The breakthrough follows months of talks between the two companies over what to charge for processing gas from the field through Woodside’s Pluto LNG plant.
Located in the Santos Basin offshore Brazil, the FPSO has a daily capacity of up to 150,000 barrels of oil and 6 million cubic meets of natural gas.
Production is expected to start in fourth-quarter 2020, the oil and energy ministry said Nov. 14.
The company plans to start Aerfugl production in first-half 2020, three years ahead of what had originally been billed as the field’s second phase.
The project in the Eastern Mediterranean is running ahead of schedule and is $150 million under budget.
Companies looking for alternatives to onshore developments have been rolling out exploration campaigns focused on areas where infrastructure already exists and using seismic data to help find more resources.
While Aker initially aimed to tie in discoveries in a wider area to its planned Pecan production systems, it had failed to obtain changes in regulation that would facilitate such an approach, the company said.
The company reported Oct. 29 net income of $558 million for third-quarter 2019, compared to a loss of $199 million a year earlier.
The company has a 62% participating interest in the IDD-II project, which covers development of the oil- and gas-rich Gendalo and Gehem fields.