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

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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".

 



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