Norway Approves Ivar Aasen Field Development
Det norske oljeselskap ASA today announced that it has received approval from the Norwegian Parliament (Storting) for the Ivar Aasen development in the North Sea. Total investments in the project are estimated at NOK 24.7 billion (approximately $4.3 billion)
COO Øyvind Bratsberg commented: “ When the Plan for Development and Operation (PDO) of Ivar Aasen is approved by the Storting, it follows that everything is in place with regard to implementing the project according to plan, schedule and costs. This has already started. At the same time, we have produced our first oil as operator, on Jette. This entails that Det norske has now reached its key target of becoming a fully fledged oil company with exploration, development and operation. “
The Storting approved the development of Ivar Aasen on May 21. Det norske is the operator, and holds a 35 percent ownership interest. Partners are Statoil and Bayerngas.
The Ivar Aasen project is situated west of the Johan Sverdrup-field in the North Sea, containing approximately 150 million barrels of oil equivalents. First oil is expected in the fourth quarter of 2016. Det norskes’s share of production is approximately 16,000 barrels of oil equivalent per day from Q4 2016 and 23,000 barrels of oil equivalent per day at plateau in 2019.
Operated from Trondheim
Ivar Aasen will be developed and operated from Trondheim. Det norske aims to make use of latest technology, stressing an effective operation with low offshore staffing. An operation center with control room will be established in Trondheim. The Ivar Aasen development requires approximately 2000 full-time equivalents.
The Ivar Aasen development comprises production of the resources in three discoveries; Ivar Aasen, Hanz and West Cable. The fields are being developed with a manned platform located above the Ivar Aasen discovery and a subsea installation on Hanz tied to the Ivar Aasen platform by means of a flowline and umbilical system.