StatoilHydro Maintains Growth Plan
StatoilHydro is continuing its strategy for growth and StatoilHydro confirmed that its equity proupholding its ambition to increase the equity producduction of oil and gas reached the target of tion of oil and gas up to 2012, despite great uncer1.9 million boe per day in 2008. The pretainty in the global economy and the oil market. cise production volumes will be announced Chief executive Helge Lund and CFO Eldar Sætre when the accounts for the fourth quarter of recently presented new prognoses for the group's oil 2008 are presented in February. and gas production, investments and Exploration activity has been record-high exploration activity in 2009. The equity and 79 exploration and appraisal wells have been production for the group is expected to completed. The exploration efforts in rise from approximately 1.9 million 2008 have rewarded the group with barrels of oil equivalent (boe) per day in more than 800 million boe in new 2008 to 1.95 million boe per day in resources, at an average cost of about $4 2009. per barrel. Capital expenditure (Capex) in 2009 Helge Lund CEO Statoil Hydro. StatoilHydro is carrying on a high level (Photo: StatoilHydro) of activity and estimates that as operator is estimated at roughly $13.5 billion. Capex in 2008, including acquisitions, and partner, the group will drill 65-70 is estimated at $16 billion. Exploration expenditure in exploration wells in 2009. About half of these are on the 2009 is estimated to reach about $2.7 billion. Plans call NCS. for 65-70 exploration wells to be completed during the "We are prepared for strong fluctuations in the oil price year. Exploration expenditure in 2008 is estimated at $ at a relatively low level in the short and medium term and 3.1 billion. we are ready to meet a situation where it for periods could "StatoilHydro is well positioned to get through a period be considerably lower than it is today," Lund said. "There of uncertainty in the world economy," says Mr Lund. is however no change in our long-term view of the mar"We have a strong industrial platform, a solid financial ket. We expect substantial demand for new oil and gas position and a robust and flexible project portfolio. We resources over the coming decades and we are positioning are adjusting the speed, but not changing course. ourselves industrially in relation to this."
Noise Study Completed Noise Control Engineering completed a major study to identify current and future methods of reducing underwater sound from all oil and gas industry activities. The work was funded by the Joint Industry Program on E&P Sound and Marine Life (JIP), a group organized under the International Association of Oil and Gas Producers (OGP). The report discusses noise control options for a large array of oil and gas industry activities including: seismic surveys, pile driving, underwater explosives, vessel operations, drilling and production, dredging, post trenching and aircraft. Just a few of the methods of sound reduction mentioned in the 194-page report are alternative sources/methods for seismic surveys, pile driving, and explosives, bubble curtains and barriers, quiet propeller designs, and machinery treatments for vessels and platforms. There is also a discussion of underwater sound generation mechanisms for nearly all oil and gas industry activities. The complete report is publicly available at: http://www.soundandmarinelife.org/Site/Products/NCE07-001_TreatmentsForUnderwaterSoundFromOil.pdf Oil Find Close to Norne An oil discovery just north of the Norne field in the Norwegian Sea will be considered for development with the Norne production and storage ship. A well on the North Sea Verona prospect is dry. Drilling of an exploration well on the Dompap prospect off the coast of Nordland county has been completed after proving oil. A sidetrack drilled to establish the oil/water contact in this discovery is also in the process of completion. The Dompap strike represents StatoilHydro's first oil find in 2009, and the preliminary estimate for recoverable reserves is 25-50 million barrels. "We achieved great success last year with exploration close to producing fields," notes Tove Stuhr Sjøblom, head of exploration on the Norwegian continental shelf. "Making another interesting discovery in an area of this kind accordingly marks a good start to 2009. Even if their volumes are modest compared with the big finds made earlier on the NCS, such strikes are important for maximizing oil recovery by helping to extend the production life of installations." Exploration well 6608/10-12 was drilled to a vertical depth of 3,158 metres below sea level in 334 metres of water, terminating in Lower Jurassic rocks of the Åre formation. 42 MTR January/February 2009
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