Aker BP Gets Go-Ahead for Ivar Aasen

Published at 05:14PM - 24/10/16

The Norwegian Petroleum Directorate (NPD) announced today it has granted consent for the start-up of production at the Ivar Aasen field in the North Sea, one of the largest developments in Norway.

The field operated by Aker BP is scheduled to start-up in December 2016, NPD informed in a statement.

“The NPD is very satisfied that both the schedule and budget are on target,” NPD Development and Operation Assistant Director, Tove Francke, said.

Aker BP Gets Go-Ahead for Ivar Aasen

The Ivar Aasen field has been developed with a production facility resting on the seabed at a water depth of 110 metres (360.89 feet).

Oil and gas from the Norwegian field will undergo final processing on the Edvarg Grieg field, which will also cover Ivar Aasen’s power demand until a joint solution is established for power from shore for the Utsira High, NPD explained further.

Aker BP Gets Go-Ahead for Ivar Aasen
The Ivar Aasen platform

The field has estimated recoverable reserves at 23.3 million cubic metres (822,831 cubic feet) of oil and 0.9 million tonnes of natural gas liquids (NGL).

As well as this, reserves from the neighbouring Hanz field will add up to this total as soon as capacity becomes available on Ivar Aasen.

Including the Hanz deposit, Ivar Aasen contains approximately 204 million barrels of oil equivalents, which amounts to about 71 million barrels of oil equivalents net to Aker BP.

Ivar Aasen Set for December Start-Up

According to data from appraisal and development wells drilled after the submission of the Plan for Development and Operation (PDO), the estimated recoverable volumes and volumes in place has suffered a significant increase.

Meanwhile, investments costs for the development amount to NOK 26.9 billion (£2.66 billion), which remains in line with the estimates in the PDO.

The development was initially operated by Det norske, before the new Aker BP was created.

Ivar Aasen has an anticipated economic life of 20 years, depending on oil prices and production trends.