North Sea Oil Discovery by Aker BP Considered “Significant”

Aker BP has made a significant oil discovery of about 40-90 million barrels of oil equivalent (mmboe) in a Norwegian sector of the North Sea, near its Yggdrasil development. The firm discovered twice as much as expected in block 25/2, just three months after receiving permission for exploration drilling at the site. The Scarabeo 8 semisub rig was used for the drilling.

SVP of E&P Per Oyvind Seljebotn said the find would be evaluated for possible addition to the Yggdrasil development. Partners including Equinor and PGNiG have invested in plans for the Yggdrasil cluster of fields, which is expected to have recoverable resources of around 650 mmboe. Aker BP aims to operate the fields, with plans for remotely controlled operations, unmanned production platforms, new technology and data-driven decisions and work processes.

Yggdrasil is the largest component in a portfolio of 10 proposed offshore oil and gas developments submitted for regulatory approval by Aker BP. Worth around $20bn, the projects surpass most green-transition investments in Europe. Aker BP CEO Karl Johnny Hersvik said the programme was 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 Norwegian-based company became Europe’s largest independent oil company in 2021 with the acquisition of Lundin’s offshore oil and gas business, which included a 20% stake in the top-tier Johan Sverdrup field. Aker BP is currently working on further exploration around the Yggdrasil site with its partners.

Tags: yggdrasil

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