"Statoil has completed a fantastic year, both in terms of exploration successes, and the development of our portfolio on the Norwegian continental shelf (NCS)," said Øystein Michelsen, executive vice president for Development and Production Norway.
According to Michelsen the NCS will remain the backbone of Statoil for many years ahead. The company will maintain the current production level on the NCS until 2020, i.e. 600 000 to 700 000 barrels of new production per day.
On the NCS the company made the largest oil discovery in the world last year – Aldous, in addition to the giant Skrugard discovery in the Barents Sea.
Skrugard has renewed optimism and interest in exploration in the Barents Sea and is a potential door opener for a new oil province.
Drilling on the Havis structure started in December. Next, the company will drill an appraisal well at Skrugard. As regards Aldous/ Avaldsnes the fields will most likely be developed as a regional hub on the Utsira High.
For the NCS in general the activity in the large field development projects has remained high.
"The maturing of the fast-track portfolio has continued at full force. In 2011 we made seven investment decisions, the aim being to put several of the fields on stream by early 2013," Michelsen said.
Considerable investments have been made within improved oil recovery (IOR), Åsgard subsea gas compression being one of the highlights. The project will significantly improve oil recovery, and extend the life of the field.
Two new compressors on the Troll A platform boost production from the Troll field. Also construction and installation at Gudrun and Valemon, two of the company's large development projects, took place in 2011.
The positive trend from 2010 within health, safety and the environment continued in 2011, in spite of a higher activity level. A proactive attitude to HSE proved effective.
"Statoil is very pleased with the award of new production licences in the 21st licensing round last year," said Michelsen, who believes that 2012 will be just as exciting as the year we have just left behind.
"We will explore more and grow our portfolio. Furthermore, we will maintain our efforts to maximise the recovery from existing fields, and continue the development of new acreage. At the same time it is important that we drive the opening of new exploration acreage."
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