NEW YORK - Norwegian multinational oil and gas company Statoil ASA has decided to exit the Chukchi Sea offshore Alaska following exploration results in neighbouring leases not yielding expected results.

Determining its leases there are no longer competitive within the company's global portfolio, the company in a statement Tuesday announced plans to exit 16 operated leases and its stake in 50 leases operated by ConocoPhillips. The leases were awarded in 2008 and are set to expire in 2020.

"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," said Tim Dodson, executive vice president for exploration in Statoil, in a press statement.

In the current outlook of non-remunerative oil prices several oil majors have cut down investments in exploration as part of restructuring plans to cut down on costs.

Statoil's announcement to exit exploration in Alaska comes two months after Shell announced plans to abandon its $7 billion Arctic drilling efforts in a neighboring part of the Chukchi Sea north of Alaska, after drilling a dry hole.

Shell had spent $2.1 billion to purchase 275 leases north of Alaska the same year Statoil entered the region after acquisition of its leases with an investment of about $80 million.

Statoil spokesman Peter Symons admitted Tuesday that the results of Shell's drilling were a key factor in the company's decision to leave Alaska.

As part of a global restructuring of the company's portfolio, Symons said the focus was on "financial strength and long-term performance." To date, in terms of the Statoil leases, Statoil has "not done any drilling," Symons said.

Statoil is among the most active Arctic explorers. It is evaluating a dozen Arctic wells it drilled in the Barents Sea off the coast of Norway over the past few years and has licenses to operate in the Arctic waters near Greenland and Russia.

"Statoil is committed to optimising its portfolio, strengthening financial performance, and positioning for long-term value. The leases in the Chukchi Sea are no longer considered competitive within Statoil's global portfolio, so the decision has been made to exit the leases and close the office in Anchorage, Alaska," the company stated.

The studies, research and activities which have taken place in Alaska, have given the company significant skills and expertise that can be leveraged in other opportunities in northern environments in the future, stated Dodson.

"Our understanding of the challenges and opportunities has increased considerably over the last years. This gives Statoil a unique position and experience which the company will continue to apply going forward," stated Dodson.

Despite stiff opposition from green activists the Chukchi Sea holds great attraction for the oil companies as it is estimated to hold more than 15 billion barrels of crude and 76 trillion cubic feet of gas. The major handicap currently is the low oil prices which make the investment more risky.