Oil and gas firm Aker BP will accelerate the startup of production from Norway’s Aerfugl natural gas field, the company said Nov. 11.
In a surprise move, the company now plans to start Aerfugl production in first-half 2020, three years ahead of what had originally been billed as the field’s second phase.
Partners in the 8 billion Norwegian crown (US$875 million) project are Aker BP, Equinor, Wintershall DEA and PGNiG.
The original first phase of development, which now comes second, is meanwhile on track to start production in fourth-quarter 2020, Aker BP said in a statement.
The Aerfugl Field is among the most profitable development projects offshore Norway, with a break-even price of about $15 per barrel of oil equivalent, the company added.
The Norwegian Sea reservoir, containing some 300 million barrels of oil equivalent, will be processed via a FPSO that is already in place at the nearby Skarv Field.
The early startup was made possible by modifying the FPSO to boost its gas processing capacity, Aker BP said.
“After exploring all strategic and financial options available to Rosehill,” CEO David French said the company agreed to a restructuring plan with its major creditors, which includes filing for Chapter 11 bankruptcy, .
Exxon Mobil last quarter cut oil production by up to 400,000 bbl/d and capex by 30%, much of it in its shale business.
Court rulings over disputes with midstream operators are no longer easy to predict.