The Ministry of Petroleum and Energy has approved the plan for development and operation (PDO) for Hod development on Tuesday 08 December.

The field will be developed with a new Normally Unmanned Installation (NUI), Hod B, remotely operated from the Valhall field centre and run on power from shore, yielding close to zero CO2 emissions during normal operations.

Hod is one of the first projects to be realised under the temporary changes to the Norwegian petroleum Tax Act introduced in June 2020. The field is expected to generate more than NOK 6 billion of tax revenues during its lifetime. Including ripple effects, the project is estimated to create around 5 000 man-years of employment during the execution phase. 75 per cent of the contract values for construction of the Hod B platform and subsea installations have gone to Norwegian supplier companies.

Aker BP ASA is the operator of the Valhall and Hod fields. Pandion Energy AS holds 10% ownership interest in the Valhall area, including licenses PL006B, PL033 and PL033B.

About Pandion Energy

Pandion Energy is a private oil and gas company with interests in licenses on the Norwegian continental shelf (“NCS”), headquartered in Oslo. The company was founded in November 2016 to perform a management buyout of the operational platform and licenses of Tullow Oil Norge AS.