North Sea pair get Oslo nod

Go-ahead: from government for Ivar Aasen and Gina Krog

Development plans for the Ivar Aasen and Gina Krog fields off Norway have been recommended for approval by the Oslo government.

The North Sea pair represent combined investments of Nkr54 billion ($9.3 billion), with respective operators Det norske oljeselskap and state-owned Statoil now waiting on parliament to formally rubber-stamp the plans before kicking off development work.

Ivar Aasen, being developed at a cost of Nkr24.9 billion, holds recoverable oil and gas reserves of 148 million barrels of oil equivalent and is due on stream in the fourth quarter of 2016.

Det norske holds a 35% operated stake in the field – discovered in 2008 and formerly named Draupne - and is partnered by Statoil (50%) and Bayerngas (15%).

Gina Krog, formerly named Dagny, was discovered in 1978 but can now finally be exploited due to the development of new technology that has made it commercially viable and is due on stream in the first quarter of 2017.

The field holds 225 million boe of oil and gas to be exploited for an investment of Nkr29.1 billion by operator Statoil, which holds a 58.7% stake with partners Total (38%) and Det norske (3.3%).

Petroleum & Energy Minister Ola Borten Moe said it was important for operators off Norway to bring such fields in the mature North Sea to fruition using technological advances as the country struggles to arrest falling output.

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