Norway's Statoil says to pull out of Alaska

OSLO: Norwegian oil major Statoil said on Tuesday it will pull out of Alaska as its exploration leases in the Chukchi Sea no longer looked competitive.

"Since 2008 we have worked to progress our options in Alaska. Solid work has been carried out, but given the current outlook we could not support continued efforts to mature these opportunities," Statoil exploration chief Tim Dodson said in a statement.

The firm will exit 16 Statoil-operated leases, and its stake in 50 leases operated by ConocoPhillips.