Statoil eyes improved oil recovery from Oseberg East field

|About: Statoil ASA (STO)|By:, SA News Editor

Statoil (STO) says it plans to increase the oil recovery rate at its Oseberg East field with a new drilling campaign starting up in the summer of 2015.

STO expects to improve the recovery rate from ~20% to as high as 30% when it drills the first planned wells, with the potential for drilling more wells and further increasing the recovery rate towards 40%.

Oseberg East is the smallest of the platforms in the Oseberg area in the North Sea, holding ~41.5M barrels of recoverable oil.