- I work to optimize the utilization of the resources on the Norwegian continental shelf. Increased recovery rate is high on my agenda, and I look positively on profitable projects contributing to better utilization of the petroleum resources on the shelf. Mrs. Thorhild Widvey, Minister of Petroleum and Energy, said this at a press meeting Tuesday in connection with the seminar Carbon Capture and storage – Where are we today?

The average recovery rate on the Norwegian continental shelf is 46 per cent. The goal today is 50 per cent and Minister Widvey has asked the Norwegian Petroleum Directorate to consider if the goal could be even higher.

The development in the oil market lately has lead to an upward adjustment in the long term oil price condition among several oil companies. The result may be that more projects for enhanced oil recovery are considered profitable.

CO _2-injection is one of many alternatives to increase the production, but whether this is a right investment decision for the companies will depend on both the profitability connected to alternative methods and whether circumstances on the relevant fields make CO ₂-injection possible.

During the seminar Petroleum Director Gunnar Berge presented a report from the Norwegian Petroleum Directorate on opportunities and challenges regarding the use of CO ₂ for enhanced oil recovery on the Norwegian continental shelf.

- The Norwegian Petroleum Directorate has made this report with contributions from a number of oil companies. We will now thoroughly go through the analyses and conclusions in the report. The report will form an important basis for the government's further work on these topics, Minister Widvey said.

The government will present the results from the study in the Revised National Budget. Later on, the government will present its assessments and follow-ups connected to CO ₂ for enhanced oil recovery also in the 2006 National Budget.

The government has contributed with substantial support to research and development of technologies for carbon capture and storage. This year the government established Gassnova to coordinate the state's efforts on development of environmentally friendly, future oriented and cost effective gas technologies. Gassnova may use the interests deriving from the gas technology fund in its activity. During this year only the profit will amount to 96 million NOK.

- International co-operation between authorities, industry and research institutions is vital for developing cost effective technologies for carbon capture and storage, and I hope this seminar has contributed to bring the co-operation one step further, Widvey said.

More information on todays seminar and the report from the Petroleum Directorate