Statoil says it is aiming for production startup on its Trestakk discovery in the Norwegian Sea in 2019.
The firm, which today submitted a plan for development and operation of the field, says the project will cost about US$610 million (NOK5.5 billion), NOK1.5 billion less than what it was expected to cost at concept selection in January 2016, and half of initial investment estimates.
The reductions have been achieved through rethinking concept, simplifying and reducing scope in addition to capitalizing on recent efficiency improvement initiatives.
“This shows what we, as an industry, have managed to achieve in just a few years’ time. The Norwegian supplier industry has in recent years shown a great ability to find good, cost-effective solutions that have made it possible to realize projects such as Trestakk, even though the oil price is low,” Torger Rød, head of project development in Statoil.
Trestakk was discovered in 1986 on the Halten Bank and is estimated to contain about 76 MMboe, mainly oil. The development will be a tieback,comprising three production wells and two gas injection wells, to the Åsgard A oil production vessel.
"Volumes from Trestakk are an important contributor to ensure that operations on the Åsgard A production ship are extended toward 2030 and that more of the original volumes from the Åsgard field can be extracted,” says Siri Espedal Kindem, senior vice president for operations North in Statoil.