Skip to content
Subscriber Only

Norway’s Biggest Oil Find in Decades May Yield 70% Recovery Rate

Norway’s Johan Sverdrup discovery, the country’s largest oil find in decades, could achieve a recovery rate of as much as 70 percent, according to the field’s operator, Statoil ASA. Shares in partners Lundin Petroleum AB and Det Norske Oljeselskap ASA surged.

“This is very, very good oil and the reservoir is good,” Margareth Oevrum, Statoil’s executive vice president for technology, projects and drilling, said in a presentation in London today. “If we work with that over the lifetime, we can manage to get almost a 70 percent recovery rate.”