Glitne reserves upgraded

September 1, 2003, 14:00 CEST

Recoverable reserves in Statoil’s Glitne development in the North Sea have been upgraded by 50 per cent from the estimate in the original plan for development and operation (PDO).

The new forecast indicates that additional oil worth NOK 2.5 billion at current prices can be recovered from this small field.

Glitne production is now passing the figure of 25 million barrels cited in the PDO, and the new calculation suggests that total recovery could be roughly 37 million barrels.

This means that the producing life of the field has been almost doubled, and is likely to extend until the end of 2005.

Expectations that Glitne’s economics would be good were present even when the development was sanctioned, reports field manager Svein Løining.

The improvement in recovery is attributed partly to good well location in the reservoir, a lower-than-expected water cut and better pressure support.

Glitne’s four original production wells will yield some six million barrels of oil above forecasts. And a new well now being completed is set to recover around six million barrels.