Aker BP's Yggdrasil Development Bolstered by New Offshore Oil Discovery

Scarabeo 8 drilling rig ©Saipem
Scarabeo 8 drilling rig ©Saipem

Norwegian oil and gas company Aker BP said it had made a significant oil discovery at the Øst Frigg Beta/Epsilon exploration well in the Yggdrasil area of the Norwegian North Sea.

"Preliminary estimates indicate a gross recoverable volume of 40-90 million barrels of oil equivalent (mmboe), surpassing the previously communicated pre-drill estimate of 18-45 mmboe," Aker BP said Thursday. 

The discovery increases the resource base for the Yggdrasil development, which was previously stated at 650 mmboe (gross). The Plan for Development and Operations (PDO) was submitted to Norwegian authorities in December 2022, with production scheduled to commence in 2027.

Aker BP said Thursday it was nearing completion of drilling at the Øst Frigg Beta/Epsilon exploration well.

Per Øyvind Seljebotn, SVP Exploration & Reservoir Development in Aker BP: "We are extremely pleased with the results of this well. The discovery will be evaluated as a potential addition to the Yggdrasil development. We see further upside potential around Yggdrasil and, in collaboration with our partners, will continue active exploration in the area."

The discovery is located within production licenses 873 and 442. In licence 873, the partnership consists of Aker BP (operator, 47.7 percent interest), Equinor (40 percent interest) and PGNiG Upstream Norway (12.3 percent interest). 

In licence 442, the partnership comprises Aker BP (operator, 87.7 percent interest) and PGNiG Upstream Norway (12.3 percent interest).


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