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Oil exploration in Norway's Arctic cut by half after crude crash

2015-02-18 03:14:46| Appliances - Topix.net

Oil exploration in Norway's Arctic waters will be cut by half this year as state-controlled Statoil ASA halted drilling in the Barents Sea after crude prices plunged. Companies led by Sweden's Lundin Petroleum AB plan to drill at most seven exploration wells in the Barents Sea, down from a record 13 in 2014, said the Norwegian Petroleum Directorate.

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