All set to develop Ivar Aasen and Gina Krog

abarrelfull wrote on 26 Mar 2013 20:06
Tags: det-norske europe norway upstream

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The norske oljeselskap ASA has as operator been authorized to develop the Ivar Aasen-field in the North Sea. The plan for development and operation of Ivar Aasen and Gina Krog were approved by the King in Counsil this Friday. Det norske has a 3.3 percent share in Gina Krog.

Huge assets

The Ivar Aasen field development is one of the largest developments on the Norwegian Continental Shelf lately. The Ivar Aasen field is estimated to contain 150 million barrels of oil equivalents. Total investments in the project is estimated to be NOK 24,7 billion. The anticipated economic life of Ivar Aasen can reach 20 years, depending upon oil price and production trend.

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.

Operated from Trondheim
Ivar Aasen will be developed and operated from Trondheim. An operation center with control room will be established in Trondheim. By this, Det norske brings the first operational organization of an independent field to Trondheim

- It is awarding to recognize that the activity on the Norwegian Continental Shelf give spin-off effects to the entire country. The first operational organization in Trondheim will strengthen the city’s already specialist community within petroleum and technology, says Minister of Petroleum and Energy in a comment on www.regjeringen.no

Det norske is operator for Ivar Aasen with 35 percent interest. The partners are Statoil Petroleum AS (50 percent) and Bayerngas Norge AS (15 percent). First oil is expected in the fourth quarter of 2016.

Gina Krog
On March 8, the Dagny discovery was by The Norwegian Ministry of Petroleum and Energy renamed Gina Krog, named after one of the most important champions for women’s rights in Norway. The resources in Gina Krog extend into PL 029b, where Det norske is a partner.

Gross recoverable reserves from Gina Krog are estiamted at 225 million boe, adding approximately 7.5 million boe net to Det norske. Total investments are estimated at NOK 31 billion.

- Gina Krog is an important addition to our portfolio of field development projects and although the share may seem modest, we are participating in something big. Statoil has done an excellent job in maturing these resources into a new major field devleopment in the North Sea,” says CEO Erik Haugane.

First oil from Gina Krog is scheduled for first quarter 2017.

• All set to develop Ivar Aasen and Gina Krog

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