Yggdrasil, which already holds multiple discoveries, is planned to be developed with an investment of NOK 115 billion. In March 2023, Aker BP announced that it will proceed with nine field development projects on the Norwegian continental shelf, which are expected to see an investment of more than NOK 200 billion. Production from the Norwegian North Sea area is scheduled to begin in 2027. The North Sea is home to significant known oil and gas reserves. In December 2022, Aker BP submitted plan for development and operations for the Yggdrasil project to Norway authorities. The latest discovery will be assessed as a potential addition to the Yggdrasil development. The latest discovery increased the resource base for the Yggdrasil development, which was previously expected to be 650 MMboe (gross). This exceeds the pre-drill estimate of 18-45 MMboe. Aker BP operates the 873 and 442 licenses with 47.7% and 87.7% interests, respectively.Īccording to preliminary estimates, the latest discovery shows a gross recoverable volume of 40-90 million barrels of oil equivalent (MMboe). The company is drilling the well with the help of Saipem’s Scarabeo 8 semi-submersible rig. BP plc ( BP Quick Quote BP - Free Report), through its subsidiary Aker BP, made a significant oil discovery in the Ost Frigg Beta/Epsilon exploration well in Norway’s North Sea.Īker BP is about to complete drilling the exploration well, which is in licenses 873 and 442 in the Yggdrasil area.
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