Half of the Norwegian oil and gas remains under the seabed; however, in the areas where the oil industry has access, large independent discoveries are becoming fewer and far between. Fast track is a method that will cut development times in half for uncomplicated fields on the Norwegian shelf. This type of standardisation will help boost the pace of development, and creates profitability in small fields where commerciality has previously been an issue.
Statoil has assured the market that it will maintain current production levels on the Norwegian shelf. As production curves are declining on many of today's fields, this pledge means that the company must increase production by about a third. We are ready to accept that challenge, and our commitment to fast track developments is another way of showing that we take responsibility for maximising the potential for the Norwegian shelf.
Fast track reduces normal development time for uncomplicated fields from about 5 years to just 2.5 years.