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

TechnipFMC named top Petroleum International Contractor by ENR

This accomplishment places us in front of companies such as Petrofac,

The world’s energy demand will peak in 2035 prompting a reshaping of energy investment

The electrification trend is already enveloping the automotive industry.

DNV GL launches revised design standard and new certification guideline for floating wind turbines

The role of offshore wind, including floating offshore wind energy, 

Green Corridor JIP delivers innovative bulk carrier designs for a low emissions future

When the IMO confirmed the 2020 deadline for the 0.5 per cent global sulphur cap in 2016, 

DNV GL launches Operations & Analytics Centre in India to enable 24/7 monitoring for renewable assets globally

The new global monitoring centre is especially significant to independent power providers, 

DNV GL awards AiP to Jiangnan Shipyard for 93K cbm very large ethane carrier design “PANDA E”

The flexible, efficient and environmentally friendly design was developed by Jiangnan Shipyard in cooperation with GTT,

DNV GL starts phase II of project to examine the impact of phase-contamination on oil flow meters

Accurate measurement of the production of oil fields is an important means ...

Important message at the “AKVAculture Day”

We won’t be able to create growth unless we can handle the industry’s challenges.

Visit from the Ministry of Trade Industry and Fisheries

The Ministry visited in order to learn more about the industry.