Ivar Aasen unitization accord signed

Det norske oljeselskap has signed a unit agreement for the Ivar Aasen development in the Norwegian central North Sea with the PL001B, PL242, PL457, and PL338 licensees.

Jul 1st, 2014

Offshore staff

TRONDHEIM, NorwayDet norske oljeselskap has signed a unit agreement for the Ivar Aasen development in the Norwegian central North Sea with the PL001B, PL242, PL457, and PL338 licensees.

The company will be operator with a 34.7862% interest in the unit, which takes in the Ivar Aasen and West Cable fields, while the Hanz field remains in PL028B which Det norske operates with a 35% interest.

Hanz is set to be developed under Phase 2 of theIvar Aasen project.

Det norske estimates proven and probable (P50) reserves for the Ivar Aasen development, including Hanz, at around 210 MMboe. This is an increase of roughly 35% on the end-2013 estimate, and is due mainly to the inclusion of volumes from PL457 and PL338, along with analysis of results from well 16/1-16 in PL457 and an ocean-bed seismic study.

The company has submitted an updated drainage strategy submitted to Norway’s Ministry of Petroleum and Energy, which does not call for additional wells to be drilled.

Det norske assesses total investments for the Ivar Aasen at NOK 27.4 billion ($4.44 billion, unchanged from its original development plan.

The field is expected to start up in late 2016. Partners are Statoil, Bayerngas, Wintershall, VNG, Lundin, and OMV.

07/01/2014

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