Aker BP has successfully completed the drilling of the Øst Frigg Beta/Epsilon exploration well in the Yggdrasil area. This marks the longest exploration well ever drilled on the Norwegian Continental Shelf and has resulted in a significant oil discovery.

The updated estimate of the discovery size is 53-90 million barrels of oil equivalent (mmboe), which is twice as large as the original pre-drill estimate and slightly larger than the preliminary estimates announced on 25 May.

The discovery, located in the Yggdrasil area, contributes to increasing the resource base for the ongoing Yggdrasil development by approximately 10 percent. The Yggdrasil development was recently approved by Stortinget (the Norwegian parliament) and is planned to commence production in 2027.

The discovery is located within production licences 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).

About Aker BP

Aker BP (OSE: AKRBP) (OTCQX: AKRBF; AKRBY) is a company engaged in exploration, field development and production of oil and gas on the Norwegian continental shelf. The company operates six field centres: Alvheim, Ivar Aasen, Skarv, Edvard Grieg, Ula and Valhall, and is a partner in the Johan Sverdrup licence. Aker BP’s shares are traded on Oslo Børs (AKRBP).

Aker BP is one of the largest independent oil companies in Europe with a production of more than 400,000 barrels oil equivalent per day. Aker BP is a global E&P leader in low CO2 emissions and seeks to offset its non-abated Scope 1 and 2 emissions to become Net Zero across operations by 2030.