Bridge Enters Deal for Joint Development of Asha and Ivar Aasen

Bridge Enters Deal for Joint Development of Asha and Ivar Aasen

Bridge, the Oslo Børs and AIM listed oil and gas exploration and production company , announces that, as a 20% licence partner in PL457 containing the Asha discovery, it has signed an agreement regarding the co-ordination and joint  development of PL001B (the “Ivar Aasen field”) and PL457 Asha discovery in the Norwegian part of the North Sea.

The Agreement establishes an approach towards unitisation of the discoveries, with this process expected to be concluded latest mid-2014. On the basis of this Agreement, the Asha discovery will form an integral part of the proposed Ivar Aasen field development going forward. The Agreement has been approved by all relevant licence holders and remains subject to execution by the parties, which is expected to be concluded imminently.

A plan to develop and operate (PDO) for the Ivar Aasen field was submitted 21 December 2012 to the Norwegian Ministry of Petroleum and Energy by Det Norske and is currently pending approval, which is expected to be granted by the Norwegian Parliament prior to 30 June 2013.

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.

Other interests in PL457 are Wintershall Norge 40% (Operator), VNG Norge AS 20% and E.On Ruhrgas Norge 20%.

Tom Reynolds, CEO of Bridge Energy, commented:

“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 mmboe 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.” 

The Ivar Aasen field lies in the northern part of the North Sea, approximately 175 km west of Karmøy. An estimated total of NOK 24.3 billion will be invested in the Ivar Aasen field over a six-year period from 2013 to 2018. Production start for the Ivar Aasen field has been set for the third quarter 2016, which means that some of the investments will be made after the field has started producing.

Related:

Bridge Ups Asha Discovery Reserves Estimates (Norway)

Saipem Scoops Ivar Aasen Jacket Job

Singapore’s Sembcorp to Build Ivar Aasen PDQ for $726 Mln

Wood Group Mustang Wins Ivaar Aasen Topsides Engineering Job

March 8, 2013

Share this article

Follow Offshore Energy Today

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply