Norway's Statoil quits Reinga Basin

Thu, 13 Oct 2016

By Paul McBeth Oct. 14 (BusinessDesk) - Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was "too low". The Norwegian company will return the two exploration permits for the area it was awarded in 2013 and 2014, and has told the government of its decision, Statoil said in a statement. The data it collected will be made available to others, and it will shift its New Zealand focus to the four permits it holds off the North Island's southeast coas...

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