The Norwegian stateoil company’s technology director Siri Espedal Kindem said the boost represents327 million barrels of oil, equating to nearly $4 billion at current oilprices.
The company’ssuccess in breaking the 50% recovery threshold is the result of years ofresearch and development in the field of increased oil recovery (IOR), Kindemtold reporters at OTC in Houston on Tuesday.
Statoil hasincreased its R&D budget by between 25% and 30% per annum over the pastcouple years, and is expected to continue on that trajectory moving forward,rising from about $500 million this year.
Kindem
