Statfjord Field Celebrates Silver Anniversary

Statfjord Field, North Sea
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The Statfjord field operated by Statoil in the North Sea can celebrate 25 years of production on November 24th, and has so far yielded oil and gas worth NOK 1.045 billion.

"This development has exceeded all our expectations, and has helped to shape Statoil," comments chief executive Helge Lund.

"That's not only because of its big revenue stream, but also because of technological advances which have laid the basis for a further commitment off Norway and internationally."

Four billion barrels of oil and 70 billion cubic meters of natural gas have been recovered from the field so far. In addition comes output from the Statfjord East and North satellites.

When Statfjord came on stream in 1979, the experts thought it would be possible to recover about 48 percent of the stock tank oil originally in place.

This recovery factor currently stands at 63 percent, and the target is to reach as much as 70 percent a very high proportion, even in a global context.

"Statfjord is part of our backbone," Mr. Lund emphasizes. "Much of the technology which makes us a strong international player has its origins in operations on this field."

People thought in 1979 that the reservoir would be depleted by the mid-1990s.

The field is currently flowing about 140,000 barrels of oil per day, compared with the record of 850,204 daily barrels set on January 16, 1987.

Through the Statfjord late life project, Statoil is working to extend production by changing the drainage strategy and thereby recovering the gas still in the reservoir.

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Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
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