For many years, improved recovery from producing fields has been as important as new finds in terms of contributing to value creation on the Norwegian continental shelf.
Equinor's average levels of recovery in the fields are among the best in the world, and we expect to achieve an average of 50 per cent from fields in production and fields that are approved for development.
We aim to increase recovery to 60 per cent so long as framework conditions for profitable production are in place.
IOR has been important in Norwegian oil and gas policy from the start. This has not only provided great value, but also a base of expertise and a supply industry that are world-class, as well as new technologies and solutions that have advanced the industry.
At Johan Sverdrup, we aim for a 70 per cent rate of recovery which will contribute to value creation from the field for fifty years into the future.
Through innovative solutions and new technology, Equinor has managed to recover 1.5 billion barrels of oil from the Troll field – a field that many at the outset thought was impossible to produce. The goal is 2.1 billion barrels.
At Åsgard, we have started using a new technology to recover more resources even more effectively (subsea compression). This is a world event that breaks technological barriers to the benefit of the entire industry.