NPD Welcomes More Funds for Improved Oil Recovery

NPD Welcomes More Funds for Improved Oil Recovery

The Norwegian Petroleum Directorate has welcomed a move by Norway's new government that will see more funds to increase the directorate's capacity to initiate improved oil recovery projects.

The NPD revealed Wednesday that in its proposed national budget for Norway for 2014 the new government has allocated a total of $77.5 million (NOK 465.2 million) for operating expenses, equipment procurement and maintenance within the directorate. Included within this sum is an extra $680 million (NOK 4 million) for improved oil recovery.

"We are pleased that the government wants to allocate more funds within this important area, and believe that increased efforts by the Norwegian Petroleum Directorate can contribute to new projects that will result in improved recovery and thus also increased value creation from operating fields," Arne Holhjem, the NPD's director for technology, environment and improved recovery, said.

Efforts will be focused on fields such as Snorre, Troll, Heidrun and the major chalk fields in the North Sea (Ekofisk and Valhall). The NPD stated that these fields are important due to their significant remaining resources.

Norway's new government was unveiled Wednesday by Prime Minister Erna Solberg. The country's oil ministry will be headed by the Progress Party's Tord Lien. The Progress Party is keen to cut taxes and boost spending on infrastructure within the country.

Meanwhile, Statoil announced Wednesday that one of its directors, Børge Brende, will leave the company's board immediately after having been appointed to the position of Minister of Foreign Affairs by the new government.

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