Statoil Ramps R&D Investments by 27%
Statoil has singled out four business critical technologies as key to achieving the company's growth ambitions. Statoil is boosting its R&D investments by 27 percent and starting to plan Norway's biggest center for IOR technology.
In the period up to 2020 Statoil will maintain a high level of production on the Norwegian continental shelf while doubling its international production.
"The oil and gas industry is facing new technological challenges that differ from those we have dealt with so far. We will find the resources of the future at great oceanic depths, in arctic areas where the conditions are extreme, and in new resources such as shale gas and shale oil for example. Statoil is well positioned to lead the continuing development of the oil and gas industry," said Margareth Øvrum, executive vice president for Technology, Projects and Drilling.
Statoil is now stepping up its technology efforts in order to boost production, reduce energy consumption and support the company's growth ambitions. Specifically this will mean tougher technology priorities, closer cooperation and the swifter implementation of technology.
Statoil's new technology strategy builds on the company's ambitions to boost production from 1.9 million barrels of oil equivalents per day in 2010 to 2.5 million boed in 2020.
The four prioritized technology areas are:
- Seismic imaging and interpretation – will contribute to making further discoveries and boost the recovery rate by 2020.
- Reservoir characterization and recovery – to maximize value. Will contribute to the production a further 1.5 billion boed in reserves by 2020.
- Efficient well construction – to drill more cost-efficient wells: 30 percent shorter time on well construction and 15 percent cost reduction by 2020.
- Realize subsea compression by 2015 and complete a "subsea factory" by 2020 – to accelerate and boost production.
"We have identified four commercially critical technology areas where Statoil has a competitive advantage and where we have a long history of making the impossible possible. We have set ambitious targets for how technology will help us make further discoveries, boost recovery from existing fields, reduce costs and bring about operational improvements in health, environment and safety," said Øvrum.
Statoil is increasing its concentration in R&D and IOR (Improved Oil Recovery).
"For 2012 we are increasing our R&D investments by 27 percent to NOK 2.8 billion. We are also planning for a further increase in our R&D activities going forward. In addition, we have specific plans to expand our R&D Centre at Rotvoll in Trondheim to provide room for Norway's biggest IOR Centre," said Øvrum.
"Our technology advances would not have been possible without the solutions developed by an innovative and dynamic supplier industry, as well as by universities and research institutes. In order to succeed in our four prioritized technology areas we require new solutions and closer cooperation with our suppliers, national and international research milieus, and other partners."
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