Statoil has developed a new subsea concept called Cap-X, which increases the efficiency of horizontal drilling in shallow reservoirs.
Cap-X is a combination of existing and new technology and enables more operations from vessel instead of rig. It was presented at Barents Sea Conference in Hammerfest, Norway.
Statoil technology, projects and drilling executive vice-president Margareth Øvrum said: "Once again we aim to drive subsea technology development on the Norwegian continental shelf together with our industry partners.
"The potential for increased efficiency and reduced costs can make this the next standard within subsea templates.
"With Cap-X, Statoil is one step closer to a ‘plug and play’ solution on the seabed."
Cap-X’s main structure can be produced in a short space of time by a larger number of suppliers, with potential for production locally.
The company began development of the technology in 2013 to increase commerciality of potential resources in the Barents Sea.
Statoil exploration Norway and UK cluster senior vice-president Jez Averty said: "Cap-X can potentially have a significant impact on developing the resources in the Barents Sea and in other areas with shallow reservoirs."
In a separate announcement, the company said together with operator Repsol Sinopec and partner Petrobras it has completed the Gavea A1 well located in the ultra-deep pre-salt block BM-C-33 in the Campos basin in Brazil.