The Valhall license continues forward with a joint development concept with King Lear. The partnerships have decided to proceed with the selected concept for a new central platform (NCP) and King Lear. Further maturing will now follow through the FEED phase, until a final investment decision and submission of plan for development and operation is planned in late 2022. The joint development will contribute to extended lifetime and increased value creation from the Valhall area. Pandion Energy holds a 10 percent interest in the Valhall field, where Aker BP is operator.
First production from the development is planned in 2027. This will also mean a longer life of field for the gigantic Valhall area.
The concept consists of a new process and wellhead platform (NCP) which has a bridge connection to the Valhall field centre, and an unmanned platform on King Lear around 50 km from the field centre. New infrastructure will be laid on the seabed to connect the two fields.
The Valhall area is powered from shore resulting in close to zero emissions during normal operations. The plan is to connect the new installations to the existing power from shore solution.
Valhall has produced over one billion barrels since the field opened in 1982. The ambition is to produce another billion barrels during the next 40 years.
CEO of Pandion Energy, Jan Christian Ellefsen says in a comment:
“This is an important milestone in the further development of the Valhall area. Through this development we can further maximise value creation from an existing field. Moreover, the Partnership will further contribute to significant value creation for its owners and the Norwegian society in an area with a clear environmental profile reflecting Pandion Energy’s Net Zero Carbon Strategy.“
In relation to the concept select, the Operator Aker BP announced contract awards to alliance partners for front-end engineering and design (FEED) valued at approximately 440 million kroner.
For further information see Aker BP’s press release: https://akerbp.com/en/aker-bp-awards-contracts-worth-440-million-kroner/