The exploration program began with five wells in the vicinity of Johan Castberg.
Statoil Norwegian continental shelf exploration senior vice president Irene Rummelhoff said: "Indeed, we have made fewer commercial discoveries than we had hoped for. We have tested a great variety of geological plays in frontier areas and dramatically increased our knowledge with the huge amount of subsurface data we have collected.
"We have also demonstrated that we can operate in a safe and efficient manner in the remote parts of the Barents Sea.
Statoil said the wells were critical in determining oil potential in the area with an aim to shape the plans for the Johan Castberg field.
The oil discovery made in Drivis is scheduled to be developed as a part of the Johan Castberg project.
Three wells were drilled in the Hoop area during the summer months, which enabled the company to build important knowledge of the frontier of the Barents Sea.
Statoil also completed a number of new geological play models as part of the exploration program, which was intended to understand different areas of the Barents Sea.
The last seven wells were drilled 40% faster than the industry average for the Barents Sea.
"Our focus next year will be to analyse the extensive data we have collected, interpret the 3D data from the joint seismic acquisition in the southeastern Barents Sea and decide on the way forward in the Barents Sea."
