Norwegian oil major Statoil announced Wednesday that it plans to further develop the Gullfaks South field in the Norwegian North Sea.
Along with its partner Petoro, Statoil will invested some $1.4 billion (NOK 8.5 billion) in two new subsea structures as well as six more wells. The firms believe that this will boost recovery by approximately 65 million barrels of oil equivalent.
Statoil plans to employ its 'fast-track' method that uses standardized solutions that involve existing infrastructure rather than building all required infrastructure from scratch.
"By using the fast-track concept, with standardised solutions and consistent teams in one project, we will improve recovery in an effective manner," Halfdan Knudsen, vice president for fast-track projects on the Norwegian Continental Shelf, said in a statement.
Production in parts of Gullfaks South was shut down in 2008 to maintain an acceptable pressure level in the reservoir for future drilling operations.
Existing wells are being reopened during the course of 2012. And new wells will also be drilled from existing seabed templates on Gullfaks South.
Recovery will be increased further with the fast-track concept and production start-up is planned from 2014.
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