we have worked to progress our options in Alaska. Solid work has been carriedout, but given the current outlook we could not support continued efforts tomature these opportunities,” Statoil executive vice president forexploration Tim Dodson said.
Houston-based ConocoPhillips toldReuters onTuesday that plans for its Chukchi Sea leases were placed on hold prior toStatoil’s decision and will remain on hold.
Last month,the U.S. Department of Interior denied Shell and Statoil extensionsfor their current offshore Alaska leases and canceled two Arctic offshorelease sales, citing a lack of interest from upstreams.
Statoil’sArctic exit comes nearly two months after Royal Dutch Shell announced itwould pull out of the Chukchi Sea for theforeseeable future after a disappointing find at the Burger Prospect.
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