Ivar Aasen and Asha Discoveries to be Jointly Developed

Anglo-Norwegian junior Bridge Energy reported Friday that it has signed an agreement that will see the joint development of the Ivar Aasen field and the Asha discovery, offshore Norway.

Bridge – which is a 20-percent license partner on production license 457, where Asha sits – said the agreement establishes an approach towards unitization of the discoveries and that the process is expected to be concluded by mid-2014. The deal, which Bridge said has been approved by all relevant license holders, will see the Asha discovery form an integral part of the proposed Ivar Aasen field development.

Approval for a plan to develop and operate (PDO) the Ivar Aasen field is expected to be granted by the end of June this year.

The PDO for Ivar Aasen proposes to install a steel legged platform, which will support dry wellheads and processing capacity. Hydrocarbons from Ivar Aasen will be then be exported via the Lundin operated Edward Grieg facilities. Field production start-up is planned for 2016.

Bridge's partners in PL457 include operator Wintershall Norge, which has a 40-percent stake, and VNG Norge and E.On Ruhrgas Norge.

Bridge CEO Tom Reynolds commented in a statement:

"I am pleased to announce this positive step forward on Asha, which clearly underlines the commerciality of this discovery; less than one month after our resource update and three months after drilling.

"With existing estimates indicating more than 13 million barrels of oil equivalent net recoverable to Bridge from Asha, this agreement both accelerates and unlocks significant value within PL457. In addition to the Asha discovery further upside potential exists on this licence within the independent Aglaja and Amol prospective targets."

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Ivar Aasen and Asha Discoveries to be Jointly Developed

Anglo-Norwegian junior Bridge Energy reported Friday that it has signed an agreement that will see the joint development of the Ivar Aasen field and the Asha discovery, offshore Norway.

Bridge – which is a 20-percent license partner on production license 457, where Asha sits – said the agreement establishes an approach towards unitization of the discoveries and that the process is expected to be concluded by mid-2014. The deal, which Bridge said has been approved by all relevant license holders, will see the Asha discovery form an integral part of the proposed Ivar Aasen field development.

Approval for a plan to develop and operate (PDO) the Ivar Aasen field is expected to be granted by the end of June this year.

The PDO for Ivar Aasen proposes to install a steel legged platform, which will support dry wellheads and processing capacity. Hydrocarbons from Ivar Aasen will be then be exported via the Lundin operated Edward Grieg facilities. Field production start-up is planned for 2016.

Bridge's partners in PL457 include operator Wintershall Norge, which has a 40-percent stake, and VNG Norge and E.On Ruhrgas Norge.

Bridge CEO Tom Reynolds commented in a statement:

"I am pleased to announce this positive step forward on Asha, which clearly underlines the commerciality of this discovery; less than one month after our resource update and three months after drilling.

"With existing estimates indicating more than 13 million barrels of oil equivalent net recoverable to Bridge from Asha, this agreement both accelerates and unlocks significant value within PL457. In addition to the Asha discovery further upside potential exists on this licence within the independent Aglaja and Amol prospective targets."

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Ivar Aasen and Asha Discoveries to be Jointly Developed

Anglo-Norwegian junior Bridge Energy reported Friday that it has signed an agreement that will see the joint development of the Ivar Aasen field and the Asha discovery, offshore Norway.

Bridge – which is a 20-percent license partner on production license 457, where Asha sits – said the agreement establishes an approach towards unitization of the discoveries and that the process is expected to be concluded by mid-2014. The deal, which Bridge said has been approved by all relevant license holders, will see the Asha discovery form an integral part of the proposed Ivar Aasen field development.

Approval for a plan to develop and operate (PDO) the Ivar Aasen field is expected to be granted by the end of June this year.

The PDO for Ivar Aasen proposes to install a steel legged platform, which will support dry wellheads and processing capacity. Hydrocarbons from Ivar Aasen will be then be exported via the Lundin operated Edward Grieg facilities. Field production start-up is planned for 2016.

Bridge's partners in PL457 include operator Wintershall Norge, which has a 40-percent stake, and VNG Norge and E.On Ruhrgas Norge.

Bridge CEO Tom Reynolds commented in a statement:

"I am pleased to announce this positive step forward on Asha, which clearly underlines the commerciality of this discovery; less than one month after our resource update and three months after drilling.

"With existing estimates indicating more than 13 million barrels of oil equivalent net recoverable to Bridge from Asha, this agreement both accelerates and unlocks significant value within PL457. In addition to the Asha discovery further upside potential exists on this licence within the independent Aglaja and Amol prospective targets."

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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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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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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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Sembcorp Marine to Build $725M Topside for Ivar Aasen Project

Sembcorp Marine disclosed late Thursday that it build a $725 million (SGD900 million) offshore platform integrated topside, which will be bound for the Ivar Aasen development in the North Sea.

The floating productions unit of Sembcorp Marine, SMOE, inked a letter of intent with Det Norske Oljeselskap (DNO) - a Norwegian exploration and production company - to undertake the engineering, procurement and construction (EPC) work of the topside.

The 13,700 tonne topside, which is designed to house 70 people and to be installed at a water depth of 367 feet (112 meters), will be equipped with a living quarters module and a helideck. It will also include modules for process, gas compression, separation, water injection, flare boom, metering and utilities.

SMOE will start construction in December this year, with sail-away scheduled in March 2016.

The Ivar Aasen project is situated west of the Johan Sverdrup field in the Norwegian Continental Shelf, 112 miles (180 kilometers) west of Stavanger, containing approximately 150 million barrels of oil equivalents. First oil from the project is expected to start in the fourth quarter of 2016. The anticipated life span of Ivar Aasen can reach 20 years.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

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