The objective has primarily involved improving oil recovery in the Ekofisk area and other fields on the Norwegian shelf. The centre was established in 2002 with a time perspective of ten years.

The establishment was initially financed by ConocoPhillips (production licence 018) with NOK 10 million per year. The financing has increased to NOK 20 million per year, in part with funding from other industry partners and the Research Council of Norway. The research at the centre has been crucial to improving oil recovery on Ekofisk.

The centre has also significantly contributed to strengthening petroleum research at UiS, and was also an important factor allowing the former college to apply for university status. Among other things, a professorship within improved oil recovery has been established at the centre.

In addition, the activity has made it possible to involve doctoral research fellows, post-doctoral research fellows and postgraduates in the centre. This means that the overall societal value of the centre far exceeds the primary goal of improving oil recovery in the Ekofisk area.

Completed and ongoing projects range from basic research projects, to projects with more direct field application. Both build up knowledge and expertise and are important to the long-term resource utilisation.

Doctoral students, professor II positions and a large number of scientific articles form part of the picture. Up to the summer of 2010, Corec was responsible for close to 90 scientific publications.