Aker BP ASA has received approval for development and operation of Kobra East and Gekko (KEG) in production license (PL) 203 in the Alvheim area from the Norwegian Ministry of Petroleum and Energy.
The KEG development will extend the lifetime of Alvheim field in the Norwegian part of the central North Sea near the UK border. The field will be developed with subsea installations connected to the Alvheim FPSO. It is expected that CO2 emissions/bbl will be cut in half and oil production from the Alvheim FPSO will double when KEG comes on stream, the company said.
Total investments in the project are projected at about $1 billion and production is scheduled to start first-quarter 2024. Recoverable reserves in KEG are estimated at around 50 MMboe.
Aker BP is operator at PL 203 (65%) with partners ConocoPhillips Skandinavia AS (20%) and Lundin Energy Norway AS (15%).