Production at the Trestakk oil and gas field on Haltenbanken in the Norwegian Sea has started, operator Equinor said July 16, adding the project had come in under budget.
Equinor said that, on field start-up, the final costs are expected to be 5 billion Norwegian crowns (US$585 million) compared to the 5.5 billion crowns estimated when the project was approved by the authorities in 2017.
The field has estimated recoverable resources of 76 million barrels of oil, the company added.
Equinor holds a 59.1% stake in the Trestakk license, while Exxon Mobil Corp. has 33% and Vaar Energi has 7.9%.
($1 = 8.5480 Norwegian crowns)
The agreement includes Baker Hughes' highly-efficient and reliable modular liquefaction trains, and power generation and electrical distribution equipment for the Calcasieu Pass Project.
Stratas Advisors forecasts a 53 Bcf injection into gas storage for the week ended Aug. 16.
The spread between Brent and WTI has narrowed, making US oil less attractive.