Aker BP board approves four offshore Norway field developments
Dec. 2, 2022
Aker BP will vote in favor of submitting plans for development and operation for four new projects offshore Norway.
Courtesy Aker BP
The giant Valhall has produced more than 1 Bboe since the field was opened in 1982. Aker BP's ambition is to produce another billion barrels over the next 40 years.
Offshore staff
LYSAKER, Norway —Aker BP will vote in favor of submitting plans for development and operation (PDOs) for four new projects offshore Norway.
Courtesy Aker BP
A formal concept was selected in the NOAKA area in 2021, and the resource base was upgraded to 600 MMboe.
The company expects the partners in licenses covering the NOAKA, Valhall PWP-Fenris and Utsira High developments in the North Sea and the Skarv Satellite Project to approve PDOs during the first half of this month.
Plans will then be submitted to the Norwegian authorities.
Aker BP, which operates all the planned developments, estimates its net share of resources at about 730 MMboe, with associated net investments of $19 billion during 2023-2028 and an average breakeven oil price of $35-40/bbl.
The calculations include a 10% discount rate and take account of proposed changes to the Norwegian Petroleum Tax, which would typically add $5-6/bbl to the breakevens.
Aker Solutions, via the Aker BP alliance models, has performed FEED for all four projects over the past year, under a single source supplier setting.
It is hopeful of netting associated contracts of about NOK45 billion ($4.61 billion).
