The chief executive of Norway’s biggest oil company refused to give up on oil exploration in the country’s Arctic despite another disappointing drilling campaign this year. Eldar Saetre, Statoil’s chief executive, said that the government-controlled company was “very patient” when it came to exploring new areas and that it would return to the Norwegian Barents Sea next year with “optimism but realism”. Statoil found no oil at its big exploration prospect in the Arctic this year, the Korpsfjell field in an area newly opened up for drilling in the south-east of the Norwegian Barents Sea. But Mr Saetre said: “It’s a game of patience and longevity. We will drill these wells [next year] and they’re justified. We haven’t found the big stuff. But next year will also be exciting.” Statoil only returned to exploration in the Barents Sea this year after a three-year hiatus following a previous disappointing campaign. Oil companies are still struggling to understand the geology of the area of the Arctic just off the north coast of Norway. They argue that the conditions are the most benign of anywhere in the Arctic region with no sea ice and relatively shallow and calm waters.