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Aker BP, Partners To Invest In New Oil,Gas Projects In Norway

OIL

Aker BP and its partners will invest more than 200 billion crowns ($20.5 billion) to develop several oil and gas fields off Norway and its largest project is expected to start production in 2028, the company said.

  • Aker BP and other oil firms have submitted new projects for approval by authorities to benefit from temporary tax benefits expiring this year.
  • Aker won contracts worth some 50bn crowns from the projects, aiming to develop a total of 1.1 boe in recoverable petroleum resources.
  • Its largest project, Yggdrasil, formerly called NOAKA, is expected to start production in 2028 and aims to develop a group of oil and gas discoveries between the Oseberg and Alvheim fields, with estimated recoverable resources of 650 million boe.
  • Yggdrasil’s oil and gas production is planned to be increased to 525,000 boepd in 2028, from around 400,000 boed today.
Energy BulletsCommodities
Energy BulletsCommodities

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