Statoil abandons Snøhvit oil

Statoil and its partners in the Snøhvit project have terminated studies into the field's oil zone.

Offshore staff

STAVANGER, Norway --Statoil and its partners in the Snøhvit project have terminated studies into the field's oil zone. Evaluations undertaken this summer showed it would not be commercially viable to develop, Statoil says.

Partly at the request of Norway's government, Statoil drilled an appraisal well on the structure to assess the thickness of the oil zone in Snøhvit's western extent. Subsequent analysis revealed the oil content was below expectations.

Any project would have had to be fasttracked, as the recent startup of gas-condensate production from the field rules out development of the oil at a later date, Staotoil says.

09/26/2007

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