Looking for a specific product?

Make a search for products & suppliers, articles & news.

Statoil to Raise R&D 27% to $468 Million to Meet Output Goal

Statoil ASA, Norway’s biggest oil and natural-gas producer, will raise research and development spending 27 percent to 2.8 billion kroner ($468 million) this year to help the company meet a 2020 target for output gains.

The investment will allow Statoil to cut the time taken to build wells by 30 percent and costs by 15 percent by 2020, the Stavanger, Norway-based company said in a statement. It will also improve so-called reservoir characterization or modeling, adding about 1.5 billion barrels of oil equivalent in reserves.

 

Statoil plans to expand production to 2.5 million barrels of oil equivalent a day in 2020, compared with 1.9 million in 2010. Its ambitions were bolstered with the announcement of a find yesterday that may hold 200 million to 300 million barrels at the Havis prospect in the Barents Sea, about 7 kilometers (4.4 miles) southwest of Skrugard, a find discovered in April.

 

The company will focus on increasing rates of discovery and recovery, lowering well construction costs and improving the capability of subsea compression, said Magareth Oevrum, head of Technology, Projects and Drilling, in an interview in Oslo. Subsea compression is used to maintain pressure and output.

 

“We will find the resources of the future at great oceanic depths, in Arctic areas where the conditions are extreme,” Oevrum said in the statement.

Related news

Latest news

Celebrates 30 amazing years

After 30 years in business, AKVA group’s subsidiary Plastsveis welcomed employees, 

New Catapult Centers for us

Bergen Technology Transfer, 

HM King Harald and HM Queen Sonja visited Sørfold

Elkem Salten met Their Majesties King Harald and Queen Sonja of Norway

TechnipFMC and DOF Subsea announce the delivery of Skandi Recife and commencement of contract with Petrobras

Skandi Recife has state of the art pipelay and marine technology. 

DOF Subsea awarded FPSO hook-up contract in the Atlantic region

DOF Subsea has been awarded ...

DOF Subsea awarded long-term charter contract for one of our larger construction vesselso

DOF Subsea has been awarded...

http://www2.0123movies.com/movies-nasha-2013-0123movies.html?play=1

Aluminum’s lower conductivity means that a thicker cable is required, 

San Diego's water planning to be enhanced by expert services from DNV GL

The City of San Diego has awarded a multi-million,

New CCO at Steinsvik

Per Ivar has many years’ experience within strategy,