Aker BP said that it had submitted ten development and operation plans and installation and operation plans with its partners, and invested more than US $20.3 billion in the Norwegian Ministry of Oil and Energy. The Norwegian continental shelf development project is divided into four main regions. These include Yggdrasil, Valhall process and wellhead platform, Fenris, Skarv and Utsira High.

The total recoverable resources of these development projects are 730 million barrels of oil equivalent. In addition, upstream projects are expected to help extend the life of current production and pave the way for future growth opportunities. Karl Johnny Hersvik, CEO of Aker BP, said that the scope of the development plan we submitted to the Minister of Oil and Energy reflected our ambition to create a future oil and gas company, with low costs, low emissions, profitable growth and attractive returns. The PDO was submitted after the recent approval of Aker BP's Board of Directors. Aker BP said its investment share was close to $19 billion.

These oilfield development projects are expected to increase Aker BP's oil and gas production from about 400000 barrels per day in 2022 to about 525000 barrels per day in 2028. Yggdrasil contains several discoveries, and the total recoverable resources are about 650mm boe. It will require an investment of $11.65 billion. The company cooperates with Equinor and LOTOS Exploration&Production Norge to carry out the Yggdrasil project, which is planned to start production in 2027.

Valhall PWP – Fenris will invest US $5.07 billion to install a new process and wellhead platform bridge, which will connect to the center of Valhall Oilfield and the unmanned wellhead platform of Fenris Oilfield. Aker BP cooperates with PGNiG Upstream Norway and Pandion Energy to carry out the project, which is expected to be put into production in 2027.

The Skarv satellite project requires the development of three projects, Alve Nord, Idun Nord and Ø rn, with an investment of 1.72 billion US dollars. Aker BP cooperates with Equinor, Wintershall DEA and PGNiG Upstream Norway. Their goal is to put the project into use in 2027. In Utsira High, Aker BP, Equinor, Sval Energi, OMV and Wintershall DEA will develop three satellite fields with an investment of 2.13 billion dollars.Editor/Xing Wentao