Norwegian authorities have approved the Plan for Development and Operation (PDO) of the Trestakk discovery on the Halten Bank in the Norwegian Sea.
Investments are calculated at $639 million (NOK 5.5 billion), almost half of the original estimate, according to Statoil.
Trestakk was discovered in 1986, and expected recoverable volumes are 76 million barrels of oil equivalent. Tied into the Åsgard A production vessel, Trestakk is expected to come on stream in 2019.
“This is a good example of what we are able to achieve in collaboration with our license partners and suppliers by innovative thinking, and spending enough time on maturing the best concept choice,” Torger Rød, head of project development at Statoil, said in a company statement.
“Trestakk is an important contribution in maintaining activities on the Norwegian continental shelf,” he added.
The first estimates for developing Trestakk were around NOK 10 billion. At the time of concept choice in January 2016, the costs had been reduced to NOK 7 billion.
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