February 7, 2014 / 12:07 PM / 4 years ago

Statoil to slow down Arctic exploration due cost control -exploration chief

LONDON, Feb 7 (Reuters) - Norway’s Statoil will slow down exploration efforts in the Arctic, one of its key priority areas, in order to control capital spending, the firm’s exploration chief told Reuters on Friday.

“I expect there will be questions asked about the Arctic going forward, not least since Shell suspended their plans,” Tim Dodson said in an interview on the margins of a capital markets day held by the company.

“We have thought carefully through our plans in the Arctic. We basically have slowed things down. We have slowed things down because we can. We have a lot of other choices, other things that are more timely to bring forward.”

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