The Norwegian parliament has approved the plans for the prestigious Ivar Aasen development.
This gives the project and det norske oljeselskap ASA a green light for development and operation. Total investments in the projects are said to be around NOK 24.7 billion.
“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” said COO Øyvind Bratsberg.
Det norske holds 35 percent ownership interest and is the operator. Other partners include Statoil and Bayerngas. The field in question is situated west of the Johan Sverdrup-field in the North Sea and is said to contain 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.
Trondheim will be the central hub for the project and Ivar Aasen will be developed and operated from here.
(Source: Offshore Energy Today , image: offshore.no)