<a href="http://youngpetro.org/2013/03/06/how-is-it-possible-to-produce-oil-from-sand/"><b>How is it possible to produce oil from sand?</b></a> <a href="http://youngpetro.org/2011/10/09/people-engineers-and-spe-members/"><b>People, Engineers and SPE Members</b></a> <a href="http://youngpetro.org/2012/12/19/if-i-were-a-prime-minister/"><b>If I Were a Prime Minister…</b></a> <a href="http://youngpetro.org/2012/12/26/polish-shales-delayed/"><b>Polish shales delayed?</b></a> <a href="http://youngpetro.org/2013/01/11/russia-continues-the-policy-of-states-companies-monopoly/"><b>Russia continues the policy of state companies’ monopoly</b></a>

Statoil reveals its prospect till 2030

12 February, 2018 News No comments
Statoil reveals its prospect till 2030

This leading petroleum company, which energise the lives of 170 million people every day, briefly sums up 2017. Statoil presents us also a vision what will the future be like.


In 2017 Statoil discovered  new reservoirs: near Norne with oil and gas reserves up to 80 million barrels and 20-50 million barrel gas field by Valemon Field, Gina Krog oil and gas field started production (8% shares belongs to PGNiG Upstream Norway AS), awarded 29 production licenses, approved Njord and Bauge development and operations plans. The company has started evaluation of new CO2 storage project on Norwegian continental shelf, acquired 40% share in Brazilian solar asset, launched the world’s first floating wind farm. Some other activities taken at the end of the year nearly tripled Statoil’s production in Brazil.

This year, the unique Aasta Hansteen project will be launched. This gas-field is located 300 km from Norwegian shore and lies 1300 m of water. These challenging conditions determine the need of specific solutions and the answer is the world’s largest spar platform, floating vertically in the sea, anchored in 1,300 metres of water. The project will help to secure gas for Europe for many years.

Statoil aims to reduce each kind of negative impact on the environment, inter alia to reduce annual CO2 emission by 3 million tonnes by 2030.  Most of CO2 emission, associating offshore production of oil and gas comes from gas turbines providing electricity for platforms. In 2019, a new field in the North Sea will be electrified by the electricity from shore because the power from shore comes from renewable sources mostly. This replacement of power source is realized as a part of Johan Sverdrup project. It will be also the first field to employ a so-called ,,digital twin” which is a technology used by NASA, F1 Racing and many others. It acts as a virtual, real time version of the installation in the computer system, through constant updating the model of Johan Sverdrup by sensors in real time.

Statoil has set a goal to spend up to 25% research funds for new energy solutions and reducing emission by 2020. The company is focused mainly on geothermal and hydrogen energy, looking for solutions to make these energy sources commercially feasible.

According to the International Energy Agency (IEA), the world must capture and store six billion tonnes of CO2 per year in 2050 to achieve global climate targets. Statoil has met this challenge since 1996, and in 2021 Statoil will have been capturing and storing CO2 for 25 years and so far has managed to capture and store over 23 million tons of carbon dioxide. By 2030 Statoil will cut two million tonnes of CO2 emissions on the Norwegian Continental Shelf. That amount corresponds to one million cars. In 2022 the company will be celebrating 50 years of existence.

In 2026 there will be 30 years since the Troll Oilfield has started production. Gradually, more and more natural gas instead of oil will be produced. Troll A was the first platform on the NCS, with electricity powered from shore. The field is also considered as a most important single contributor to the Norwegian national budget, producing hydrocarbons worth NOK 1,300 billion what’s equivalent to more than seven times spending on education in Norway.

The New York City set a target to cover 50% of the energy demand from renewable sources before 2030. Statoil won the auction for a wind farm outside NYC in 2016. This unique project was named Empire Wind and it is the first seawater enterprise in the USA. This project gives to Statoil an opportunity to utilize its offshore and engineering experience.



A Brief Look at the Oil Market

20 December, 2017 News No comments
A Brief Look at the Oil Market

What the 2017 has brought us?

The 2017 started the year with the crude oil Brent price at 55.5$ per barrel. If any dramatic happening disrupting world oil supply takes place till the end of the year, the 2017 will end up with the Brent oil price over 62$ per barrel. In that case, the average price for the 2017 will be about 54$ which means the increase by 20% as compared to the 2016. It is worth to notice the massive bounce back of crude oil prices in the second half of the year. In the first quarter of the 2017 the barrel of oil costed average about 54.5$, while in the last quarter it may be even 62$. In the middle of the year a couple of factors affected an oil trading. Tropical cyclones in the USA, blocks of crude oil pipelines by Nigerian community due to oil spill, OPEC deal to curb oil output and recent closure of the Forties Pipeline in the North Sea have certainly contributed to the current prices.

What the 2018 can bring us?

In December, OPEC members decided to extend oil-production cuts through end of the 2018. However, in the opinion of  International Energy Agency (IEA), oil extraction in countries out of OPEC will increase in the 2018 by 1.6 million barrels per day. The most significant production increase is expected in the USA, where in September the largest production of oil since April 2015 was recorded.  In the first week of December the output  increased to 9.78 million barrels per day which is the highest level since the 1983. The grow of drilling activity in the USA suggests further output increase in the upcoming months. According to estimates of the American Department of Energy (DoE), the daily production of the crude oil in the USA in the next year may exceed 10.02 million barrels. On the other hand, IEA expects that the world demand for crude oil will drop to 1.3 from present 1.5 million barrels per day.

The oil market shows signs of recovery. The whole 2017, and especially the significant bounce back of the oil price in the 4th quarter let us to be optimistic about the future. Even with rising production, the global oil market should stay balanced.