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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

09/24/2012

 

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