A project that would extend the life of the Alvheim field in the central North Sea has been given the green light by the regulator.
The Norwegian Ministry of Petroleum and Energy has today approved the plan for development and operation (PDO) for Kobra East and Gekko (KEG).
Aker BP, the field’s operator, submitted the PDO to the ministry in June last year, alongside licence partners ConocoPhillips Skandinavia and Lundin Energy Norway.
The KEG development will extend the lifetime of the Alvheim field, while also improving production and reducing unit costs.
Total investments in the project are forecast to be around £668 million and production is scheduled to start in the first quarter of 2024.
Recoverable reserves from KEG are now estimated at around 50 million barrels of oil equivalents (mmboe).
The field will be developed with subsea installations connected to the Alvheim floating production storage and offloading (FPSO) vessel, which is located in the Norwegian part of the North Sea, near the UK border.
It is expected that carbon emissions per barrel will be cut in half and oil production from the Alvheim FPSO will double when KEG comes on stream.
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