Aker BP And Its Partners To Invest ~$20.5B In New Oil and Gas Projects In Norway

  • Aker BP ASA DETNF and its partners have submitted ten plans for development & operation and one plan for installation and operation to the Ministry of Petroleum and Energy. 
  • The companies will invest more than NOK 200 billion ($20.5 billion) to develop several oil and gas fields off Norway in the coming years.
  • Aker BP, partly owned by BP Plc BP, is the second-largest petroleum producer off Norway after Equinor ASA EQNR.
  • The projects aim to develop a total of 1.1 billion barrels of oil equivalent (boe) in recoverable petroleum resources, Reuters reported, with a net 730 million boe of these to Aker BP, at a break-even price of $35-40 per boe.
  • Yggdrasil's largest project aims to develop a group of oil and gas discoveries between the Oseberg and Alvheim fields in the North Sea, with estimated recoverable resources of 650 million boe.
  • Total investments stand at NOK 115 billion, with production expected to start in 2027.
  • These development projects will enable Aker BP's oil and gas production to grow from around 400,000 barrels per day in 2022 to around 525,000 in 2028.
  • The plans also include the installation of a new production and drilling platform at the Valhall field and the development of the Fenris gas discovery for NOK 50 billion.
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