Statoil to convert Gullfaks wells for Shetland/Lista development

Statoil has submitted an amendment to the plan for development and operations for the Gullfaks license in the North Sea to Norway’s Ministry of Petroleum and Energy.

Jun 30th, 2015

Offshore staff

STAVANGER, Norway – Statoil has submitted an amendment to the plan for development and operations for the Gullfaks license in the North Sea to Norway’s Ministry of Petroleum and Energy.

This concerns the Phase 1 development of the Shetland Group/Lista Formation reservoir.

Statoil expects the program to deliver 18 MMboe, maintaining continued operation of the Gullfaks platforms. The company plans to re-use 15 existing wells drilled from the platforms, with no need for any new infrastructure.

Shetland/Lista has been producing under a test production license since 2013. The submitted plan defines a longer-term development of the resources – the first phase involves depressurization down to bubble point pressure in the reservoir.

Since delivering first oil in December 1986 theGullfaks field has produced more than 2.56 Bbbl and more than 70 bcm (2.5 tcf) of gas.

According to Kjetil Hove, senior vice president for operations west development and production Norway, “The current recovery rate on the main Gullfaks field is 59%, and with a productive life towards 2036 our aim is to further increase this rate.”

Statoil estimates the cost of the investment at around NOK 900 billion ($115 million). The next phase, based on pressure maintenance, should improve further the recovery rate.

The Shetland Group and Lista Formation have different properties compared with the deeper deposits of the Brent Group, where the mainGullfaks reservoirs are located. Their producing interval comprises thin limestone beds which are fractured and therefore productive.

Statoil first proved commercial hydrocarbons at this level in December 2012, followed up by perforation in three more existing Gullfaks wells.

06/30/2015

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