Aker BP : and Partners to Develop Grasel Discovery in Norwegian Sea

By Dominic Chopping

Norwegian oil-and-gas exploration and production company Aker BP ASA said Friday that it has decided to develop the Grasel discovery in the Norwegian Sea.

The Grasel reservoir, which extends over seven kilometers and is two kilometers wide, is situated above the Skarv reservoir. Aker BP is operator of Skarv while Equinor ASA, Wintershall Dea and PGNiG are partners.

Grasel holds a total of around 13 million barrels of oil equivalent. The oil-and-gas production will utilize available capacity on the existing production vessel on the Skarv field and total investment costs for the Grasel project are around 1.2 billion Norwegian kroner ($139.5 million).

"Based on a development solution with reuse of existing infrastructure, this project has become very profitable," says Mette Nygard, project manager for Grasel.

"The break-even-price is around $15 per barrel."

First oil from Grasel is planned for the fourth quarter of 2021.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

12-18-20 0232ET