Statoil plans to extend production at its oldest oil platform still in operation, the Statfjord A, until 2022, two years longer than previously planned, the company said in a letter to the country’s Ministry of Petroleum and Energy.
“Earlier cease of production may still occur, and work is also ongoing to assess possibilities of prolonged production beyond 2022,” the company added in the letter obtained by Reuters.
Statoil had planned to halt Statfjord A’s production in 2016, but decided in 2013 to extend operations until 2020 to squeeze more oil from the field.
Other partners in the field are ExxonMobil Corp. and Centrica Plc.
Recommended Reading
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
Endeavor Integration Brings Capital Efficiency, Durability to Diamondback
2024-02-22 - The combined Diamondback-Endeavor deal is expected to realize $3 billion in synergies and have 12 years of sub-$40/bbl breakeven inventory.
Patterson-UTI Braces for Activity ‘Pause’ After E&P Consolidations
2024-02-19 - Patterson-UTI saw net income rebound from 2022 and CEO Andy Hendricks says the company is well positioned following a wave of E&P consolidations that may slow activity.
CEO: Magnolia Hunting Giddings Bolt-ons that ‘Pack a Punch’ in ‘24
2024-02-16 - Magnolia Oil & Gas plans to boost production volumes in the single digits this year, with the majority of the growth coming from the Giddings Field.
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.