Statoil is already a world leader in increased oil recovery but is aiming even higher. The ambition is to achieve an average recovery rate of 60% from the fields operated by Statoil on the Norwegian continental shelf (NCS).

From last year to this year the average oil recovery rate for Statoil-operated fields in Norway rose from 49% to 50%. This constitutes 327 million barrels of oil. No other companies in the world can match this.

"We're very proud to be a world leader with an average recovery rate of 50% for the oil fields we operate – but we want even more," says Øystein Michelsen, Statoil's executive vice president for Development and Production Norway

Tags: Statoil