Hanz on stream
Aker BP (OSE: AKRBP) (OTCQX: AKRBF; AKRBY) is pleased to announce thatproduction has started from Hanz in the North Sea. Hanz is operated by AkerBP,with Equinor and Sval Energy as partners.
Hanz is a subsea field development tied into the Ivar Aasen platform aboutfifteen kilometres further south.
Total investments are estimated at close to NOK 5 billionand total reservesarearound 20 million barrels of oil equivalent (mmboe).
"This is yet another great example of what we can achieve working as one teamwith our suppliers towards a common goal and with shared incentives. Inaddition, innovative solutions with reuse of infrastructure and use of cross-flow well have contributed to lower costs and lower emissions," says Aker BPCEO, Karl Johnny Hersvik.
"Development of the Hanz discovery is important for the development of theIvarAasen area. Production start from Hanz in 2024 will help us maintain goodproduction from the Ivar Aasen platform," Hersvik adds.
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Unique re-use of infrastructure and use of a cross-flow wellHanz was discovered in 1997. After the delivery of the Plan for developmentandoperation (PDO) for the Ivar Aasen area, which included the Hanz development,the project matured an optimised development solution by re-using subseaproduction systems (SPS) from the Jette field. It is the first time thatproduction equipment has been re-used in a new field development on the NCS.
In addition, the strategy for how the oil and gas is to be recovered waschangedto include use of a cross-flow well for water injection. This results in asubstantial reduction of power consumption, less use of chemicals and lessequipment on the seabed.
"This development solution will be more cost-efficient and have a smallerenvironmental footprint than originally planned for. This is in line with AkerBP's continuous search for improvements, where the goal is to produce with lowcosts and low emissions," says VP Projects Edvard Grieg and Ivar Aasen, StineKongshaug McIntosh.
The change in the development solution for Hanz since the original PDO wassubmitted led the partnership to send a formal statement regarding theinvestment decision and the selected concept to the authorities in December2021.
Minimised CO2 emissionsThe Ivar Aasen field is located on the Utsira High in the northern part of theNorth Sea, around 175 km west of Karmøy.
The field was discovered in 2008, and was joined with other discoveries in thearea, including Hanz, which was proven in 1997. The first oil from Ivar Aasenwas produced on 24 December 2016.
Ivar Aasen receives power from the Edvard Grieg platform ten kilometres to thesoutheast. From 2022, the field will receive power from shore via the JohanSverdrup field, thereby minimising CO2 emissions.
About Hanz
· Lisence 028 B · Partners: Aker BP (35%, operatør), Equinor (50%), Sval Energy (15%)
Contacts:Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889
About Aker BP:Aker BP is a company engaged in exploration, field development and productionofoil and gas on the Norwegian continental shelf. The company operates the fieldcentres Alvheim, Edvard Grieg, Ivar Aasen, Skarv, Ula and Valhall, and is apartner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu,Norway, and is listed on Oslo Børs under the ticker AKRBP. More about Aker BPatwww.akerbp.com.
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