- Located in Norwegian Sea; Aasta Hansteen discovered in 1997 but remained undeveloped due to the remoteness
- Area includes Snefrid Sør and Haklang, both discovered in 2008
- Statoil (75%*), OMV (15%), COP (10%)
- Area thought to contain >2.4 GIIP, estimated recoery c.66%
- PDO submitted in January 2013 and received approval in April 2013
- Development will utilise subsea wells tied back to SPAR platform
- Power supply expected to be generated on platform due to high cost and difficulty of supplying electricity from shore (distance)
- First production expected in Q3 2017
- Aasta Hansteen will be first deepwater development in Voring Basin; facilities expected to be used by other fields and discoveries in area
- Gas will be exported by new 480km pipeline (Polarled pipeline) from SPAR to Nyhamna gas terminal; condensate will be offloaded from the SPAR
- Standalone economics are marginal, due to remoteness of area
- Tie-backs will improve economics (tariff income)
- Attractiveness of area surrounding Aasta Hansteen demonstrated by high take-up of licences in recent licensing rounds
- Polarled pipeline will draw further investment and exploration
- Government announced changes to fiscal regime in May 2013 - PDO submitted prior to announced change so should be eligible for transitional terms (7.5% capital uplift vs. 5.5%)
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