Åsgard A one year old

May 19, 2000, 10:00 CEST

Oil began flowing from Statoil's Åsgard development in the Norwegian Sea on 19 May 1999, a year ago today.

Output from the A production ship has since earned roughly NOK 8.5 billion as against a vessel construction price of just over NOK 7.4 billion, reports operations vice president Ola Krumsvik.

An oil price averaging almost USD 20 per barrel helped to boost these revenues, he notes.

The field has so far yielded 44 million barrels of its recoverable reserves, which total more than 400 million barrels. Production is set to continue until 2014.

Initial operation of Åsgard A was characterised by running-in the processing facilities and adapting equipment, which resulted in partial production shutdowns on certain days.

Some adjustments remain to be made, and Mr Krumsvik expects to complete these when the ship shuts down for a one-week turnaround at the end of June.

Gas production is scheduled to start from the Åsgard B floater on 1 October.