Aker BP’s $700m Tyrving project in Alvheim area approved by Norway
In a significant development for the Norwegian oil and gas industry, Aker BP has announced that the plan for development and operation (PDO) for Tyrving (previously Trell & Trine) in the Alvheim area of the North Sea has been approved by the Norwegian Ministry of Petroleum and Energy.
This approval marks a major milestone for Aker BP and its license partners, Petoro AS and PGNiG Ustream Norway AS.
The PDO was submitted to the Ministry in August of the previous year, and today’s approval paves the way for the successful implementation of the Tyrving development project. The primary objective of this project is to leverage the planned extended lifetime of the Alvheim field, which will lead to increased production and improved cost-efficiency, while simultaneously reducing CO2 emissions per barrel.
The estimated total investments for the Tyrving development project amount to approximately NOK 6 billion (around USD 700 million). Production is scheduled to commence in the first quarter of 2025.
The project is expected to tap into recoverable resources of approximately 25 million barrels of oil equivalent. Notably, the Tyrving development will boast remarkably low emissions, estimated at only 0.3 kg of CO2 per barrel produced.
Aker BP will execute the Tyrving development project in collaboration with its alliance partners, aligning with the company’s strategic approach of driving value creation through alliances and strategic partnerships. This cooperative effort reflects Aker BP’s commitment to maximizing efficiency and achieving sustainable growth in the industry.
The approval of the PDO for Tyrving underscores the government’s recognition of the project’s significance and its contribution to the overall energy landscape in Norway. The successful implementation of this development is poised to strengthen Aker BP’s position in the sector while furthering the nation’s energy objectives.
The Tyrving project represents a remarkable step forward in the exploration and production of oil and gas resources in the Alvheim area. With its commitment to reducing environmental impact and optimizing resource utilization, Aker BP sets a positive example for the industry as it continues to pursue innovative and sustainable solutions.