At a ceremony in Trondheim the Minister for Petroleum and Energy, Mr Ola Borten Moe, received the PDO from the operator Det norske oljeselskap ASA (35 %). Bayerngas holds a 15 % participating interest in the field and Statoil the remaining 50 %.
Production start is expected late 2016 and plateau production is expected in 2018/19 at 65 000 boe/d. Recoverable volumes are 150 mill boe. Economic life of field is expected to be 12-20 years depending on oil price and development of production. Total investments are estimated at 24.7 billion NOK (2012).
The Ivar Aasen field comprises three discoveries; Ivar Aasen, Hanz and West Cable. They will be developed with a manned platform on top of the Ivar Aasen field while Hanz will be tied via a subsea template. West Cable will be drilled from the manned platform. Ivar Aasen will have a one stage separation process. Oil and Gas is transferred to Edvard Grig for further processing and export to the market.
Bayerngas wants to take this opportunity to thank Det norske as operator and Statoil as partner for the work and cooperation that has led to delivery of the PDO.