Norwegian energy company Statoil finds only small amounts of gas after looking to build up its oil portfolio in the Barents Sea. Image courtesy Statoil Aug. 7 (UPI) — Norwegian energy company Statoil said Monday it was upbeat about finding more oil and natural gas despite disappointing results in the Barents Sea. The Norwegian Petroleum Directorate confirmed a minor discovery in the so-called Hoop Area in the Barents Sea. Known as a wildcat well, one drilled into an area not previously known to hold oil and gas reserves, the NPD said only minor reserves were found at the site, located about 20 miles northeast of a proved discovery. Statoil said it was looking for both oil and natural gas, but only uncovered small amounts of gas. The NPD said the discovery was “not profitable as of today.” Jez Averty, the senior vice president in charge of regional exploration for […]