The Statfjord field, the largest North Sea oil field, has been on production since 1979. We think that production decline is imminent; however, oil production was close to a record for the field in 1991. This paper discusses the reservoir drainage strategy; the situation after 13 years of production; and short- and long-range perspectives for further field development, which includes a high well activity level to maintain the well production potential. Most of the wells drilled and scheduled are either horizontal wells or extended-reach wells, extending toward the flanks of the field. A large effort has been put into mapping remaining reserves by developing detailed reservoir simulation models. The production and well activities have been optimized on the basis of the results from the new models. Exploitation of business opportunities, such as processing of third-party crude from tie-in and subsea satellite fields and external gas storage, gives a new perspective for an oil field on production decline. In addition to these long-range plans, studies of such recovery methods as water-alternating-gas (WAG), surfactant, and polymer injection are continuing.