Equinor and Aker BP announced they will work in partnership to increase future production and value creation in their respective portfolios in the Norwegian Continental Shelf (NCS). For the first part of the agreement, both companies have purchased assets in the Troll-Fram (Ringvei Vest), Yggdrasil, and Wisting areas.
From the purchase, Aker BP will acquire a 19% interest from Equinor in a portfolio of production licenses (PL) in the Ringvei Vest area, including PL 090JS, PL 248I and PL 925 (Grosbeak), PL 248C (Swisher), PL 630 (Toppand), and PL 923 (Røver Nord and Røver Sør). Both companies report that Ringvei Vest is expected to be a cluster development operated by Equinor in the Troll-Fram area of the North Sea. Additionally, Aker BP already owns 19% interest in license PL 293B (Kveikje), which the company expects to be included in the development.
“Ringvei Vest is an area we have followed closely over time. The Kveikje discovery marked our entry, and we have now established a significant position in this prospective area,” said Karl Johnny Hersvik, CEO of Aker BP.
Aker BP will also receive 38.16% interest in UK license P2343. P2343 is nearby to Norwegian license PL1249, which contains parts of the 2025 Omega Alfa discovery. The Omega Alfa discovery confirmed oil volumes in parts of the legacy Frigg area and enhanced the exploration potential of the wider Frigg structure, which spans both the Norwegian and UK continental shelves. If discoveries are uncovered in the Frigg area, they can be tied back to the Yggdrasil area to utilize existing infrastructure.
Lastly, Aker BP will offload a 7.5% interest in the Wisting discovery (PL 537 and PL 537B) to Equinor along with $23 million. Currently in the planning stages, Wisting in located in the Barents Sea and is the largest undeveloped oil discovery on the NCS. Final investment decision is expected to take place next year. Aker BP will hold onto 27.5% interest in the field.
“By aligning interests across these assets, we can enable better and faster project decisions,” said Kjetil Hove, executive vice president for exploration and production Norway.