06.29.07, 4:55 AM ET
OSLO (Thomson Financial) – Statoil ASA said it is to boost the recovery of oil from its Snorre field in the North Sea to 55 pct from 45 pct, or by an extra 66 mln barrels, by investing 1.4 bln nkr in new technology and equipment.
‘Snorre is one of Statoil (nyse: STO – news – people )’s most important oil and gas producing fields and its further development will greatly prolong its production lifetime,’ the firm said.
Under the plans, Statoil said the partners in the field had awarded a contract worth 1.4 bln nkr to Statoil-owned Fabricom for development work at the field.
Fabricom will reorganise low-pressure production as well as upgrade the Snorre A platform’s capacity for water treatment, water injection and gas injection, Statoil said.
It added work at Fabricom’s head office in Stavanger will begin immediately and will continue until 2012.
Copyright AFX News Limited 2007