Aker BP's Output to Reach 525,000 Barrels per Day by 2028, as Several Offshore Projects Approved

Credit: Aker BP
Credit: Aker BP

Norwegian oil and gas company  Aker BP said Wednesday that the Norwegian Ministry of Petroleum and Energy (MPE) had approved a total of Aker BP's nine plans for development and operation (PDOs) and one plan for installation and operation (PIO)

The approved projects are the Symra and Solveig Phase in the North Sea,  the Skarv Satellite Project (SSP) in the Norwegian Sea tie-backs of the Idun Nord, Alve Nord and Ørn to the Skarv FPSO.; Yggdrasil, which consists of license groups Hugin, Fulla, and Munin in the North Sea, and Valhall PWP-Fenris in the southern part of the North Sea.

The total recoverable resources from these development projects are estimated to be above 700 million barrels of oil equivalent (mmboe) net for Aker BP, with an average break-even price of USD 35-40 per barrel.

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 barrels in 2028.

"With an average oil price of USD 65 per barrel, these development projects will generate net tax payments to the Norwegian state totalling NOK 160 billion in real terms, and thus make an important contribution to financing welfare schemes and strengthen the state’s ability to support the energy transition,"

Worth reminding, on December 16, 2022, Aker BP and its partners submitted ten PDOs to the MPE.In March this year, Aker BP notified the MPD that the company discontinued the Troldhaugen project in the Edvard Grieg area.

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