Statoil has received approval from the Norwegian Ministry of Petroleum and Energy for fast-track development of Skuld oil field on the Halten Bank of the Norwegian Sea (OGJ Online, Sept. 26, 2011).

Skuld is the fifth and largest fast-track project for which Statoil has received approval. It will account for more than half the projects’ combined 90,000 boe/d of production in 2014.

With reserves of 90 million boe, mostly oil, the field will produce through three subsea templates tied in to the production and storage vessel on Norne field 16 km and 26 km from the Skuld templates. Water depth is 330-355 m.

Statoil, operator, holds a 64% interest, Petoro 24.5%, and Eni 11.5%.