Aker BP has announced that the Ivar Aasen field in the North Sea has come online and produced first oil.
The output start-up from the field comes four years after the Plan for Development and Operation (PDO) was submitted. The plan was to start up production in the fourth quarter of 2016.
“The start-up is a major milestone for Aker BP. As operator, we have completed the development in a challenging period for the industry. It is therefore satisfying that we have delivered within budget and on time. For me it is even more important that the project has been carried out without any serious incidents,” Karl Johnny Hersvik, CEO of Aker BP, said.
The economic life of Ivar Aasen field may be 20 years, depending on oil prices and production development, according to the company.
The Ivar Aasen field is located in the northern part of the North Sea and contains around 186 million barrels of oil equivalent, Aker BP said. The development of the Ivar Aasen includes deposits for five licenses, 001B, PL028 B, PL242, PL338 and PL457.
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