Statoil and its partner Petoro have decided to further develop Gullfaks South in the North Sea by investing NOK 8.5 billion in two new subsea templates and six extra wells. This will boost recovery by 65 million barrels of oil equivalent.

Increasing recovery from Gullfaks South will be implemented as part of Statoil's fast-track developments.

"By using the fast-track concept, with standardised solutions and consistent teams in one project, we will improve recovery in an effective manner," says Halfdan Knudsen, vice president for fast-track projects on the Norwegian continental shelf (NCS).

Tags: Statoil