Aker BP is progressing development of Tyrving in the Alvheim area offshore Norway and expects an accelerated start-up in this year’s fourth quarter. The company provided the update in its first-quarter 2024 results Apr. 24.
The operator received approval for development and operation (PDO) of Tyrving (previously Trell and Trine) in 2023 from the Norwegian Ministry of Petroleum and Energy and had originally planned for production start in first-quarter 2025 (OGJ Online, June 8, 2023).
Recoverable resources at Tyrving are estimated at about 25 MMboe (15 MMboe net). Tyrving emissions are estimated at 0.3 kg CO2/bbl.
An exploration pilot well was drilled in the Trell North reservoir of the Tyrving development area in first-quarter 2024 which confirmed the volume estimate for this segment. The 3-well drilling campaign for Tyrving is currently ongoing and is expected to be completed this summer.
Aker BP is operator at Tyrving (61.3%). Partners are Petoro AS (26.84%) and PGNiG Upstream Norway AS (11.9%).
Commenting on the quarterly results, Karl Johnny Hersvik, chief executive officer of Aker BP, said the company delivered “strong operational and financial performance” and that the company’s field development projects are on track.”
In this year’s first quarter, Aker BP increased its oil and gas production by 1% over fourth-quarter 2023 with a total 448,000 boe/d. The company expects to produce 410,000-440,000 boe/d in 2024.
Last week, the company started production from Hanz field in license 028 B in the North Sea (OGJ Online, Apr. 22, 2024).
In first-quarter 2024, the company had operating profit of $2.2 billion, net profit of $531 million, and free cash flow $339 million.