Norwegian operator Statoil and its partners have agreed on a development for the Trestakk oil and gas discovery off the coast of Norway after reducing initial costs estimated by 30%.
According to reports in Norway, a final decision on whether or not to go ahead with the development is expected to be taken later on this year.
A spokesman for Statoil said it has picked a subsea concept which will see the development of five wells tied to the production vessel, Asgard A.
Eni and ExxonMobil are Statoil’s partners on the project.
The development of Trestakk has previously been postponed as a result of the low oil price.
Statoil said the decision to go ahead with Trestakk was in line with market expectations.
The recoverable resources from Trestakk are estimated to be around 50million barrels of oil.