Statoil Plans for Development of Skuld Field, Norway

Statoil and its partners have submitted a plan for development and operation of the Skuld field on the Halten Bank to the authorities. Norne operations vice president Anita A. Stenhaug, handed over the plan to Norwegian state secretary Per Rune Henriksen during a ceremony at Statoil's office in Harstad, Norway on 26 September. Recoverable reserves in Skuld are estimated at 90 million barrels of oil equivalents, mostly oil. Total investments are estimated at nearly NOK 10 billion (USD 1.7 bullion). Skuld will be implemented as a fast-track development and the field will be tied to the Norne production ship. This development brings the number of Statoil fast-track PDOs to five, with Skuld the largest fast-track development so far. The plan is to have all five in operation in late 2012/early 2013. In total, the fast-track developments are expected to produce nearly 90,000 barrels per day in 2014. Skuld will contribute more than half of this volume. Available material includes general views.