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NO

30 August 2016

IOR award to the Åsgard-license

The IOR award is NPD’s award for increased recovery, and in 2016 it is awarded to the licensees in the Åsgard field in the Norwegian Sea. The award is given for the partners’ ability and willingness to make the decision to invest in adopting advanced technology that will help to improve recovery from Åsgard significantly.

The solution with subsea compression results in a further 306 million barrels o.e, gas and condensate in recovery.

The IOR award is recognition of creativity, persistence and willingness to take risks when it comes to adopting new methods and technologies that can improve the recovery of oil and gas beyond what can be expected with current plans and methods.

NPD explains the award with the fact that Åsgard’s  gas compression in the Norwegian Sea is a result of prolonged efforts of courageous leaders and enthusiastic engineers. Licensees – Statoil (operator, 34.57 percent), Petoro (35.69), Eni (14.82), Total (7.68) and ExxonMobil (7.24) – have demonstrated an ability to stay the course from idea to decision and implementation.

The project has developed over 20 years, and taken place in a close and trusting collaboration between oil companies and several vendors which has competed for the contracts.

Application for approval of amended plan for development and operation was submitted to the MPE on August 16, 2011. The application was approved in Parliament on 27 March 2012.