Statoil and its partners have secured approval form the Norwegian authorities for the Plan for Development and Operation (PDO) of the Trestakk discovery on the Halten Bank in the Norwegian Sea.

Discovered in 1986, the Trestakk oil and gas field is located in production license PL091, approximately 27km south-east of Åsgard A.

Statoil estimates the field to hold recoverable volumes of 76 million barrels of oil equivalent, mainly oil.

The field, which is expected to see an investment of NOK5.5bn ($639.9m), is tied into the Åsgard A production vessel and is planned to commence production in 2019.

Statoil had submitted the PDO on behalf of the license owners to the Norwegian ministry of petroleum and energy in November 2016.

Statoil project development head Torger Rød said: “Trestakk is an important contribution in maintaining activities on the Norwegian continental shelf.”

Development of the field involves a subsea template and a tied-in satellite well. Additionally, three production wells and two gas injection wells are planned to be drilled.

Statoil north cluster operations head Siri Espedal Kindem said: “The Trestakk volumes are an important contributor in maintaining profitable operation of the Åsgard A vessel up to 2030. It also enables us to extract more of the original Åsgard field volumes.”

The firm said that the Trestakk discovery developing cost has been reduced by nearly 50% since the project start-up.

The reduction was achieved by a novel approach to concept choice, simplification and optimized scope as well as from ongoing efficiency measures.

Statoil, as operator, has 59.1% stake in the project while other partners include ExxonMobil Exploration and Production Norway with 33% stake and Eni Norge holding remaining 7.9% interest.

Image: Illustration of the Trestakk field. Photo: courtesy of Statoil ASA.