Skrugard Estimates Reaffirms Norwegian Continental Shelf Potential

Statoil reported that its Skrugard discovery provides renewed optimism for the whole Barents Sea region and reaffirms its long-term prospective of the Norwegian Continental Shelf.

Statoil now estimates that the Skrugard discovery in the Barents Sea to contain approximately 250 million boe recoverable resources, with a significant upside potential in the license. The Skrugard well has significantly improved Statoil's understanding of other prospects in the area.

Finding new discoveries and enhancing production from existing fields will be critical for Norway's future. In 2010, the nation recorded the largest decline worldwide in oil production in 2010, according to the BP Statistical Review of World Energy June 2011.

BP reports that Norway had 3.3 million b/d of oil production in 2000; at the end of 2010, the country had 2.1 million b/d. Norway had estimated proved oil reserves of 11.4 thousand million barrels at the end of 2000; at the end of 2010, the country had 6.7 thousand million barrels.

Oil production in non-OPEC countries in 2010 grew by 860,000 b/d, or 1.8 percent, the largest increase since 2002, according to the review. Growth was led by China, which recorded its largest production increase ever, the U.S., and Russia, while continued declines in Norway and the UK partly offset growth elsewhere.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Services Manager - Production Chemicals
Expertise: Chemist|Production Engineering|Stimulation
Location: Midland, TX
United States Houston: R&D Cementing Engineer - Petrophysical Applications
Expertise: Chemical Engineering|Mechanical Engineering|Petroleum Engineering
Location: Houston, TX
United States Houston: Application Evaluation Specialist
Expertise: Drilling Engineering|Field Development
Location: Houston, TX
search for more jobs

Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
Updated in last 24 hours