Valhall PWP – Fenris 

Aker BP ASA (operator) and the joint venture partners have made an investment decision to redevelop the Valhall field, include installing a new centrally located platform, and to develop the Fenris field. The plans for development and operations were submitted to the Minister of Petroleum and Energy at 16 December 2022. 

The joint development project, located in the southern part of the North Sea, comprises a new centrally located production and wellhead platform (PWP) bridge-linked to the Valhall central complex with 24 well slots, and an unmanned installation (UI) with 8 slots at Fenris (formerly King Lear) subsea tied back 50km to the PWP.  

Pandion Energy AS is partner in Valhall and PGNiG Upstream Norway AS is partner in Fenris. 

The total new reserves developed by the project are estimated to 230 million barrels oil equivalent (mmboe). 

A total of 19 wells are planned to be drilled, of which 15 at Valhall PWP, recovering 70mmboe with first oil in Q2 2027. The remaining four wells will be drilled at Fenris, recovering 160mmboe with first gas in Q3 of 2027.  

Additionally, the project secures lifetime extension of Valhall beyond 2028 and the continued production of existing Valhall reserves estimated to 137mmboe. 

The development will leverage Valhall’s existing power from shore system with minimal emissions, estimated at less than 1 kg CO2/boe. 

The joint development project implies significant synergies in the development and operational phases for the Valhall and Fenris license partners. 

Total investments in the Valhall PWP – Fenris development are estimated at USD 6.6 billion (nominal), equivalent to ca NOK 50 billion gross (real). 

Increased gas export and minimal emissions  

Production from Fenris will significantly increase the gas export from Valhall through the existing Norpipe pipeline to Europe and will more than double Valhall’s gas processing capacity. And as such contributing to Norway’s long-term capacity for stable energy deliveries to Europe. 

The Joint Valhall PWP – Fenris project is the cornerstone of the Valhall asset strategy and serves multiple purposes: 

  • Secures lifetime extension and continued Valhall production 
  • Unlocks new volumes on Valhall and Fenris with significant upside potential 
  • Establishes Valhall as an area gas hub with minimal emissions 

The Valhall asset and field is currently undergoing a major modernization and the new PWP installation will become an integrated part of the Valhall field taking over key global functions as other facilities are phased out. 

Furthermore, PWP and Fenris UI will be constructed with significant flexibility to accommodate further development of additional area resource upsides. The total resource potential enabled by the PWP – Fenris development, including life-time extension, drilling of new wells and identified future upsides, project is estimated at around 500mmboe.