Aker BP has reported first oil from Ivar Aasen field in the North Sea. The field has an expected economic life of 20 years, depending on oil prices and production development, the company said.

The field lies in the northern part of the North Sea, about 175 km west of Karmøy, and contains around 186 MMboe, excluding Hanz. The latter will be developed in phase two of the Ivar Aasen development, and amounts to about 18 MMboe.

The development of 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. The Hanz deposit, in license PL028 B, is not covered by the unitization.

In alignment with the Norwegian government’s desire, Ivar Aasen is a coordinated development with the neighboring Edvard Grieg field. Oil and gas from Ivar Aasen is processed and exported from the Grieg platform, which also supplies power to Ivar Aasen.

Operations will be run from an operations center in Trondheim, Norway.

Karl Johnny Hersvik, CEO of Aker BP, said, “The start-up is a major milestone for Aker BP. As operator, we have completed the development in a challenging period for the industry. It is therefore satisfying that we have delivered within budget and on time. For me it is even more important that the project has been carried out without any serious incidents.

“Aker BP’s ambition is to create the leading independent E&P company on the Norwegian Continental Shelf. The production start of Ivar Aasen is an important step on this path. Without safety conscious, skilled employees and suppliers working in close cooperation, this would not be possible.”

Source: www.reuters.com