Aker BP sanctions Norwegian discovery
Aker BP announced on December 16 it had sanctioned development of the Hanz oil and gas discovery in the Norwegian North Sea.
The project, with a cost of 3.3bn kroner ($370mn), will see Hanz tied to the Ivar Aasen platform some 12 km to the south. Hanz's reserves are estimated at around 20mn barrels of oil equivalent. Aker BP said it would re-use subsea production systems from the Jette field.
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"This development solution will be more cost-efficient and have a smaller environmental footprint than the original concept that was described when the PDO was first delivered,” Aker BP's senior vice president for operations and asset development, Ine Dolve, commented.
Hanz is on track to start up in 2024, helping maintain utilisation at Ivar Aasen for longer. From 2022, Ivar Aasan will receive power from shore via the Johan Sverdrup field, reducing its emissions.
Aker BP operates Hanz with a 35% stake, while Equinor has 50% and Spirit Energy has 15%.