With the completion of the deal, the Statoil Petroleum has increased its stake in the Byrding project from 45% to 70%.

Wintershall signed the deal to divest its stake to Statoil in October 2016.

The Byrding project, which is located in the license PL 090 B, is operated by Statoil. Other project partners include Engie E&P Norge with 15% stake and Idemitsu Petroleum Norge 15%.

Located in the northern part of the North Sea, the Byrding oil and gas field is scheduled to commence production in the third quarter of 2017.

The plan for development and operation (PDO) of the field was submitted by Statoil and partners to the Norwegian authorities in August 2016.

The development of Byrding includes two-branch well being drilled from existing Fram H-Nord subsea template through which oil and gas from Byrding will flow to Troll C.

Oil and gas will be piped from there through existing pipelines to Mongstad and Kollsnes respectively.

Statoil estimates that the oilfield will remain on stream for 8 to 10 years.

The oil and gas discovery field, earlier known as Astero, is located about 4km North of Fram and 27km southwest of Gjoa.

Water depth in the region is 360m and the reservoir is present 3,100m below the sea level.

The expected capital expenditure for the project is around NOK1bn ($121m), with projected recoverable volumes of about 11 million barrels of oil.

Image: Illustration of Byrding oil field development in Norwegian North Sea. Photo: courtesy of Statoil.