Norway approves two North Sea projects
Norway’s parliament has approved the development plans for the Ivar Aasen and Gina Krog projects in the Norwegian North Sea.
The Ivar Aasen field holds an estimated 150 MMboe, and could be in production for 20 years. Operator Det Norske Oljeseslkap estimates the overall investment cost at $4.22 billion. Ivar Aasen will be developed and operated from a new center in Trondheim. Partners are Statoil and Bayerngas Norge.
Gina Krog holds an estimated 225 MMboe, and will cost about $5.33 billion to develop. First oil is scheduled for 1Q 2017.