Aker BP and its partners have made investment decisions for the development of the Hanz oil and gas discovery in production licence (PL) 028 B in the Norwegian North Sea.

With an estimated investment of $363m (Nkr3.3bn), the project will reuse some of the subsea production systems from the Jette field to reduce the environmental impact, while also strengthening economics.

Aker BP Operations and Asset Development senior vice-president Ine Dolve said: “Over the last few years, we have matured an optimised development solution, in part through the reuse of subsea production systems (SPS) from the Jette field.

“This development solution will be more cost-efficient and have a smaller environmental footprint than the original concept that was described when the PDO was first delivered.”

As per the development plan, the Hanz discovery will be tied into the Aker BP-operated Ivar Aasen platform that is located approximately 12km further south. It will also feature a production well and a water injection well.

The project will make use of a cross-stream well for water injection to recover oil and gas. This is expected to substantially reduce power consumption and require less equipment on the seabed.

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Scheduled to start production in the first half of 2024, the Hanz discovery is estimated to hold reserves of up to 20 million barrels of oil equivalent.

Dolve added: “The selected development solution provides both a better project economy and significantly lower emissions and environmental footprint than we previously assumed.

Ivar Aasen asset manager Gudmund Evju said that the production start from Hanz would help maintain good production from the Ivar Aasen platform for several years.

Evju added: “At the same time, we are searching for new oil and gas resources in the area, both through improved recovery measures and exploration, with the objective of tying additional volumes into the field centre.”

Aker BP operates the PL 028 B with a 35% stake. Its other partners include Equinor (50%) and Spirit Energy (15%).

Aker BP recently awarded contracts to its alliance partners to extend the operational life of and improve value creation from the Valhall field, offshore Norway.

The contracts cover a new central platform on Valhall, as well as a new platform and tie-in with the King Lear field.