"2011 will always be remembered for the major finds on the Norwegian continental shelf (NCS), while at the same time we have completed a great year with regard to improved recovery. We have matured more volumes through improved recovery efforts than the Skrugard and Havis finds combined," said Øystein Michelsen, executive vice president for the NCS.
Statoil delivered six plans for development and production and matured around 560 million barrels of oil equivalent Statoil shares for the large NCS projects during 2011.
Of these volumes 420 million barrels of oil equivalent are the result of improved recovery alone.
"Statoil's main improved recovery projects in 2011 were Troll 3 & 4 compressors and Åsgard subsea gas compression," said Michelsen.
"They accounted for 350 million barrels of oil equivalent in improved recovery alone for Statoil. In addition we have the volumes resulting from our drilling and well activities and improved recovery from small and large modification projects on our NCS installations."
"Åsgard subsea gas compression will be the world's first subsea compressor and is a good example of how pioneering technology can help extend the life of our existing NCS fields. We want more technology breakthroughs and is stepping up our technology effort," said Siri Espedal Kindem, Statoil's head of technology.
Statoil's research activities have been increased by 27 percent and will amount to NOK 2.8 billion in 2012. Furthermore the company plans to expand the research center at Rotvoll in Trondheim to accommodate the largest improved recovery center in Norway.
Improved recovery is also key in Statoil's new technology strategy in which four prioritized technology areas have been identified:
"Technology for better reservoir understanding can alone add reserves of 1.5 billion barrels of oil equivalent to our global portfolio by 2020. In addition we will focus on technology that will reduce drilling time by 30 percent and drilling costs by 15 percent by 2020. If we succeed in developing a subsea factory, it will lead to improved recovery, reduced costs and lower energy consumption in the further development of the NCS," said Kindem.
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