• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 3 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 14 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 3 hours Saudi Arabia turns to solar
  • 1 min Why is permian oil "locked in" when refineries abound?
  • 1 hour Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 7 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 20 hours Gazprom Exports to EU Hit Record
  • 3 hours Teapots Cut U.S. Oil Shipments
  • 2 hours Oil prices going down
  • 20 hours OPEC Meeting Could End Without Decision - Irony Note Added from OPEC Children's Book
  • 3 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 16 hours U.S. Withdraws From U.N. Human Rights Council
  • 13 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 4 hours Putin Says 'Fierce' U.S. Politics Hindering Summit With Trump
  • 19 hours Could oil demand collapse rapidly? Yup, sure could.
  • 19 hours Sell out now or hold on?
Alt Text

What Will Follow The Age Of Oil?

Natural gas production is exploding…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Trending Discussions

Statoil’s North Sea Success Provides Hope For World’s Depleted Fields

Statoil’s North Sea Success Provides Hope For World’s Depleted Fields

Developers and investors holding old, "depleted" oil and gas fields, take note -- you might be sitting on a lot more in reserves than you think.

That's the message this week from a world-first breakthrough in offshore production, coming in the mature climes of Norway's North Sea.

Veteran operators Statoil and OMV said they have installed the world's first subsea wet gas compressor; a piece of equipment that has single-handedly led to a massive leap in recoverable reserves at the target Gullfaks natural gas field.

Compressors are a common piece of equipment at North Sea gas fields -- used to keep up production even as pressure in a reservoir formation falls due to pumping over time. Related: The End Of The European Refining Boom Or Just A Pause?

Up until now, compressors have been mounted above-water, on top of production platforms. But Statoil's new tech changes that, by placing the compression equipment directly on the seafloor.

And that change in location makes a huge difference -- actually creating new reserves.

The things is, compressors work more effectively when located closer to the wellhead. And the seafloor is as close to the wellhead as it gets -- making the subsea compressor the most optimized position for this type of technology. Related: Day Of Reckoning For U.S. Shale Will Have To Wait

The impact on production and reserves is huge with Statoil estimating the Gullfaks subsea compression system will extract 22 million barrels of oil equivalent (boe) above and beyond what previous equipment could have accomplished.

In effect, this breakthrough has added new reserves out of thin air.

This is one of the biggest developments in decades for the offshore sector, with Statoil having been working on the technology since 2005. Related: Oil Glut Appears To Be Getting Worse, Not Better

And this leading-edge strategy is now being deployed across the North Sea with a $2.3 billion installation now going ahead at Statoil's Asgard complex -- expected to increase production by a stunning 306 million boe over the field's life.

This is the kind of stealth engineering shift that turns fields from marginal to marvelous. Watch for big value being created as this ripples through the E&P sector.

Here's to a breakthrough on breakthroughs,

Dave Forest

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Seth on October 21 2015 said:
    Offshore fracking!
  • Conrad Maher on October 22 2015 said:
    Interesting application of improved recovery and reserves growth due to application of new technology.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News