Aker BP approves latest in string of Alvheim oil field satellite projects

摘要

Norwegian joint venture Aker BP has given investment approval to two satellites fields in the North Sea Alvheim area known as Kobra East and Gekko,aiming to double Alvheim oil output,the company said June 30.It is the latest in a string of investments by Norway's oil and gas industry in response to tax breaks announced last year to help the industry weather the pandemic,involving early reimbursement of capital spending.The tax breaks expire at the end of 2022.Kobra East and Gekko is the first of three projects planned for the Alvheim area by Aker BP,an Oslo-listed company with BP and engineering company Aker as its largest shareholders.Alvheim blend is a medium-density crude with an API gravity of 33.6 derived from a cluster of fields in the area.The hub produced around 65,000 b/d of oil last year,according to Norwegian Petroleum Directorate data.