No Oil for Statoil in Barents Sea Well

A closely watched wildcat exploration well in Arctic waters that Norway hopes will be its new oil frontier turned out to be another disappointment, the national petroleum agency said Friday.

Norway, with a capacity of about 3.2 million barrels of oil per day, needs to find more oil to shore up for declining production from older fields in the North Sea. And the market is hungry for oil, with crude prices around US$50 per barrel, near record levels.
Forbes