Running from late 2005 to 2013 the Statfjord late life project will extend the field's life beyond 2020, resulting in an expected oil recovery rate of 68%. "The overall value creation of the Statfjord late life project is estimated at around NOK 60 billion," says Stale Tungesvik, senior vice president for the operations west cluster in the Exploration & Production Norway business area. "This is a sixfold value increase since the project plan was submitted to the authorities in 2004."
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