The Norwegian authorities have approved the start-up of production on the Hanz accumulation on the Ivar Aasen field in the North Sea.
The development solution involves reusing the subsea installations on the Jette field, which was shut down in 2016.
Hanz was proven in 1997, and is included in the 2013 plan for development and operation (PDO) for the Ivar Aasen field, which is located about 200 kilometers from Stavanger.
Aker BP is the operator of production license 028 B with a 35% ownership interest, while the other licensees are Equinor (50%) and Sval Energi (15%).
According to the operator, investment costs for developing Hanz are estimated at about $400 million (NOK 4.2 billion).
Aker BP estimate of recoverable resources, mainly oil, is 3.1 million standard cubic meters of oil equivalent (19.65 million bbl o.e), with the start-up expected during the first quarter of 2024.
"A development of Hanz utilizing existing infrastructure and an alternative method for pressure support contributes to good utilization of resources," said Tomas Mørch, Assistant Director of Licence Management in the Norwegian Offshore Directorate.