Statoil teams up with rivals to coordinate Arctic exploration

Omni Ventures

21/04/2015 11:00

OSLO, April 21 (Reuters) - Norway's Statoil  STL.OL  has 
teamed up with Eni  ENI.MI , Lundin Petroleum  LUPE.ST , OMV 
 OMVV.VI  and GDF Suez  GSZ.PA  to coordinate exploration 
activities in the Norwegian Arctic to reduce costs, it said on 
Tuesday. 
    The three-year deal, to be led by Statoil, will focus on the 
Barents Sea, particularly areas to be awarded next year in 
Norway's 23rd licencing round. 
    "Our goal is to increase coordination and develop 
cost-effective solutions for exploration in the Barents Sea in 
both the short and medium term," Statoil said. "We will 
collaborate with authorities, industry organisations and other 
relevant institutions to deliver on this." 
 
 (Reporting by Balazs Koranyi, editing by Terje Solsvik) 
 ((Balazs.Koranyi@thomsonreuters.com; +47 2331 6596; Reuters 
Messaging: balazs.koranyi.thomsonreuters.com@reuters.net)) 
 
Keywords: STATOIL EXPLORATION/