Norwegian oil and gas company, Aker BP, started oil production from the Ivar Aasen field in the North Sea on Saturday.
Aker BP is the operator of the unitized development, with a 34.7862 percent interest.
The Ivar Aasen field is located in the northern part of the North Sea, about 175 km west of Karmøy, and contains around 186 million barrels of oil equivalent (boe), excluding Hanz.
The development of the Ivar Aasen includes deposits for five licenses, 001B, PL028 B, PL242, PL338 and PL457. The unitization of the licenses covers deposits in Ivar Aasen and West Cable. Hanz deposit in license PL028 B is not covered by the unitization.
The anticipated economic life of Ivar Aasen is 20 years, depending on oil price and production trend.
Oil and gas from Ivar Aasen is processed and exported from Grieg platform, which also supplies power to Ivar Aasen.