Norway's oil and gas major Statoil ASA (STO) Friday said the Norwegian ministry of petroleum and energy has given the company the green light to develop Skuld field in the Norwegian sea.
First oil from the field is scheduled for December 2012 and Statoil said that total investments in the field--which is estimated to contain 90 million barrels of recoverable reserves, mostly oil--is seen at NOK9.8 billion ($1.6 billion).
Skuld is Statoil's fifth approved fast-track plan for development and operation and its largest fast-track development so far. The Norwegian company said that the approved fast-tracks are expected to produce almost 90,000 barrels of oil equivalent per day in 2014, of which Skuld will account for more than half.
Statoil is the operator of Skuld with a 64% stake in the field. Its partners Petoro and Eni SpA (E) hold 24.5% and 11.55% respectively.
At 1328 GMT shares traded 0.7% lower at NOK146.60.
-By Katarina Gustafsson; Dow Jones Newswires; +46-8-5451-3097; email@example.com