The average oil recovery of producing fields in Norway currently sits around 45%, with almost 70% for gas fields. These recoveries have been the outcome of advancements in recovery technology, coupled with significant investment and government-led initiatives.
Since 2010, 9 enhanced oil recovery (EOR) projects commenced operations off the Norwegian continental shelf, compared to just 2 in the UK during the same period.
However, less than 10% of fields currently producing in Norway are applying EOR techniques, signifying substantial upside for application across additional fields to boost remaining value and volumes on the NCS.
Daniel Rogers, Upstream Oil & Gas Analyst at GlobalData, comments: Oil and gas giant Equinor has a strong track record of maximising recovery from major fields in Norway. The company has been able to achieve greater than 50% recovery factors from large fields, including Statfjord and Gullfaks, through enhanced and improved recovery mechanisms. Utilising innovative technologies, improved production efficiencies, and enhanced recovery practices have been key to Equinor’s success in maximising value from Norwegian fields”.
Of the identified expansion projects, Troll Phase 3 will cost the lowest on a capital expenditure (CAPEX) per barrel of oil equivalent (boe) basis. It will target an additional 2.2 billion boe, as well as extending field life by 17 years with a project breakeven price of below US$10 per barrel.