Statoil to exit Alaska

NOVEMBER 17, 2015 — Norwegian multinational oil and gas company Statoil says it is optimizing its exploration portfolio and has decided to exit Alaska following recent exploration results in neighboring leases.

Statoil says its leases in the Chukchi Sea are no longer considered competitive within Statoil's global portfolio, so the decision has been made to exit the leases and close the office in Anchorage, Alaska.

"Since 2008 we have worked to progress our options in Alaska. Solid work has been carried out, but given the current outlook we could not support continued efforts to mature these opportunities," says Tim Dodson, Statoil's executive vice president for exploration.

The decision means Statoil will exit 16 Statoil-operated leases, and its stake in 50 leases operated by ConocoPhillips, all in the Chukchi Sea. The leases were awarded in the 2008 lease sale in Alaska and expire in 2020.

Statoil says the studies, research and activities which have taken place in Alaska, have given the company significant skills and expertise that can be leveraged in other opportunities in northern environments in the future.

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