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December 19, 2017

Aker BP submits development plans for Norwegian offshore fields

Aker BP has submitted development plans for the Valhall Flank West, Aerfugl and Skogul fields to the Norwegian Ministry of Petroleum and Energy.

Aker BP has submitted development plans for the Valhall Flank West, Aerfugl and Skogul fields to the Norwegian Ministry of Petroleum and Energy.

Under the plans for development and operations (PDOs), Aker, along with its partners, will invest around Nkr8.5bn ($1.01bn) for the development of the Aerfugl field, Nkr5.5bn ($654.84m) for the Valhall Flank West, and Nkr1.5bn ($179.36m) for the Skogul project.

The company expects the three fields to generate total oil and gas revenues of Nkr100bn ($11.9bn) over their lifetime.

Aker BP CEO Karl Johnny Hersvik said: “This is a great milestone for Aker BP and our partners, and demonstrates our strong commitment to the Norwegian continental shelf as well as to the Norwegian society.

“The Valhall Flank West, Aerfugl and Skogul developments will substantially strengthen Aker BP’s reserves and production from our operated field centres.”

“Investments to increase the value creation from our core areas is a vital part of our growth strategy.

“The Valhall Flank West, Aerfugl and Skogul developments will substantially strengthen Aker BP’s reserves and production from our operated field centres at Valhall, Skarv, and Alvheim.”

Based on data from DNV GL, the projects will generate around 14,000 full-time jobs.

The company has awarded two contracts to Subsea 7 for the Skogul and the Valhall Flank West projects.

The engineering, procurement, construction and installation (EPCI) project is a tie-back to Alvheim FPSO via Vilje South field using pipe-in-pipe technology, while the Valhall Flank West EPCI project comprises a 4km tie-back to the Valhall Centre, including an umbilical and riser system.

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