However, the Norwegian state player needs to make a significant find to deem its Australian campaign a commercial success.
Statoil is exiting its shale permits in the Northern Territory following a disappointing campaign of drilling.
Statoil’s vice president exploration Paal Haremo says his company had concluded there was no remaining prospectivity in the South Georgina basin.
“We are now planning to relinquish the permits back to the Northern Territory authorities and exit the basin,” he says.
Statoil
