Det Norske All Set to Develop Ivar Aasen

Det norske oljeselskap announced Friday that the main contracts for the development of its Ivar Aasen field in the Norwegian North Sea are now in place.

Det norske also reported that an independent assessment has estimated the firm's reserves at between 308 and 487 million barrels, of which about 80 percent are from its share of the Johan Sverdrup field.

The company confirmed that a Plan for Development and Operation (PDO) of the Ivar Aasen field, where Det norske is operator with a 35-percent holding, was submitted to the Ministry of Petroleum and Energy in December. The company now plans to embark on a development project of approximately $4.5 billion (NOK 25 billion).

Det norske CEO Erik Haugane commented in a statement:

"Our goal has been to become a fully fledged oil company engaged in exploration, development and operation. The goal has now been reached. This represents a significant achievement for the company, and plays an important role in ensuring good competition on the Norwegian shelf."

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