AkerBP has secured approval from the Norwegian Petroleum Directorate (NPD) to start production on its Ivar Aasen field in the North Sea.
Earlier this year, Det norske merged with BP to become AkerBP. The company expects to start production in December.
The Nkr26.9bn ($3.2bn) investment for Ivar Aasen development is in line with estimates in the Plan for Development and Operation.
Ivar Aasen was developed with a production facility resting on the seabed at water depths of 110m, and oil and gas from the field will undergo final processing on the Edvard Grieg field.
Edvard Grieg will also cover the field’s power requirements until a joint solution for energy from shore is established for the Utsira High.
Recoverable reserves from Ivar Aasen are estimated at 23.3 million standard cubic metres (Sm³) of oil, 4.4 billion Sm³ gas and 900,000t of NGL.
NPD development and operation assistant director Tove Francke said: “The NPD is very satisfied that both the schedule and budget are on target.”
The Ivar Aasen development consists of production licences 001 B, 242, 338 BS and 457 BS.
Situated west of the Johan Sverdrup field in the North Sea, the Ivar Aasen field contains about 204 million barrels of oil equivalents.
AkerBP operates the development with a 34.7862% interest. Remaining partners are Statoil Petroleum (41.4730%), Bayergas Norge (12.3173%), Wintershall Norge (6.4651%), VNG Norge (3.0230%), Lundin Norway (1.3850%) and OKEA (0.5540%).
Image: Partially processed oil and gas from Ivar Aasen is routed to Edvard Grieg for processing and export. Photo: courtesy of AkerBP.