NOIA: Statoil’s Withdrawal from the Alaskan Arctic Indicative of Tough Economic and Regulatory Climate

For Immediate Release: Tuesday, November 17, 2015
Contact: Nicolette Nye, (202) 465-8463, nicolette@nullnoia.org

Washington, D.C. – NOIA President Randall Luthi, issued the following statement on Statoil’s decision to exit the Alaskan Arctic:

"Statoil's decision to withdraw from the Alaskan Arctic is disappointing yet understandable given current tough economic and regulatory conditions. These are challenging times for the oil and gas industry with continued low commodity prices making for hard choices, and I know this was a difficult one for Statoil. The company has a substantial investment in the U.S. Arctic and had hoped to become a producer of both energy and economic growth there for Alaskans and for our nation. Hopefully, another company will step in to fill the void left by Statoil, but given the harsh economic climate and the difficulty obtaining lease extensions, the outlook is rather bleak."

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ABOUT NOIA

NOIA is the only national trade association representing all segments of the offshore industry with an interest in the exploration and production of both traditional and renewable energy resources on the nation’s outer continental shelf. NOIA’s mission is to secure reliable access and a fair regulatory and economic environment for the companies that develop the nation’s valuable offshore energy resources in an environmentally responsible manner. The NOIA membership comprises nearly 300 companies engaged in business activities ranging from producing to drilling, engineering to marine and air transport, offshore construction to equipment manufacture and supply, telecommunications to finance and insurance, and renewable energy.