Offshore staff

STAVANGER, Norway – Statoil has raised the natural gas reserves estimate for the Snøhvit field offshore Norway in the Barents Sea by 20 bcm (706 bcf). Experience with the field indicates the reservoir will produce better than previously thought.

The next question is how the exports from the field will be handled in light of the new reserves. The choices now are to increase LNG capacity or install an export pipeline. A decision regarding the concept is due in 2Q 2012.

The partners in Snøhvit are Statoil (operator - 36.79%), Petoro (30%), Total E&P Norge (18.40%), GDF SUEZ E&P Norge (12%), and RWE Dea Norge (2.81%).

1/31/2012