Statoil aims for 60% oil recovery rate offshore Norway
BY KJETIL MALKENS HOVLAND
STAVANGER -- Statoil said wednesday it aims for a 60% recovery factor at its fields on the Norwegian continental shelf, which could add more than 3 billikon bopd to its reserves. The recovery factor is a measure of how much of the oil originally in place in a field is ultimately produced.
"Bringing in new production is crucial" to reaching Statoil's target of producing 2.5 MMbopd in 2020, said Oystein Michelsen, executive vice president for development and production Norway, in a press conference wednesday.
But, he said, improving oil recovery from existing fields is also very important. Last year, Statoil increased its recovery rate from 49% to 50% offshore Norway, which constituted 327 MMbo extra. "It will be no easy task," Michelsen said about the 60% target. "We haven't specified any deadline for this. But it is a clear ambition."
Globally, Statoil said, about 35% of oil in place is recovered. The recovery rate for the Norwegian continental shelf as a whole is 47%, and Statoil has a 50% recovery rate for its fields on the Norwegian continental shelf.
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