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Statoil doles out drilling contracts

May 23, 2012 at 8:59 AM

STAVANGER, Norway, May 23 (UPI) -- Norwegian energy company Statoil announced it doled out roughly $5 billion in drilling contracts for work on the country's continental shelf.

Statoil awarded contracts for up to 18 fixed installations on the Norwegian continental shelf in its largest distribution since 2010.

"Efficient drilling and well services on existing fields are important to maintain production on the NCS and to deliver according to Statoil's production forecast of 2.5 million barrels of oil equivalent per day in 2020," Margareth Ovrum, executive vice president for the technology, projects and drilling at Statoil, said in a statement.

Oslo announced in March the start of its annual licensing round for blocks and partial blocks in the North, Norwegian and Barents seas.

Italian energy company Eni estimates its Skrugard prospect in the Barents Sea holds as much as 250 million barrels of recoverable oil and around 350 billion cubic feet of natural gas. Together with the Havis field, about 15 miles south of Skrugard, recoverable oil reserves in the area are estimated at more than 500 million barrels.

Oslo in March called on oil and natural gas operators planning to work in its territorial waters to ensure their work doesn't harm regional ecosystems.

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