The Visund North investment decision means that the fast-track developments around the Visund field in the North Sea are a step nearer completion.
It was decided in autumn 2010 to fast track the development of Visund North with production start-up scheduled for autumn 2013.
The partners have now reached an investment decision worth NOK 3.1 billion.
Recoverable reserves are expected to be 29 million barrels of oil equivalents, and to consist mainly of oil. A standard seabed template with two wells is envisaged. It will be produced by FMC and will be installed during the summer of 2012.
The oil will be transported to Visund A through a new pipeline system, for processing on the platform.
Statoil has, in conjunction with the authorities and with partners, secured a rapid process for decision-making and the early delivery of equipment with long lead times.
All of the main contracts have already been awarded, apart from marine installations and platform modifications. These are planned to be awarded by the end of the year.
This investment decision re-opens part of the acreage where production was stopped in 2006.
It has now been made possible thanks to a standardized solution, minimal modifications on the host platform and experience gained on the Visund satellite field.
Earlier this year it was decided to fast track Visund South with a tie-back to Gullfaks. Both decisions make for good resource utilization and prolonged production on the Visund field.
The Visund North decision will also help prepare the ground for developing other resources in the northern Visund area.
"2011 has become a breakthrough year for fast-track developments on the Norwegian continental shelf. With Visund North Statoil has taken its seventh fast-track portfolio investment decision this year," said Halfdan Knudsen, senior vice president for the NCS fast-track development portfolio.
Statoil's ambition is to bring the first five fields of this type of fast-track development into operation by the turn of the year 2012/2013.
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