"Alvheim is a success story that both we and our partners can be proud of. The field is among the most cost-efficient on the Norwegian shelf, and the resource base has multiplied since start-up. This is the result of targeted exploration and business development, technological innovation and, not least, exceptionally good cooperation with the suppliers. The KEG project represents a new chapter of this proud history," says
Total investments in the project are projected at around
CO2 intensity cut in half
The development comprises the two discoveries
It is expected that CO2 emissions per barrel will be cut in half and oil production from the Alvheim FPSO will double when KEG comes on stream. In addition, the KEG development will contribute to extend the lifetime of the Alvheim FPSO.
With a break-even price below
"The KEG project is a good example of how the temporary changes to the Norwegian petroleum tax system, approved in June last year, is stimulating activity on the Norwegian shelf," says Hersvik.
Marathon drilling
The KEG development will involve a real marathon under the seabed. The plan is to drill about 42 kilometres from a total of four multi-branch wells in the reservoir. Drilling costs make up a major part of the investments in the project.
The drilling will take place from two drilling locations, Gekko South and Gekko North, and the subsea equipment on the seabed is designed with a view toward flexibility and the possibility of further developments in the future.
The development will be carried out in cooperation with
Limitless development in the Alvheim area
The Alvheim field consists of the Kneler, Boa, Kameleon and East Kameleon structures, as well as the Viper-Kobra structures and Gekko discoveries. The Alvheim area includes satellite fields Bøyla, Vilje, Volund and Skogul. All these fields are produced via the Alvheim FPSO, which came on stream on
"The development of the Alvheim area is the story of an organisation and a partnership that has continuously sought out new opportunities in the surrounding area, tested and implemented new technology, and with a constant focus on safe, stable, and cost-efficient operations," says SVP Operations and
The field development has also been recognized by the industry. In 2018, the Alvheim partners were awarded the IOR prize by the
"The KEG project adds important volumes to the existing production capacity at Alvheim FPSO and will enable extended lifetime up to 2040. The partnership also sees great opportunities for adding further discoveries to the existing infrastructure in the area," says Alvheim VP Operations &
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