Statoil to recover extra 30 MMbbl from Snorre, Grane fields through seismic

12/13/2012

Statoil to recover extra 30 MMbbl from Snorre, Grane fields through seismic

BY DOMINIC CHOPPING

STAVANGER -- New seismic tools will result in 30 MMbbl of oil from its Snorre and Grane fields, according to Statoil. Permanent reservoir monitoring (PRM) technology will ensure a better understanding of reservoirs.

Snorre and Grane are two oil fields with large remaining reserves. Now approximately 700 km of seismic cables will be placed  in trenches on the seabed on these two fields.

The PRM technology will provide more frequent and better seismic images of changes in the reservoirs, and more knowledge of the reservoir will give more oil. With the current oil prices, it estimates it could recover additional oil at a value $3.4 billion on these two fields. Statoil recovers 50% of the oil from its operated fields on the Norwegian shelf. The world average is 35%. Every extra per cent it recovers constitutes a value of $53 billion with today's oil prices.

The cables will be delivered by Geospace Technologies. The contract has a value of $160 million. DeepOcean will install the cables at Snorre and Reef Subsea Norway will install the cables at Grane. These contracts have a combined value of approximately $124 million. The installation work starts in 2013 at Snorre and in 2014 at Grane.

Dow Jones Newswires

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