Norway: Det norske Submits PDO for Ivar Aasen Field

Det norske oljeselskap ASA submits the Plan for Development and Operation (PDO) for the Ivar Aasen field to the Minister of Petroleum and Energy, Ola Borten Moe, at Det norske’s headquarters in Trondheim. The PDO is submitted on behalf of the Ivar Aasen partnership, encompassing Statoil and Bayerngas in addition to operator Det norske.

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.

CEO Erik Haugane looks forward to Det norske’s second development as operator.

– Ivar Aasen is a vast development project which represents great value for the Norwegian society and for the license partners. We look forward to initiate the responsibility given as operator. Statoil excluded, this is the greatest development project a Norwegian company is carrying out in a long time. This is a huge step for Det norske as a company and for diversity on the Norwegian shelf.

The anticipated economic life of Ivar Aasen can reach 20 years, depending upon oil price and production trend. Total investments in the project are estimated at NOK 24.7 billion. With prevailing oil price, expected gross revenue throughout the expected lifetime of the field amounts to approximately NOK 100 billion.

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. From start of production the Ivar Aasen-plattform is electrified.

The Ivar Aasen development comprises developing the resources located in production licenses PL 001B, PL028B and PL242. The partners in PL 001B, PL 028B and PL 242 are Statoil Petroleum AS (50 percent), Det norske oljeselskap ASA (35 percent), and Bayerngas Norge AS (15 percent).

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Press Release, December 21, 2012