Production starts at Statoil’s Gullfaks Rimfaksdalen

Norway

STAVANGER, August 30, 2016 – Statoil began production at its offshore Gullfaks Rimfaksdalen gasfield four months ahead of schedule, the Norwegian firm announced today.

The subsea development, located off the Norwegian coast, consists of two simple gas production wells, with possible tie-in of two more. Existing wells are linked to a pipeline connecting to Statoil’s Gullfaks A production platform. The field’s recoverable reserves, mostly gas, are estimated at 80 million boe.

The project cost NOK 3.7 billion to develop, NOK 1.1 billion cheaper than its original price tag. Statoil said it reduced the project’s cost by developing a simpler concept using existing infrastructure.

Statoil is the field operator with a 51% stake, Petoro and OMV hold 30% and 19% shares, respectively.