Aker BP has discontinued plans for the Troldhaugen project in the Edvard Grieg area of the North Sea.
The operator notified the Norwegian Ministry of Petroleum and Energy (MPE) that it has acceded to all plans for development and operation (PDO) submitted to MPE on Dec. 16, 2022, except for Troldhaugen (OGJ Online, Dec. 16, 2022).
Execution of the project was subject to results of an extended well test which has been producing since August 2021. The test showed less recoverable volume than expected, and the project is not economically viable. All other development projects are progressing according to plan, the operator said in a release Mar. 21.
In December, the operator and partners submitted PDOs to MPE for Norwegian Sea projects Yggdrasil (Hugin, Munin, and Fulla), Valhall PWP-Fenris, Skarv Satellites (Alve Nord, Idun Nord, and Ørn), and Utsira High (Symra and Troldhaugen). A development report for Solveig Phase 2 was also submitted.
Total recoverable resources from these projects were estimated at 730 MMboe net to Aker BP with net investments of about $19 billion in nominal terms and an average break-even price of $35-40/bbl.
Troldhaugen (formerly Rolvsnes) had been envisioned as the first development on the Norwegian Continental Shelf with reservoir mainly consisting of weathered and fractured basement rock (granite). In the original plan, the discovery would be developed as a tieback to the Edvard Grieg platform. It was expected to provide 30 MMboe of the total projects’ recoverable estimate at a cost of $500 million.
Troldhaugen lies in production license PL 338C. Aker BP is operator with 80% interest. OMV holds the remaining 20%.
