Image courtesy of Statoil.

Norway’s Statoil shelved its 2015 offshore Arctic exploration plans Thursday citing high drilling costs and low oil prices.

“No exploration drilling is planned so far in the Barents Sea in 2015 from our side,” Statoil’s head of exploration Tim Dodson told

The state owned company said it will spend the next year analyzing data collected from its 12 well Barents Sea drilling campaign carried out between 2013 and 2014.

Statoil’s disappointing Barents Sea campaign turned up only a couple of commercial discoveries with most of the finds being smaller than expected.

The company said it still plans to submit an application for Norway’s current licencing round that will open up a new block in the Barents Sea.

Despite weak oil prices and slumping demand Dodson said earlier this month the company is planning a “reasonably high” exploration investment this year.