Statoil to Deploy New Technology at Asgard

Boosting the pressure in the gas flow the seabed compressor will compensate for dropping pressure in the reservoir. Gas production from Asgard is expected to increase by 25%--approximately 30 to 40 billion cubic meters--when this technology is employed. Installation of the compressor on the seabed is scheduled for 2012-2013. Qualification of the seabed technology will take place toward 2012.

“This means that the business potential on the Mikkel and Midgard deposits at Asgard will be better exploited,” said Knut Nordstad, senior adviser at Statoil’s research center in Trondheim, where the technology was developed. “The technology should make us better prepared for more demanding projects in the future. Gas compression may be relevant both for the Troll field in the North Sea and Snøhvit in the Barents Sea.”

Seabed processing is particularly relevant in Artic waters. If Statoil becomes a partner on the Shtokman field in the Russian part of the Barents Sea, experience associated with new seabed technology will be useful.

Statoil and the other partners in the Asgard license invest slightly more than NOK4 billion (US$628.5 million) in the project.

The installation will be located in 250 meters of water some 50 kilometers from the Asgard B platform. In connection with seabed processing, tasks such as pumping, separation, compression, and filtering are performed on the seabed rather than on the platform. The technology will contribute to great cost savings and secure production until 2021.

Statoil is operator for Asgard, (25% interest). The other licensees are Petoro (35.5%), Hydro (9.6%), Eni (14.9%), Total (7.65%), and Mobil (7.35%).