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Statoil to extend lifetime of Statfjord A platform off Norway

Reuters - UK Focus

OSLO, Nov 15 (Reuters) - Norway's Statoil (Xetra: DNQA.DE - news) and its partners have decided to extend the lifetime of its oldest oil platform, Statfjord A, in the North Sea until 2020, the company said on Thursday.

The Statoil-operated field produced more than 4.7 billion barrels of oil equivalent since the production start in 1979, and the production in 2013 was 80,000 barrels of oil equivalent per day.

To keep the oil and gas flowing the partners in the license, which includes ExxonMobil and Centrica (LSE: CNA.L - news) , plan to drill 10 new wells in the field in 2014, Statoil said.

The partners have recovered a record 66 percent of oil from the field so far, compared with the original plan of 40 percent and a global average of 35 percent.