Oil major Statoil’s highly anticipated Korpfjell prospect in the Arctic Barents Sea contained only non-commercial quantities of natural gas, and no oil, the company announced on Tuesday. Korpfjell was the first exploration well drilled in the Norwegian section of a formerly disputed area between Norway and Russia, where Statoil and its partners had hoped to make a major discovery. “The main purpose of the well was to prove whether there was any oil in the large geological structure on Korpfjell. The drilling has only proven small gas volumes,” Statoil said. The gas discovered was estimated at 40-75 million barrels of recoverable oil equivalents, and was not large enough for commercial development, the company added. It said it would continue exploring the area as unfamiliar geological structures […]