Aker BP and its partners will invest about 8 billion Norwegian kroner (about 935 million US dollars) to develop the two discoveries of Kobra East and Gekko (KEG) located in the Alvheim region of the North Sea. The company, together with its partners ConocoPhillips and Lundin Energy, submitted a development and operation (PDO) plan for the KEG project to the Norwegian Ministry of Petroleum and Energy. It is estimated that KEG contains about 40 million barrels of oil equivalent (mmboe) of recoverable reserves.

Aker BP said that the planned development will help extend the life of the Alvheim oil field, while increasing production and reducing unit costs. The Alvheim oil field includes the Kneler, Boa, Kameleon and East Kameleon structures, as well as the Viper-Kobra structure and the Gekko discovery. Karl Johnny Hersvik, CEO of Aker BP, said: "Alvheim is a success story, and we and our partners can be proud of it. This field is one of the most cost-effective oil fields on the Norwegian continental shelf and has been resourceful since its launch. The foundation has increased exponentially. This is the result of targeted exploration and business development, technological innovation, and very good cooperation with suppliers. The KEG project represents a new chapter in this proud history."

Aker BP intends to develop the oil field through a subsea installation connected to Alvheim FPSO, which is a production vessel located in the Alvheim oil field in the central part of the North Sea in Norway. KEG development will involve drilling approximately 42 kilometers from a total of four multilateral wells in the reservoir. Drilling is planned to be carried out at two drilling locations, namely Gekko South and Gekko North. The production of the project is scheduled to start in the first quarter of 2024.

Keywords: new energy projects, overseas projects

Thomas Hoff-Hansen, Vice President of Operations and Asset Development of Alvheim, said: "The KEG project adds a significant amount to Alvheim FPSO’s existing production capacity and will extend its service life to 2040. The partnership also sees a foundation for the region’s existing production capacity. Facilities increase great opportunities for further discovery."Editor/Baohongying