Aker BP to move ahead with oil and gas project in Norway

Aker BP to move ahead with oil and gas project in Norway

16 Dec 2021

Aker BP and its partners Equinor and Spirit Energy have approved the development of the Hanz oil and gas project in the Norwegian North Sea, under license 028 B, with a US$370m investment.

Hanz’s discovery will be connected to the Ivar Aasen platform, which is located approximately 12km further south. The Aker BP-operated Ivar Aasen oil field began production at the end of 2016.

Discovered in 1997, Hanz is contained in a water depth of 115m and its PDO was approved in 2013.

The company and its partners aim to release approximately 20 million barrels of oil equivalent (mmboe) reserves believed to exist in the North Sea discovery.

The operator of the North Sea field is Aker BP, which holds 35% of the shares. Equinor and Spirit Energy hold 50% and 15% of the shares, respectively.

Aker BP is anticipated to begin production from the Hanz oil and gas project in the first half of 2024.

For more information, please visit EICDataStream.

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