The Norwegian Parliament on Tuesday approved the plans for further development of Valhall field in the Norwegian part of the North Sea, and the development and operation of the Fenris project, both operated by Aker BP.
The Valhall PWP-Fenris project, located in the southern part of the North Sea, is ready to start construction as planned before summer, Pandion Energy, a partner in the project, said.
The fields are located 50 kilometers apart and are operated by Aker BP. Pandion Energy AS is a partner in Valhall, and PGNiG Upstream Norway AS is a partner in Fenris.
The joint development comprises a new centrally located production and wellhead platform (PWP) bridge-linked to the Valhall central complex, and an unmanned installation (UI) on Fenris that will be subsea tied back to the PWP. The project will extend Valhall’s lifespan and unlock substantial reserves, Pandion Energy said.
According to Pandion, new reserves resulting from the joint development project are estimated at 230 million barrels of oil equivalents.
The project also ensures a lifetime extension for Valhall beyond 2028 and continued production from the existing Valhall reserves, estimated at 137 million barrels. The development will use the existing power from shore infrastructure, with minimal emissions, estimated at less than 1 kg CO2 per barrel, Pandion said.