Statoil will not become operator for the Intercampo oil field in Venezuela following disappointing results of exploratory drilling.
The Chinese National Petroleum Company, CNPC, spudded a wildcat in the Lake Maracaibo field on 14 December last year.
If drilling results had proved positive, Statoil had an option to take over a 60 per cent interest and become operator for Intercampo.
According to Arnfinn Jøssang, Statoil's project manager, the well did not contain sufficient oil to warrant further testing.
Intercampo lies south-east of LL 652, an oil field in which Statoil has a 30 per cent interest.