STAVANGER, Norway, Oct. 19 (UPI) -- Norwegian energy company Statoil announced it signed a $378 million deal for a drilling rig meant to improve recovery at a North Sea oil field.
Torstein Hole, a senior vice president at Statoil, said the deal with contractor Songa Dee would help unlock the remaining resources in the Gullfaks oil field in the North Sea.
"Securing important drilling capacity on the field for the next three years, this agreement allows us to implement several measures to improve the Gullfaks oil recovery," he said in a statement. "The drilling operations will increase the field's production volumes from 2012, which will strongly boost the recovery rate from the field."
The Songa Dee contracted rig will be used for drilling and completing wells at the field.
Production at Gullfaks began in 1986. The field reached peak production in 1994 when it produced more than 605,000 barrels of oil per day.
