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November 26, 2021

Ivar Aasen Conventional Oil Field, Norway

By Carmen

Ivar Aasen is a producing conventional oil field located in shallow water in Norway and is operated by Aker BP. The field is located in block 16/1P (PL 001 B), 16/1P (PL 242), 16/1P (PL 338 BS), and 16/1P (PL 457 BS), with water depth of 377 feet.

An expansion project is associated with the Ivar Aasen, namely Hanz Infill Development Project. This project is currently in the feasibility stage, expected to start in 2024.

Field participation details

The field is owned by Centrica, LetterOne Holdings, Neptune Energy Group, Lundin Energy, Stadtwerke Munchen, BASF, Okea, Equinor and Aker BP.


Production from Ivar Aasen

The Ivar Aasen conventional oil field recovered 35.67% of its total recoverable reserves, with peak production in 2018. The peak production was approximately 52.87 thousand bpd of crude oil and condensate, 62 Mmcfd of natural gas and 3.44 thousand bpd of natural gas liquids. Based on economic assumptions, production will continue until the field reaches its economic limit in 2049. The field currently accounts for approximately 2% of the country’s daily output.


Remaining recoverable reserves

The field is expected to recover 157.58 Mmboe, comprised of 124.93 Mmbbl of crude oil & condensate, 148.04 bcf of natural gas reserves and 7.97 Mmbbl of natural gas liquid reserves. Ivar Aasen conventional oil field reserves accounts 0.03% of total remaining reserves of producing conventional oil fields globally.


Contractors involved in the Ivar Aasen conventional oil field

The key contractors involved in the Ivar Aasen project as follows.

Other Contractors: Shearwater GeoServices

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About Aker BP

Aker BP ASA (Aker BP), formerly Det norske oljeselskap ASA, is an independent oil and gas exploration and production company. It mainly focuses on the Norwegian Continental Shelf (NCS). The company has a balanced portfolio of assets across the upstream value chain. Its operated producing assets include Alvheim, Ivar Aasen, Skarv, Ula and Valhall among others. Aker BP also has participating interest in other producing assets such as Atla, Enoch and Gina Krog. The company is also a partner in a major developing project, Johan Sverdrup and has interest in additional exploration licenses. It has offices in Harstad, Sandnessjoen, Stavanger and Trondheim. Aker BP is headquartered in Lysaker, Norway.

Methodology

Information on the field is sourced from GlobalData’s fields database that provides detailed information on all producing, announced and planned oil and gas fields globally. Not all companies mentioned in the article may be currently existing due to their merger or acquisition or business closure.

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