facebook
twitter
rss
account
search
search
 

Statoil upbeat on Norway's OCS potential

Oct. 19, 2012 at 9:17 AM   |   Comments

STAVANGER, Norway, Oct. 19 (UPI) -- Norwegian energy company Statoil said it was working on fast-track solutions to recover 10 million barrels of oil equivalent from an offshore field.

Statoil said the Fram field on the Norwegian continental shelf could yield as much as 10 million barrels of oil equivalent. The project is one of the smallest that the company has set aside for fast-track development, though field development manager Halfdan Knudsen said it could be a "door-opener for new developments" in the area.

The company said installation of equipment on the sea floor, including pipelines, is expected by next summer. Drilling in the Fram field is expected to begin during the fourth quarter of 2013.

Fram was discovered 2007

Norway is the largest oil producer in Europe and the second-largest exporter of natural gas after Russia. The Norwegian government had said it expected investments in the oil and natural gas sector to reach $30 billion by the end of the year.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Tesla could face sales ban in Michigan Tesla could face sales ban in Michigan
2
Early completion of refit of Italian aircraft carrier Early completion of refit of Italian aircraft carrier
3
Russia doesn't fear Azeri gas, scholar says Russia doesn't fear Azeri gas, scholar says
4
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
5
Brent losing steam, WTI showing gains Brent losing steam, WTI showing gains
Trending News
Around the Web
x
Feedback