Statoil upbeat on Gullfaks prospects

Aug. 25, 2011 at 7:47 AM

STAVANGER, Norway, Aug. 25 (UPI) -- The third discovery of hydrocarbons in the Gullfaks license off the Norwegian coast confirms Statoil's optimism about the prospects there, a director said.

Norwegian energy company Statoil announced its third discovery in the Gullfaks region. The company said that estimates suggest there are as much as 9.5 million barrels of recoverable oil equivalent present in the Gullfaks area.

"This type of discovery is important for maximizing the potential on the Norwegian continental shelf and contributes to extending the production life of installations," Tom Dreyer, exploration head for North Sea developments at Statoil, said in a statement.

Statoil said it was examining the technology for its Gullfaks field. The company said compression technology to "squeeze" the field could boost recovery by as much as 6 percent.

Pressure in mature fields declines with production.

Statoil was investigated by the Norwegian Petroleum Safety Authority because of safety concerns at the Gullfaks field. The company in February briefly evacuated staff from a platform after a gas "incident."

Related UPI Stories
Latest Headlines
Trending Stories
Multiple attacks escalate Jerusalem violence; gun restrictions could ease"
Genetic changes could make pig organs usable for human transplant
Five Democratic presidential candidates meet in Las Vegas for first debate
Confederate flag group charged with terrorist threats
Report: MH17 downed by Russian-made missile