Statoil’s Peregrino field has netted the Norwegian operator 100 million barrels of oil in just four years.
Peregrino is Brazil’s eight largest field and has the second heaviest oil ever produced in the country. It also represents the largest field Statoil operates outside Norway, making up 12% of its international production.
Pål Eitrheim, country manager of Statoil Brazil, said: “Peregrino demonstrates the power of possible, and we are proud to operate a project that is both exciting and challenging. These results reflect the professionalism of our people, and the application of technology developed by Statoil, in Brazil and elsewhere. We are constantly learning and we look forward to reaching new milestones as we continue to develop this large field.”
The field’s recoverables are estimated to be between 300 and 600 million barrels.
Statoil has lodged plans for Peregrino Phase II, which includes an investment of $3.5billion and is thought to add about 250 million barrels in recoverable reserves for the site.
Elsewhere, Statoil’s North Sea Mariner project shutdown Norwegian traffic.