Statoil exploration to focus on Africa in 2014

Norwegian oil major Statoil will focus exploration on Europe, South America and Africa - specifically Angola and Tanzania - in 2014, exploration chief Tim Dodson has said.

Talking to the Reuters news agency on Monday, he said the firm will also move deeper into the Arctic with wells in the Faroe Islands.

"Next year you can expect about the same level of activity we had this year and the same amount spent, more or less," Dodson said. "Maybe not quite as many wells, but because of Angola, there will be a few more expensive wells next year.

"There will be a big tick up in (exploration in) Angola next year, continued drilling in Tanzania, ... one or two wells in the Gulf of Mexico, two wells the Faroes and one well in the UK probably," he added.

Statoil expects to keep exploration spending close to this year's record level of about $3.75 billion in 2014.

Image: © Harald Pettersen / Statoil ASA

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