The transaction nearly triples Statoil’s production in Brazil, with attractive break-evens and potential for additional value creation for both parties through the application of Statoil’s expertise in improved oil recovery (IOR).
Project costs for subsea field reduced by more than 20%. Production in Norway to increase to more than 100 000 boe/d.
An average of US$34.1 billion per year in capital expenditure will be spent on 1673 oil and gas fields in Russia between 2018 and 2020, according to GlobalData, a leading data and analytics company.