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Gullfaks consortium to invest in North Sea oil recovery enhancement project

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Gullfaks consortium to invest in North Sea oil recovery enhancement project

The Gullfaks consortium will invest for an oil recovery enhancement project, contract operator Equinor said Jan. 15.

The investment, which was presented to the Norwegian Minister of Petroleum and Energy through an amended plan for development and operation, will be used to drill seven new wells in the Shetland Group. It is estimated to hike oil recovery by 17 million barrels.

The consortium has invested more than 1 billion Norwegian kroner in production wells since 2013, which has increased production by more than six million barrels.

In 2016, the Norwegian government approved a plan to extend the field life to 2034. The field lies in the Tampen area in the northern part of the North Sea, with a water depth of 130 to 220 meters.

Equinor holds a 51% stake in the field, while Petoro AS owns 30% and OMV AG has a 19% interest.

In a separate statement, Equinor announced Jan. 15 it has secured 29 new licenses from the Norwegian Ministry of Petroleum and Energy, with 13 licenses as operator and 16 as partner.

As of Jan. 14, US$1 was equivalent to 8.5 Norwegian kroner.