Statoil submits Skuld field development plan

Norwegian oil company Statoil and its partners have submitted a Nkr10bn ($1.73bn) plan for the development and operation of its Skuld field on the Halten Bank to Norway's federal authorities.

Skuld's recoverable reserves are estimated at 90 million barrels of oil.

The field will be implemented as a fast-track development and tied to the Norne production ship for processing.

Production from the Skuld field will begin at the end of 2012.

The fast-track developments are expected to produce a total of 90,000 barrels per day in 2014.

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