Norwegian oil and gas major Statoil ASA (STO) said Thursday it has made a gas discovery in the Kramsno prospect in the Barents Sea, but the exploration program around the Johan Castberg field has so far not delivered expected oil volumes.
-In 2013 Statoil launched a targeted exploration campaign around the Johan Castberg field in order to clarify additional oil potential in the area and make the development project more robust.
-The exploration campaign comprises five prospects, and Kramsno was the fourth of those.
-"The last prospect we will test in this exploration campaign is Drivis, and we will commence drilling operations right after the completion of Kramsno."
-Statoil is operator for production licence PL532 with an ownership share of 50%. The licence partners are Eni Norge AS (30%) and Petoro AS (20%).
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-At 0819 GMT shares traded 0.6% lower at NOK160.10.
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @WSJNordics
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