Large-scale water injection started in 1987, and in subsequent years, the water injection area has been extended in several phases.
Water displacement of the oil has proven more effective than expected, and the estimated reserves have been adjusted upward correspondingly.
Also, there is the USD 4 billion Greater Gorgon gas project (Gorgon, Jansz, Io, Achilles, and Satyr fields).
The project includes a carbon dioxide (CO emissions from 9.5 million metric tons per year to 3.5 million metric tons per year.
Key projects include the Greater Sunrise gas and condensate fields, a USD 12 million floating liquefied natural gas (LNG) production platform project in the Timor Sea, due to begin operation in 2017 with an LNG yield of 4 million metric tons per year.
Another large project is the USD 4.6 billion North West Shelf North Rankin B/North Rankin compression project, designed to recover additional gas from the North Rankin and Perseus gas fields and extend the field life beyond 2030.
The two largest projects in Norway are the USD 25 billion Johan Sverdrup development (Avaldsnes and Aldous Major South oil discoveries) and the USD 19.2 billion Ekofisk area development (Ekofisk South A2 and Tommeliten Alpha).
New facilities at the Ekofisk area development will increase oil recovery.
Together, these represent a total potential investment value of USD 1.27 trillion. 1 shows that Norway, Kazakhstan, and Russia are leading the way in terms of potential investment value of active and future projects combined, closely followed by Australia and the UK. 2 and 3 show EIC’s 20 top-ranked countries for active and future projects separately.
Norway has the second highest number of projects (121), second to the UK, and the highest potential investment value of USD 141 billion.