Pandion Energy partner in its fourth PDO on the NCS

16 Dec 2022 07:21 CET

Aker BP ASA, the operator of the Valhall field, submits today, on behalf of the
joint venture partners, a revised Plan for development and operations (PDO) for
the Valhall field and a PDO for the Fenris field to the Norwegian Authorities.
Pandion Energy AS holds a 10 percent interest in the Valhall field. PGNiG
Upstream Norway AS is partner in Fenris. This is the fourth PDO Pandion Energy
participates in as partner since the company’s inception in late 2016.

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
50 kilometres to the PWP.

CEO of Pandion Energy, Jan Cristian Ellefsen stated the following:

“Since taking a 10 percent ownership in the Valhall and Hod fields in December
2017, we have been an active partner cooperating closely with the operator in
the further development of the Valhall area. We are very pleased to be a part of
today’s PDO submittal, which is our third with Aker BP in the Valhall area and
the fourth overall for Pandion Energy as a company. Being fully electrified from
shore since 2013, the Valhall area also fits well with our Net Zero Carbon
Strategy. We look forward to contributing further to optimizing the Valhall
infrastructure and, through this, capture more of the remaining resource
potential in the area.”

Increased production with minimal emissions
The total new reserves developed by the joint development project are estimated
to 230 million barrels oil equivalent (mmboe) gross. A total of 19 wells are
planned to be drilled, of which 15 at Valhall PWP, recovering 70 mmboe with
first oil in second quarter 2027. The project will also involve a modernisation
of Valhall that ensures continued operation when parts of the current
infrastructure are to be phased out in 2028, thus enabling production of the
remaining Valhall reserves from 2029 onwards, which are estimated at 135-140
mmboe gross.

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 NOK 50
billion in real terms.

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.

See also full press release from Aker BP:
https://akerbp.com/borsmelding/submitting-pdos-for-valhall-pwp-fenris/

About the Production licenses and partners:
- Partners in Valhall Unit (PL 006B and 033B): Aker BP (90%, operator), Pandion
Energy (10%)
- Fenris (formerly King Lear, PL146, 146B 333 and 1088): Aker BP (77.8%,
operator), PGNiG (22.2%)

About the Installations:
- Valhall PWP: A production and wellhead platform (PWP), bridge-linked to the
Valhall central complex
- Fenris: An unmanned installation (UI), subsea tied back 50km to Valhall PWP

About Pandion Energy
Pandion Energy is an independent, full cycle oil and gas company, participating
in the discovery, appraisal, development and production of oil and gas resources
on the Norwegian continental shelf.

For more information please visit: www.pandionenergy.no

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578383_221216 Pandion Energy Press Release - Pandion Energy partner in its fourth PDO on the NCS.pdf