Minister opens the Ivar Aasen oilfield

Terje SøviknesPetroleum and Energy minister Terje Søviknes.Photo: Carina Johansen / NTB Scanpix

Petroleum and Energy minister Terje Søviknes (Progress Party) opens Ivar Aasen field in the North Sea on Monday. Aker-BP has produced oil in the field since Christmas Eve..

Ivar Aasen field is located 175 kilometers west of Karmøy and is scheduled to produce oil and gas for 20 years. Operator is the newly merged Aker-BP, which previously consisted of the Norwegian oil company and BP Norway.

It was the Norwegian oil company that in 2008 took the resources at 110 meters depth. The plan for development and operation (PDO) was submitted in December 2012, and approved in May the following year. The construction had a cost  of 27.4 billion Norwegian kroner.

The field contains 186 million barrels of oil equivalent and can add on an additional 18 million barrels of oil equivalent when Hanz will be developed in phase two of the development.

–  The Ivar Aasen development is a very good example of what Aker BP wants to achieve the Norwegian Continental Shelf. We will invest in projects that create long-term growth and value for the society and the owners, says chairman for Aker-BP, Øyvind Eriksen.

 

Source: NTB scanpix / Norway Today

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