Investment plan

Aker BP unveils $700 million investment plan for North Sea connection project

Aker BP and its partners have revealed a Nkr 6 billion ($700 million) investment plan to develop the Trell and Trine satellite oil fields in the Alvheim region offshore Norway.

A Development and Operation Plan (PDO) for the Trell and Trine fields has already been submitted to the Norwegian Ministry of Petroleum.

Aker BP CEO Karl Johnny Hersvik said: “Trell & Trine is the third AOP submission in the Alvheim region in just one year, closely following Frosk and Kobra East & Gekko (KEG).

“This is further confirmation of a success at Alvheim of which we and our partners can be proud. From an operational perspective, the Alvheim area is one of the most profitable on the Norwegian shelf, and the resource base has expanded significantly since the field was commissioned.

Aker BP’s partners in production licenses 102 F/G and 036E/F, which contain the findings, are Petoro and Lotos E&P Norge.

The finds are located 15 miles east of the floating production, storage and offloading (FPSO) vessel at Alvheim.

As per plan, the Trell and Trine project will utilize the extended life planned for the Alvheim field.

The offshore project will increase production from the Alvheim field, reduce unit costs and reduce CO₂ emissions per barrel, Aker BP said.

The development will involve connecting three wells to existing infrastructure and two new subsea facilities on East Kameleon, and further on the Alvheim FPSO.

Aker BP noted that one of the three wells is Trell North, which is unproven but has a high chance of being discovered.

It is estimated that the two discoveries could contain approximately 25 million barrels of oil equivalent in recoverable resources.

Last month, Aker BP and its partners received approval for the development and operating plan (PDO) of the Frosk field in the Norwegian North Sea.

Located in the Alvheim region, the Frosk field is located approximately 25 km southwest of the Alvheim FPSO unit.

Development of the field, which is expected to start production in the first quarter of next year, is estimated at nearly $230 million.

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