Equinor and its license partners have committed to invest Nkr3bn ($345m) to improve recovery by 23 million barrels of oil equivalent (MMboe) at the Statfjord Øst field in the North Sea.
The Statfjord Øst field is connected via pipelines to the Statfjord C platform, five kilometres to the north-east.
Under the new programme, four new wells will be drilled from existing subsea templates.
This will also require modifications on Statfjord C platform, and a new pipeline for gas lift.
Ultimately, Equinor plans to extend the lives of the platform and Statfjord Øst towards 2040.
Equinor Field Life eXtension (FLX) vice-president Kjetil Hove said: “The decision to improve recovery on Statfjord Øst will add considerable value to society and owners and will create positive effects for suppliers.
“Our ambition is to maintain safe and profitable production and secure valuable activity from the Norwegian continental shelf (NCS) for several decades.”
The current recovery factor of 56% should increase to 62% as a result of this project.
Installation of a pipeline for gas lift and drilling of new wells is expected during 2022-24.
Equinor owns 31.68 in in Statfjord Øst unit. Other partners include Petoro (30%), Vår Energi (20.5%), Spirit Energy (11.56%), Idemitsu Petroleum (4.8%), and Wintershall Dea (1.4%).
Hove added: “We will be a leading late life operator on the NCS. In order to achieve this, we must work in new ways to reduce costs, thereby offering new opportunities for investments in late life fields ensuring profitable reservoir management.”