Aker BP said that it has made a significant oil discovery in the Yggdrasil (formerly NOAKA) area of the Norwegian North Sea during the ongoing drilling of the Øst Frigg Beta/Epsilon exploration well.

The Norwegian oil and gas company said that it is on the verge of completing the drilling of the exploration well.

The discovery is located within production licences (PLs) 873 and 442.

According to Aker BP, preliminary estimates show a gross recoverable volume of 40-90 million barrels of oil equivalent (mmboe) for the new oil discovery. This exceeds the pre-drill estimate of 18-45mmboe that was previously communicated.

The latest oil find boosts the resource base for the Yggdrasil development, which was previously determined to be 650mmboe (gross).

In December 2022, Aker BP submitted plan for development and operations (PDO) for the Yggdrasil project to Norwegian authorities. Production from the Norwegian North Sea area is slated to start in 2027.

Aker BP exploration and reservoir development SVP Per Øyvind Seljebotn said: “We are extremely pleased with the results of this well. The discovery will be evaluated as a potential addition to the Yggdrasil development.

“We see further upside potential around Yggdrasil and, in collaboration with our partners, will continue active exploration in the area.”

In PL873, Aker BP is the operator with a stake of 47.7% and is partnered by Equinor (40%) and PGNiG Upstream Norway (12.3%).

Aker BP is the operator in PL442 as well and has a stake of 87.7% in it. The company is partnered by PGNiG Upstream Norway (12.3%).

In March 2023, Aker BP said that it will move ahead with nine field development projects on the Norwegian continental shelf (NCS), which are expected to see an investment of over NOK200bn ($18.2bn).

Yggdrasil, which already holds multiple discoveries, while having total recoverable resources of about 650mmboe, is planned to be developed with an investment of NOK115bn ($10.5bn).