The development projects on the Norwegian continental shelf (NCS) are grouped into four main regions, namely, Yggdrasil, Valhall process and wellhead platform – Fenris, Skarv, and Utsira High, which have combined total recoverable resources of 730 million net barrels of oil equivalent (mmboe) for Aker BP
Aker BP and partners will invest $11.65bn to develop the Yggdrasil project. (Credit: Aker BP)
Aker BP said that alongside its partners, the company has filed ten plans for development and operation (PDOs) and a plan for installation and operation (PIO), representing investments of over NOK200bn ($20.3bn) to the Norwegian Ministry of Petroleum and Energy (MPE).
The development projects on the Norwegian continental shelf (NCS) are grouped into four main regions. These include Yggdrasil (formerly NOAKA), Valhall process and wellhead platform (PWP) – Fenris (formerly King Lear), Skarv, and Utsira High.
According to Aker BP, the development projects have combined total recoverable resources of 730 million net barrels of oil equivalent (mmboe) for the company. Besides, the upstream projects are expected to help in prolonging the life of current production and pave the way for future growth opportunities.
Aker BP CEO Karl Johnny Hersvik said: “The scope of the development plans we are submitting to the Minister of Petroleum and Energy is a manifestation of our ambition to create the oil and gas company of the future – with low costs, low emissions, profitable growth and attractive returns.”
The submission of the PDOs follows the recent Aker BP’s board approval for the same.
Aker BP said that its share of the investments comes to nearly $19bn.
The field development projects are expected to lift Aker BP’s oil and gas production to move up from about 400,000 barrels per day this year to approximately 525,000 barrels per day in 2028.
Yggdrasil contains multiple discoveries with total recoverable resources of about 650mmboe. It will call for an investment of NOK115bn ($11.65bn).
The company is partnered by Equinor and LOTOS Exploration & Production Norge in the Yggdrasil project, which is aimed to begin production in 2027.
Valhall PWP – Fenris will see an investment of NOK50bn ($5.07bn) for installing a new process and wellhead platform bridge that will be connected to the Valhall field centre and an unmanned wellhead platform on the Fenris field.
Aker BP is partnered by PGNiG Upstream Norway and Pandion Energy in the project, which is expected to come on stream in 2027.
The Skarv satellite project calls for the development of three discoveries, Alve Nord, Idun Nord, and Ørn, with an investment of NOK17bn ($1.72bn). Aker BP is partnered by Equinor, Wintershall DEA, and PGNiG Upstream Norway, who aim to bring the project on stream in 2027.
In the Utsira High area, Aker BP, Equinor, Sval Energi, OMV, and Wintershall DEA will develop three satellite fields with an investment of NOK21bn ($2.13bn).