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Published on : Nov 16, 2017

Statoil ASA has planned to establish a drilling set up in Norway for a second year running, keeping in accordance with the first indication the company has given of its plans of exploration for 2018.

Statoil is planning to set up 25-30 exploration wells in Norway by next year, both in the roles of partner and operator. The company vice president Atle Reinseth confirmed the plans for the brownfield & tie-back project in Statoil at the conference in Stavanger on November 15, 2017. The figure show an early ‘framework’ that will rely on different factors such as rig allocation and partner approval and the actual degree might be either lower or higher. This information was released by Morten Eek, working as the spokesman for Statoil ASA through an email.

While the estimate may be still at a nascent stage, it suggests that the company could think of drilling as many wells off in Norway by 2018 as it did at a global level in 2017. State controlled oil behemoth of Norway have planned for nearly 30 wells for the years, with over half of the wells in the home country. This indicates that the company may also drill more number of well across the globe in the coming year.

This pick up is expected to build on the recovery this year, after drilling activities plunged down to just 23 wells in the year 2016. Oil corporations have cut down spending after the prices of crude oil fell down in 2014, reducing the budgets for exploration to the bone.