Oil giant Statoil has announced its decision to stop exploration in Alaska.
In a statement it said the decision follows recent exploration results in neighbouring leases in the area.
Statoil will exit 16 operated leases and its stake in 50 others in the Chukchi Sea.
Tim Dodson, Executive Vice President for exploration said: “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.”
In September, Royal Dutch Shell announced it won’t drill for oil and gas in the Chukchi Sea.