STAVENGER, Norway, March 17 (UPI) -- Fast-tracking four fields in the Norwegian continental shelf will reduce operating costs by as much as 40 percent, officials at energy giant Statoil said.
Statoil announced four projects on the continental shelf were given fast-track status. The projects have an estimated 140 million barrels of oil equivalent in combined reserves.
"Our ambition on certain fields on the Norwegian continental shelf is to halve the time from discovery to production," said Stale Tungesvik, head of reserves and business development at Statoil.
Tungesvik said that if his company is to remain profitable it needs to take a different approach to major field developments.
"By rationalizing time and resources and by using standard equipment, Statoil will reduce the norm time for simple developments from about five to 2 1/2 years," he said.
Statoil is faced with a declining resource base associated with the North Sea. The company said the aim of the fast-track project is to reduce development time and cut costs by as much as 40 percent from current levels.
The four projects on the continental shelf have expected production start dates in 2012 and 2013.
