Gullfaks Field Hits 2.6 Billion Barrel Mark

Statoil revealed Thursday that the Gullfaks field offshore Norway has produced 2.6 billion barrels of oil have since production started on December 22, 1986.

"Gullfaks is a prime example of the best that this industry has achieved in Norway," Gunnar Nakken, senior vice president for the operations west cluster at Statoil, said.

The name Gullfaks comes from "Gullblokken" (the Golden Block), as block 34/10 was known prior to its allocation in 1978. The Golden Block was awarded to a wholly Norwegian group consisting of Statoil (85 percent), Hydro (9 percent) and Saga (6 percent).

First explorations in the area in the 1970s indicated that this was a significant oil and gas reservoir, although, at the time, the field was not expected to run long into the new millennium. Today, the production horizon stretches towards 2040. 



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