NEWS

Norwegian company says exploration activities in Chukchi Sea couldn’t compete with projects elsewhere.

Norway’s Statoil said Tuesday it had decided to exit Alaska, echoing a recent move by Royal Dutch Shell to drop the high-cost Arctic frontier area.

Explaining its decision, Statoil said its exploration activities in the Chukchi Sea couldn’t compete with projects elsewhere.

“Solid work has been carried out, but given the current outlook we could not support continued efforts to mature these opportunities,” said Statoil’s head of exploration, Tim Dodson.

The Norwegian oil and gas producer, which entered Alaska in February 2008, said it would close its office in Anchorage following recent exploration results in neighboring leases, and exit all its operations in the Chukchi Sea.