First Oil Flows from Ivar Aasen Field Off Norway

Aker BP has started oil production from the Ivar Aasen field in the North Sea.

First oil from the Ivar Aasen field comes four years after the Plan for Development and Operation (PDO) was submitted. The plan was to start up production in fourth quarter 2016.

Karl Johnny Hersvik CEO of Aker BP said:

“The start-up is a major milestone for Aker BP. As the 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 exploration and production 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.”

The economic life of Ivar Aasen field may be 20 years, depending on oil prices and production development. Operations will be run from an operations centre in Trondheim.

“There are still major challenges in our industry, and continuous improvement in the way we operate is essential. Aker BP is well positioned to meet these challenges in partnership with our suppliers,” Hersvik added.

The Utsira area

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 latter will be developed in phase two of Ivar Aasen development, and amounts to about 18 million barrels of oil equivalent.

Net Aker BP, including Hanz, represents approximately 71 million boe.

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.

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