Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Statoil 'On Track' for 1.4M Barrels Per Day from the NCS by 2020

change text size

Statoil reported late Wednesday that it is on track to fulfill its ambition of producing more than 1.4 million barrels per day on the Norwegian Continental Shelf (NCS) by 2020.

Statoil is operator for more than 70 percent of all oil and gas production on the NCS, which includes more than 40 assets in the North Sea, Norwegian Sea and Barents Sea.

"The Norwegian Continental Shelf is the backbone of our company and will remain so for many years to come, based on proven and recoverable resources," Statoil CFO Torgrim Reitan commented in a company statement.

But Statoil stressed that a predictable and stable fiscal framework is important to secure the attractiveness of continued investments on the NCS, noting that this is particularly important for marginal fields and fields that require significant investments in infrastructure.

The firm said that in the North Sea it is progressing according to plan, with the recent Johan Sverdrup, King Lear and Gullfaks discoveries further strengthening its position towards 2020. In the Norwegian Sea, Statoil noted that it has now received formal approvals to open a new gas province with its Aasta Hansteen project. Meanwhile, Statoil said it was pleased with the result of the 22nd licensing round and the Norwegian government's proposal to open the southeastern part of the Barents Sea but that it will require "a significant effort to develop the opportunities that lie in this immature area".

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  President Takes 100% Ownership of Pues... (Jul 30)
 -  IWCF Launches Online Well Life Cycle C... (Jul 30)
 -  Statoil Installs Valemon Topsides (Jul 29)
 -  Petrofac Wins Shah Deniz 2 Project Wor... (Jul 29)
 -  Saipem Wins $850M of Drilling Contract... (Jul 29)
Most Popular Articles
From the Career Center
Jobs that may interest you
Customer Strategy & Planning Analyst
Expertise: Accounting or Finance, Sales and Marketing
Location: Houston or Calgary , TX
 
Strategic Account Manager
Expertise: Business Development
Location: Houston, TX
 
Senior Landman/ Land Manager
Expertise: Landman, Petroleum Engineering
Location: Houston, TX
 
search for more jobs