Statoil Pulling Out of Alaska

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Statoil is optimizing its exploration portfolio for long-term value and has decided to exit Alaska following recent exploration results in neighboring leases.

The decision means the company 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. The leases are seen by the company as no longercompetitive within the company’s global portfolio. The office in Anchorage will be closed as well.

“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,” said Tim Dodson, executive vice president for exploration in Statoil.

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, he added.

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