Norway’s Statoil is currently evaluating the future of its U.S. Gulf of Mexico exploration program.
According to a Norwegian media post seen by Reuters, Statoil exploration chief Tim Dodson said the company is considering “whether or how to proceed” with its multi-billion campaign in the offshore region.
“Even if the fields we have are paying off, the Statoil-operated exploration campaign could so far be characterized as a failure,” Tim Dodson told Dagens Naeringsliv.
Statoil has booked several Gulf of Mexico discoveries as a license partner over the last several years but the company has yet to make a find during its own operated drilling program.
According to Reuters, Statoil has no plans to spud an operated GoM well this year after completing its most recent well in the area about a year and half ago.
A Statoil spokesperson told Reuters that the company is evaluating its work in the GoM and has not made a decision about whether or not it will continue to drill in the region as an operator.
Statoil holds stakes in several Gulf of Mexico projects including the Chevron operated Jack/St. Malo project and the Hess operated Stampede project.
Statoil said earlier this month that it plans to drill up to 30 wells as operator and partner as part of its 2017 exploration campaign.
That figure marks a 30 percent increase from the number of exploration wells the Statoil drilled in 2016.
The company expects to complete 16 to 18 exploration wells in the Norwegian Continental Shelf as part of its 2017 program as well as five to seven exploration well campaign in the Barents Sea.
Statoil said it’s also planning to spud partner operated wells in established basins like the U.S Gulf of Mexico this year.
However, the company has not disclosed further details about the company’s 2017 plans for the Gulf of Mexico.