Statoil quits frontier blocks

JUST days after its partner in the Great Australian Bight left it in the lurch, Norway's Statoil has quit a separate rank wildcat area, telling Energy News there is little hope of making significant hydrocarbon discoveries.

Despite geological similarities with the Taranaki Basin and suggestions the adjacent Reinga Basin should be prospective, on Friday Statoil said that the probability of a commercial discovery was too