Aker BP has decided to proceed with nine out of the ten previously announced field development projects off Norway.
However, the company has decided to drop the Troldhaugen project in the Edvard Grieg area of the North Sea due to a reduction in the expected recoverable volume.
In December last year, the firm submitted plans for development and operation for the ten fields on the Norwegian continental shelf (NCS) to the country’s Ministry of Petroleum and Energy.
As per estimates, these fields have a total recoverable resource of 730 million barrels of oil equivalent (mmboe) and will entail a total investment of nearly $19bn.
The Troldhaugen project is estimated to hold nearly 30mmboe of the recoverable resources.
The ten field development projects are grouped into four main regions. These include Yggdrasil (formerly NOAKA), Valhall process and wellhead platform (PWP) – Fenris (formerly King Lear), Skarv, and Utsira High.
Earlier, Aker BP stated that the development of the Troldhaugen field was conditional on the performance of an extended well test (EWT), which has been in production since August 2021.
The company stated: “The experience from the EWT has resulted in a reduction in the expected recoverable volume. The project is no longer considered to have sufficient financial robustness, and Aker BP has decided not to accede to the PDO.”
Last week, Aker BP commenced production from the Frosk field in the Alvheim area, located in the production licences 340 and 869 in the central part of the North Sea.