Norway's Arctic Oil Ambitions Suffer As Most Promising Well Yields None



Norway's Arctic Oil Ambitions Suffer As Most Promising Well Yields None
Norway's hope of discovering a large oilfield in the Barents Sea has suffered a major setback.

"Gas is almost impossible to commercialize in these remote areas, and if the eastern Barents Sea is gas prone, it will have limited value potential," analysts at brokers DNB said in note. They cut their target for Lundin's share price by 4 crowns to 196 Swedish crowns ($24.76) on Tuesday.

Teodor Sveen-Nilsen, an analyst at Sparebank 1 Markets, said the results so far were slightly disappointing, but not disastrous.

"If more wells to be drilled in 2018 turn to be dry, then it would be really bad," he added.

($1 = 7.9148 Swedish crowns)

(Additional reporting by Terje Solsvik, editing by Louise Heavens and Susan Fenton)


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