By November 1, 2016 Read More →

Statoil’s Trestakk field gets go-ahead after company slashes cost


Statoil says the Trestakk oil field in the Norwegian Sea contains 76 million barrels of oil equivalents. Reuters photo by Toby Melville.

Statoil investing $665 million in Trestakk field

BODOE, Norway, Nov 1 (Reuters) – Statoil and partners will invest 5.5 billion Norwegian crowns ($665.51 million) in the development of the Trestakk oil and gas field off Norway, down from a January estimate of 7 billion crowns, the company said on Tuesday.

The field had initially been estimated to cost around 10 billion, it added.

The firm also said the Norwegian Sea field was now believed to contain 76 million barrels of oil equivalents, an increase from 75 million indicated by Statoil in January and initial forecasts of 59.6 million.

Oil firms have embarked on massive cost cuts in recent years to make field developments viable even after a crash in crude prices.

Output at Trestakk, co-owned with ExxonMobil and Eni , was expected to start in 2019, Statoilsaid in the field development plan.

(Reporting by Joachim Dagenborg, editing by Gwladys Fouche, Terje Solsvik and Ole Petter Skonnord)

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