The FINANCIAL - Improved recovery boost

Improved recovery boost

17/01/2012 05:54 (134 Day 08:43 minutes ago)

The FINANCIAL -- Statoil has matured more reserves through improved recovery than the Skrugard and Havis discoveries combined in 2011, according to Statoil.

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The company is now strengthening its focus on improved recovery.Statoil delivered six plans for development and production and matured around 560 million barrels of oil equivalent Statoil shares for the large NCS projects during 2011.

Of these volumes 420 million barrels of oil equivalent are the result of improved recovery alone.The total investments on Troll and Åsgard subsea compression amount to NOK 26 billion.Statoil's research activities have been increased by 27% and will amount to NOK 2.8 billion in 2012. Furthermore the company plans to expand the research centre at Rotvoll in Trondheim to accommodate the largest improved recovery centre in Norway.

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