{"id":3162,"date":"2012-10-30T11:12:00","date_gmt":"2012-10-30T10:12:00","guid":{"rendered":"https:\/\/petoro.wpenginepowered.com\/nyhet\/rekordproduksjon-i-gassaret-2011-2012\/"},"modified":"2026-03-12T10:41:19","modified_gmt":"2026-03-12T09:41:19","slug":"rekordproduksjon-i-gassaret-2011-2012","status":"publish","type":"nyhet","link":"https:\/\/petoro.no\/en\/nyhet\/rekordproduksjon-i-gassaret-2011-2012\/","title":{"rendered":"Production record in 2011-12 gas year"},"content":{"rendered":"\n
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The record gas sales primarily reflected reduced imports of liquefied natural gas (LNG) to Europe, which gave room for higher exports from Norway.<\/p>\n\n\n\n

Income after financial items for the SDFI totalled NOK 110.4 billion for the first nine months, up by 16.8 per cent from the corresponding period of 2011. Oil and gas production averaged 1 093 000 barrels of oil equivalent per day (boe\/d), an 11 per cent increase from the first nine months of last year. Gas production was up by 21 per cent, while output of oil and natural gas liquids (NGL) declined by just 0.8 per cent.<\/p>\n\n\n\n

Kjell Pedersen, chief executive of Petoro, is very satisfied with results so far this year. \u201cThe state\u2019s direct investments in the oil and gas industry continue to show results which any company might envy. I believe it\u2019ll be important that this is borne in mind by those responsible for awarding new licences over the next few years. It\u2019s also very positive that oil production has remained at the same level as 2011. The challenge for the future will be to ensure that this continues.\u201d<\/p>\n\n\n\n

Operating income for the third quarter came to NOK 30 billion, compared with NOK 29.5 billion in the same period of 2011. Net cash flow was NOK 30.6 billion, up by four per cent from the third quarter of last year. Total oil and gas production for the third quarter averaged 958 000 barrels of oil equivalent per day (boe\/d), compared with 879 000 for the same period of 2011.<\/p>\n\n\n\n

Thousand producers needed<\/strong>
Work done by Petoro during the third quarter shows that 1 000 new production wells need to be drilled in fields with a direct state interest in order to get out their reserves and improve recovery. \u201cThis is a substantially larger number of producers than we\u2019ve previously imagined to be necessary,\u201d says Pedersen. \u201cBut an even more important consideration for achieving such a number of wells within the estimated producing life of the fields is that the drilling rate<\/em> must radically improve \u2013 far beyond the level possible with existing drilling facilities on the fields.\u201d<\/p>\n\n\n\n

He notes that Petoro continued its work on solutions to this challenge during the third quarter. One example is a further concretisation of work on a wellhead platform as part of the further development of Snorre. Such installations would allow the pace of drilling to be sharply increased while making it possible to target smaller volumes of oil. That would also improve recovery.<\/p>\n\n\n\n

An example of the potential gain offered by a faster pace of drilling is offered by calculations Petoro has carried out for a large mature field. These show that increasing the annual drilling rate from two to four production wells could yield up to 140 million boe over the next 30 years. \u201cThe potential for gain is present, and it\u2019s been realised by others \u2013 such as ConocoPhillips, BP and their partners on Ekofisk and Valhall respectively,\u201d notes Pedersen.<\/p>\n\n\n\n

\u201cIt\u2019s opportunities and challenges of the kind described above that we\u2019d have liked to devote even more resources to \u2013 over and above what we see to be possible on the basis of next year\u2019s proposed appropriation in the government budget.\u201d<\/p>\n\n\n\n

Stavanger, October 2012
The board of directors of Petoro AS<\/p>\n\n\n\n

Contact:<\/strong>
Sveinung Sletten
Head of communications, Petoro AS
Tel: +47 95 07 55 54
E-mail: sveinung.sletten@petoro.no<\/a><\/p>\n\n\n\n

Read The board of director’s quarterly report<\/a><\/p>\n\n\n\n

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