Statoil delays oil exploration in Alaska Arctic

A Norwegian oil and gas company is delaying its plans for exploration in Alaska's Arctic.

Statoil is citing challenges that Shell Oil Co. has faced in delaying its plans to explore for offshore oil.

Jim Schwartz, a Houston-based spokesman for Statoil, told the Anchorage Daily News (http://is.gd/CgHFKU) that it is delaying its exploration plans in the Arctic until at least 2015. He says the company has decided it is the time to be prudent and observe the outcome of Shell's efforts to drill in the Chukchi Sea.

Federal regulators recently gave Shell the go-ahead to begin construction on one well without an oil response vessel on scene. Shell spokesman Curtis Smith says drilling could begin as early as Friday or Saturday.