Aker BP and Partners to Develop Grasel Discovery in Norwegian Sea
December 18 2020 - 2:47AM
Dow Jones News
By Dominic Chopping
Norwegian oil-and-gas exploration and production company Aker BP
ASA said Friday that it has decided to develop the Grasel discovery
in the Norwegian Sea.
The Grasel reservoir, which extends over seven kilometers and is
two kilometers wide, is situated above the Skarv reservoir. Aker BP
is operator of Skarv while Equinor ASA, Wintershall Dea and PGNiG
are partners.
Grasel holds a total of around 13 million barrels of oil
equivalent. The oil-and-gas production will utilize available
capacity on the existing production vessel on the Skarv field and
total investment costs for the Grasel project are around 1.2
billion Norwegian kroner ($139.5 million).
"Based on a development solution with reuse of existing
infrastructure, this project has become very profitable," says
Mette Nygard, project manager for Grasel.
"The break-even-price is around $15 per barrel."
First oil from Grasel is planned for the fourth quarter of
2021.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
December 18, 2020 02:32 ET (07:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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