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Statoil plans 30% increase in exploration drilling this year


Norway's statoil ASA(STO) plans a 30% increase in exploration drilling activity this year,as efficiency gains and lower market costs allow its investment budget to stretch further than previous expected.
The energy group's drilling program for 2017 will include around 30 exploration wells,where it will be operator and partner,compared with 23 in 2016,and the program will be balanced between proven basins and new opportunities,it added.
Between 16 and 18 exploration wells will be completed this year on the Norwegian Continental Shelf,while other sites will include the UK,US Gulf of Mexico,Indonesia,Suriname,Russia and Turkey,among others.