North Sea Glitne field to remain active through 2014

Offshore staff

TRONDHEIM, Norway – Statoil (OSE:STL, NYSE:STO) and its partners in North Sea license 048 B have contracted Teekay to perform maintenance on the FPSO Petrojarl I.

This program should extend production from the Glitne field through 2014.

Under the original development plan submitted in 2001, Glitne had a predicted lifespan of three years. But a combination of new technology and improved understanding of the field properties have prolonged its life span by almost a decade.

Glitne official Kristin Gjertsen said: “We have had to face several obstacles along the way, both of a contractual and technical nature, as well as with regard to rig access. The fact that these have now been successfully managed is the result of a good and long-term effort from all involved parties.

“The drilling of a new well is scheduled to commence in the beginning of March. If it proves successful it will increase production substantially, providing the company with good revenues.”

2/9/2012

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