Written by Hjalti Þór Hreinsson
Thursday, 24 May 2012
Oil Barrels (Photo: Getty Images)The most value of resources in 2011 in the oil and gas industry was found by Norwegian company Statoil.
In 2011 Statoil discovered six so called high class drilling sites, each giving more than 250 million barrels of oil.
According to Rystad Energy, this is the biggest founds last year over all oil companies in the world. The value of the resources is thought to be around 5 billion dollars.
The research also found that Norway was the biggest production oil company in 2011.
One of the discoveries was outside of Tanzania, an enormous well almost as big as the highly productive Snow White area, north of Norway.
Statoil´s vice president, Tim Dodson, says that three things explain the success. Firstly, how quickly the company can move in search for new areas when the competition is this big, secondly the ability to drill a selection of boreholes in highly productive areas, meaning they take high risks, and lastly the positioning of the company which has high stakes in rich areas such as Norway and the gulf of Mexico.
Dodson said the company spends three billion dollars each year in research. "That means we must have high success to justify the expenditure," sais Dodson.