Page 13 - EurOil Week 50 2021

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which is 14.7% or 60bcm more than in the Aker BP to tie back Hanz December 24, 2016.
same period of last year, said Gazprom in a “Development of the Hanz discovery is
statement. discovery to Ivar Aasen important for the development of the Ivar
Gazprom increased its gas supplies to Aasen area. Production start from Hanz in
Turkey (+83.7%), Germany (+16.8%), Italy Norwegian oil and gas company Aker BP 2024 will help us maintain good production
(+19.5%), Romania (+221.8%), Serbia has sanctioned the development of the Hanz from the Ivar Aasen platform for several
(+85.8%), Bulgaria (+43.8%), Poland (+7.5%), discovery in the Norwegian part of the North Sea. more years,” says Ivar Aasen asset manager,
Greece (+12.2%), Slovenia (+53.9%) and “The project has matured a solution Gudmund Evju.
Finland (+9.1%). involving reuse of existing infrastructure, “At the same time, we are searching for new
Based on the results for the second half which both strengthens project economics oil and gas resources in the area, both through
of November, consumers such as Greece, and minimizes the environmental footprint,” improved recovery measures and exploration,
Slovenia, Switzerland, North Macedonia and Aker BP said. with the objective of tying additional volumes
Bosnia & Herzegovina have now joined the Hanz is an oil and gas discovery that will into the field centre,” Evju adds.
existing list of countries (Germany, Turkey, be tied into the Ivar Aasen platform about Ivar Aasen receives power from the
Italy, Bulgaria, Romania and Serbia) whose twelve kilometers to the south. Total reserves Edvard Grieg platform ten kilometers to the
gas imports from Gazprom are already are around 20 million barrels of oil equivalent southeast. From 2022, the field will receive
exceeding the totals for the year 2020, said the (mmboe). power from shore via the Johan Sverdrup
company.. Total investments are estimated at NOK 3.3 field, minimizing CO2 emissions..
billion (~$363 million). The expected start-up
is in the first half of 2024.
Turkey subsidises natural Aasen field, including Hanz, was subject to a Equinor reportedly eyes
Development and operation of the Ivar
gas importer Botas with full impact assessment in 2012. The concept Martin Linge sale
for development of Hanz was also described
record $2.2bn in November in the Plan for Development and Operation Norwegian energy group Equinor plans to sell
a stake in its Martin Linge oilfield in the North
(PDO) for the Ivar Aasen field, Aker BP said.
Turkey’s central bank sold $2.23bn to state- “Over the last few years, we have matured Sea, hoping to raise more than $1 billion,
run natural gas importer Botas in November, an optimized development solution, in part industry and banking sources told Reuters.
data from the regulator showed on December through re-use of subsea production systems The sale is aimed at reducing Equinor’s
7. (SPS) from the Jette field. This development large stake in the field and take advantage of
In June, the central bank sold $269mn solution will be more cost-efficient and have strong demand for Norwegian oil and gas
to Botas in its first hard currency sale to the a smaller environmental footprint than the assets, the sources said.
company of this year. original concept that was described when the Norway’s oil and gas sector has attracted a
When a $258mn sale that took place in PDO was first delivered,” says SVP Operations flurry of deals in recent months, highlighting
October is added, the calculation shows that & Asset Development in Aker BP, Ine Dolve. its appeal for investors despite growing
the central bank has provided Botas with a In addition to reusing existing pressure on governments and companies to
total of $2.75bn in the year to date. infrastructure, the strategy for how the oil combat climate change.
It was in December 2014 that the central and gas is to be recovered has been changed The Martin Linge offshore field started
bank sold USD to Botas for the first time. By to include use of a cross-stream well for production last June and is expected to
2020, a total of $45bn had been sold to Botas. water injection. This results in a substantial reach a peak output of 115,000 barrels of oil
The biggest sale was recorded for 2015 at reduction of power consumption, less use of equivalent per day next year, Equinor’s website
$10.5bn. chemicals and less equipment on the seabed, says.
In November 2021, the central bank the company said. Equinor holds a 70% stake in the field and
received $2.8bn in export rediscount credits. “The selected development solution Petoro, which manages Norway’s interests
Sales to Botas were thus absorbed by this provides both better project economy in offshore oil and gas licenses, owns the
account. and significantly lower emissions and remaining 30%.
Ahead, in December and January, sales to environmental footprint than we previously Equinor plans to sell off a 19% stake,
Botas will rise. assumed. This is in line with Aker BP’s reducing its holding to 51%, three sources
Meanwhile, Turkey’s central bank has for continuous search for improvements, where said. The stake earmarked for sale is being
two days straight made direct sales of USD on the goal is to produce with low costs and low marketed by Lambert Energy, the sources
the interbank market. It is rumoured that the emissions,” Dolve adds. said. Equinor and Lambert Energy declined to
sales amount to $1bn. The official statement Aker BP is the operator with a 35% stake, comment.
on the transaction will come with a lag of 15 with partners being Equinor (50%), Spirit Development of the Martin Linge cost 63
business days. Energy (15%) billion NOK ($6.94 billion) and the field is
Amid the ongoing destruction in the value The change in the development solution powered by onshore electricity, significantly
of the Turkish lira, the amount of usable for Hanz since the PDO was submitted reducing the field’s greenhouse emissions.
reserves that the central bank has is unknown. means that the partnership will send a formal Equinor is also seeking to sell its 7.6% stake
Its net FX position stands at around minus statement regarding the investment decision in Ekofisk, which is the oldest oilfield complex
$50bn. When the Treasury’s money is added, and the selected concept to the authorities. in the Norwegian North Sea and underpins
the net international reserves stand at around The Ivar Aasen field is located on the Utsira the Brent crude benchmark, the sources said.
minus $35bn. High in the northern part of the Norwegian British energy supplier Centrica and its
The gross reserves are released as standing section of the North Sea, around 175 km west partner, German utility Stadtwerke Munchen,
at above $128bn. However, this sum includes of Karmøy. last week agreed to sell their Norwegian oil
around $15bn in Qatari riyal, $2bn in Korean The field was discovered in 2008, and was and gas assets to Sval Energi for a total of $1.1
won, $5bn in Chinese yuan and $8bn in SDR joined with other discoveries in the area, billion. .
from the IMF. including Hanz, which was proven in 1997.
The first oil from Ivar Aasen was produced on

Week 50 16•December•2021 www. NEWSBASE .com P13