Statoil builds research centre to improve recovery rate
BY KATARINA GUSTAFSON
OSLO -- Norwegian oil and gas major Statoil ASA (said it has started the construction of a research centre in Trondheim, Norway, that will focus on improving recovery rates from fields on the Norwegian continental shelf.
The centre will cost around 240 million kroner ($41.7 million), is due for completion towards the end of 2013 and is part of Statoil's plans to improve the rate of recovery from its wells.
"This research centre will play a central role in helping us realize our ambition of a 60% rate," Statoil CEO Helge Lund said in a statement.
Statoil said the global oil recovery rate is roughly 35% while the Norwegian Continental Shelf as a whole has an average recovery rate of 47%.
The company's recovery rate in 2011 was 50%.
In addition to increasing the recovery rate, the centre will help reduce costs and the environmental impact.
Dow Jones Newswires