Statoil Boosts Snøhvit Reserves by 11 Per Cent

Statoil has confirmed that gas reserves in the offshore Snøhvit gas field in Hammerfest, Norway are 11 per cent higher than previously expected. 

"We have increased our understanding of the reserve and the bedrock in the area," Statoil spokesperson Ola Anders Skauby told Dow Jones Newswire. "It behaves in a different way than anticipated, which means that we are upgrading our reserve estimate."

The increased estimate puts the gas reserves in the Barents Sea field at 210 billion cubic metres (bcm), an increase of 20 bcm on earlier estimates of 190 bcm.

Statoil dismissed reports by Norwegian news organisation NRK, which put the reserve increase at 50 per cent.

"What NRK says is wrong," Mr. Skauby told Reuter news agency.

Statoil holds the majority stake (33.53 per cent) in the Snøhvit gas field and liquefied natural gas (LNG) processing plant. Petero holds a 30 per cent stake, while Total holds an 18.4 per cent stake. GDF Suez holds a 12 per cent stake.