Statoil Halts Angola Exploration, Cancels Rig Contract

Norway's Statoil has halted its exploration campaign in Angola after several disappointing wells and canceled a rig contract with Stena Drilling, the firm said on Friday.

"The costs of terminating the operations and associated services including the Stena Carron rig contract will be onerous contract and expensed in fourth quarter amounting to approximately $350 million," Statoil said in a statement.

The firm said that its 2014 guidance for exploration costs at $3.5 billion was unchanged.

Reporting by Nerijus Adomaitis