Statoil Recommends New Platform on Snorre Field

Norway’s Statoil recommended building a new platform on the Snorre field to maximize the extraction and processing of the remaining reserves.

“Snorre 2040 is a huge project with significant investments, but it will also yield substantial value. Thorough preliminary work is important to arrive at the best possible solution. We are also seeing marked rising costs in our industry and we must ensure that value creation is optimal," said Øystein Michelsen, Statoil executive vice president for the Norwegian shelf.

Norway adopted in May a change in the hydrocarbon tax. Statoil said this measure undermines the financial conditions of Snorre 2040, whose final development concept decision is scheduled for the first quarter of 2015.

Statoil presses for a new drilling and processing platform, advocating it would facilitate tie-in of new discoveries in the area. 

The partners in the Snorre licence are Statoil (33.27556%), Petoro (30.0%), ExxonMobil E&P Norway (17.44596%), Idemitsu Petroleum Norge (9.6%), RWE Dea Norge (8.57108%) and Core Energy (1.1074%).