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Statoil Announces it Will Exit Alaska Offshore Exploration

A second major oil company has abandoned plans to drill in the Arctic Ocean off the northwest coast of Alaska. Statoil announced Tuesday it is giving up 16 of its company-operated leases in the Chukchi Sea. The Norwegian company also is abandoning its stake in 50 Chukchi leases operated by ConocoPhillips. The company on its website said the leases, purchased at a federal lease sale in 2008, no longer made financial sense. “Solid work has been carried out, but given the current...

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