Aker BP And Its Partners To Invest ~$20.5B In New Oil and Gas Projects In Norway

Aker BP ASA DETNF and its partners have submitted ten plans for development & operation and one plan for installation and operation to the Ministry of Petroleum and Energy.
The companies will invest more than NOK 200 billion ($20.5 billion) to develop several oil and gas fields off Norway in the coming years.
Aker BP, partly owned by BP Plc BP, is the second-largest petroleum producer off Norway after Equinor ASA EQNR.
The projects aim to develop a total of 1.1 billion barrels of oil equivalent (boe) in recoverable petroleum resources, Reuters reported, with a net 730 million boe of these to Aker BP, at a break-even price of $35-40 per boe.
Yggdrasil's largest project aims to develop a group of oil and gas discoveries between the Oseberg and Alvheim fields in the North Sea, with estimated recoverable resources of 650 million boe.
Total investments stand at NOK 115 billion, with production expected to start in 2027.
These development projects will enable Aker BP's oil and gas production to grow from around 400,000 barrels per day in 2022 to around 525,000 in 2028.
The plans also include the installation of a new production and drilling platform at the Valhall field and the development of the Fenris gas discovery for NOK 50 billion.