Improved Oil Recovery News

Statoil ASA and Petróleo Brasileiro S.A. (Petrobras) have agreed that Statoil will acquire a 25 percent interest in Roncador, a large oil field in the Campos Basin in Brazil. The transaction nearly triples Statoil’s production in Brazil, with attractive break-evens and potential for additional value creation for both parties through the application of Statoil’s expertise in improved oil recovery (IOR). The total consideration comprises an initial payment of $2.35 billion, plus additional contingent payments of up to $550 million. “This transaction adds material and attractive long-term production to our international portfolio, further strengthening the position of Brazil as a core area for Statoil.

The 2016 Offshore Technology Conference (OTC) will honor this year’s Distinguished Achievement Award recipients on Tuesday, 3 May, in Houston. As part of the OTC Distinguished Achievement Awards Luncheon, the conference will recognize Robert (Don) Vardeman of Anadarko Petroleum Corporation for individual achievement, the Marine Technology Society Dynamic Positioning Committee for institutional achievement, and both George Hirasaki and Yuri Makogon with its Heritage Award. Founded in 1969, OTC brings together industry leaders and professionals from more than 120 countries. Its large international participation provides excellent opportunities for global sharing of technology, expertise, products, and best practices that address current and future industry conditions.

The world’s first subsea wet gas compressor station is now ready for the final testing at Horsøy outside Bergen before being prepared for installation and hook-up to Gullfaks C in 2015. By adding 22 million extra barrels of oil equivalent from the Gullfaks South Brent reservoir the compressor will help extend the field’s productive life. Starting back in 2008 the efforts to develop and qualify the compressor in line with Statoil’s requirements represent a good example of Statoil’s cooperation with the Norwegian supply industry to develop robust improved oil recovery solutions.

Drilling activity offshore UK is now expected to increase over the next few years as government and industry reacts to the recommendations in Sir Ian Wood’s report – the “Wood Review” – to maximise UK offshore oil & gas recovery advises Douglas Westwood's 'DW Monday' study. From a peak of 396 in 1996, numbers of wells drilled offshore UK fell to 164 in 2013, a low not seen since 1979. Development wells were down from 289 in 1998 to 120 in 2013. Exploration & appraisal drilling, on which offshore production ultimately depends, saw numbers fall from 224 in 1990 to 44 last year. Of these the key driver is of course exploration wells, down from 157 in 1990 to just 15 last year.

Qatar Petroleum (QP) announced plans to invest over 40 billion Qatari Riyals (QAR) in the re-development of the existing Bul Hanine offshore oil field located about 120 kilometers to the east of the Qatari coastline. The project, which is currently at the pre-FEED stage, is one of the largest to be managed and executed by QP. It is designed to prolong the field’s life by countering its production decline and doubling its current oil production rate. Commenting on the redevelopment plans, H.E. Dr. Mohammed bin Saleh Al-Sada, Minister of Energy and Industry and Chairman of QP, said: “This important project is part of a development and production strategy based on maximum recovery of reserves through the longest possible plateau of sustainable production levels. H.E. Dr.

Statoil and the partners in the Johan Sverdrup field have decided on a concept for the first development phase. The partners have agreed on a field center consisting of four installations and power from shore. The partners have decided on power from shore for the Johan Sverdrup field in the first phase, which will reduce total CO2 emissions from the Utsira High area by 60-70%. “This is historic. We have not made a concept selection for a field this size since the 1980s,” says Arne Sigve Nylund, executive vice president for development and production in Norway.