Statoil's Statfjord field in the North Sea is celebrating 25 years of production on Nov. 24. The field has yielded oil and gas worth NKr1.045 billion.
"This development has exceeded all our expectations, and has helped to shape Statoil," Chief Executive Helge Lund, says. "That's not only because of its big revenue stream, but also because of technological advances which have laid the basis for a further commitment off Norway and internationally."
Statoil has recovered 4 Bbbl of oil and 70 bcm of natural gas from the field so far. In addition comes output from the Statfjord East and North satellites.
When Statfjord came onstream in 1979, the experts thought it would be possible to recover about 48% of the stock tank oil originally in place. This recovery factor currently stands at 63%, and plan reach as much as 70% – a very high proportion, even in a global context.
"Statfjord is part of our backbone," Lund says. "Much of the technology which makes us a strong international player has its origins in operations on this field."
People thought in 1979 that the reservoir would be depleted by the mid-1990s. The field is currently flowing about 140,000 b/d, compared with the record of 850,204 b/d set on Jan. 16, 1987.
Through the Statfjord late life project, Statoil is working to extend production by changing the drainage strategy and thereby recovering the gas still in the reservoir.
11/24/04
