Statoil Focuses on Field Reliability to Boost Output Amid Slump

Statoil ASA boosted production more than 2 percent last year by increasing the reliability of its oil and gas fields amid the lowest crude prices in a decade.

Norway’s largest energy producer got an extra 50,000 barrels of oil equivalent a day by cutting unplanned disruptions to keep its fields running for more than 90 percent of the time, Chief Financial Officer Hans Jakob Hegge said Wednesday. The company pumped 1.97 million barrels a day on average through the year, an increase of 44,000 a day from 2014.

“We have been focusing of course on production efficiency and that has been very rewarding,” Hegge said in an interview in London. “These are very high-value barrels because you have the machinery in place, the people are all there, the wells are up and running.”

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Powered by

Up ↑

%d bloggers like this: