Statoil decides not to drill oil well in Norway's Snohvit gas field
Statoil ASA said it has decided not to go ahead with the possible drilling of an oil well in Norway's Snohvit gas field because a recent reassessment of the situation has shown it not to be economically viable. Snohvit, located in the Barents Sea off the north coast of Norway, contains a thin oil zone that the Norwegian oil directorate has said it would like to extract before gas production starts…

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Jarle Petterson <jp