NORWAY recently celebrated the five billionth barrel of oil equivalent produced by the Statfjord field since first oil in 1979.
The countr y’s minister of petroleum and energy Tord Lien joined with Statoil, Centrica and ExxonMobil for a special ceremony featuring a special barrel, which was decorated in golden colour for the occasion.
“The spin-offs created by Statfjord can hardly be exaggerated. Generating more than NOK1500 billion in revenues and 200,000 direct and indirect man-years since the 1970s the field has been of great importance to the Norwegian society,” Statoil’s executive vice president for Development and Production Norway, Arne Sigve Nylund, said.
Despite its longevity, Statoil and its partners are confident it can keep on producing out until 2025 after tghe JV increased the initial forecast recovery rate from rship hoped to recover 40% to a current 67%.
The additional resources recovered beyond what was initially believed to be possible equal the lower production estimate for Johan Sverdrup.
“On this is a historic day we take a retrospective view. This, however, is also a story about the future, describing how knowledge, skills and experience acquired through many years across the oil industry are harnessed to create ever more values and new activity.
Extra lease of life
Statfjord was supposed to be shut down more than 10 years ago. Instead technology development, smart solutions and clever decisions have extended the productive life and increased the level of activity. This is characteristic of Norwegian oil history and something we will build on in Statfjord’s next chapter and on the NCS for many decades to come,” Mr Nyland said.