OSLO:Norwegian company Aker BP and its partners will invest around 2 billion crowns ($ 233 million) to develop the Frosk oil discovery in the North Sea, the company said on Monday.
The companies have submitted a plan to develop the discovery as a link to Alvheim’s floating production, storage and offloading (FPSO) vessel, with production starting in the first quarter of 2023.
“The development will contribute to production and reduce unit costs in the Alvheim region using existing infrastructure,” said Aker BP, operator of the field.
Frosk, which holds around 10 million barrels of oil equivalent in recoverable reserves, would also bolster Aker BP’s ambition to produce one billion barrels through Alvheim’s FPSO.
So far, the FPSO has produced more than 500 million barrels from Alvheim and its satellite fields, including Vilje, Volund and Skogul, since 2008, Aker BP said.
Aker BP has a 65% stake in the development of Frosk, while the subsidiary of Eni Vaar Energi and the Swedish Lundin Energy have 20% and 15% respectively.
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