Aker BP welcomes the announcement by Equinor, operator of Ringvei Vest, that the partners have agreed on the development concept for the project. Ringvei Vest is planned as a major subsea development tied back to the Troll B platform in the North Sea. The agreement marks an important milestone and moves the project towards a potential development decision.

Ringvei Vest combines several discoveries – Grosbeak, Swisher, Mulder, Kveikje, Toppand, Røver Sør and Røver Nord – together with the Grønngylt prospect across eight licences. Estimated gross resources are approximately 240 million barrels of oil equivalent, making Ringvei Vest one of the largest early-phase development projects on the Norwegian Continental Shelf.

The agreed concept comprises a subsea development with 13 wells through six templates. The concept includes subsea separation prior to transportation to Troll B, where a new compressor is planned to increase processing capacity. Oil will be exported to Mongstad and gas to Kollsnes. Power supplied from Troll B, which is partly electrified from shore, is expected to contribute to low production emissions.

Aker BP has established its position in Ringvei Vest through a series of targeted transactions, beginning with the Kveikje discovery and subsequently expanding across the remaining licences, including through the recently announced transaction with Equinor. Since entering the area, Aker BP has worked closely with the operator and partners to support development of a joint area solution, with agreement reached within months. The development illustrates Aker BP’s approach of building value-accretive positions close to existing infrastructure through selective acquisitions and active partnerships.

By developing multiple discoveries through established infrastructure, Ringvei Vest will be an important contributor to sustaining strong, profitable production for Aker BP in the 2030s.

The project is expected to reach the decision to continue (DG2) by year-end. Timing for a final investment decision, submission of the plan for development and operation (PDO), and production start-up will be determined in a later phase.

Aker BP holds a 19 percent interest in seven of the project’s eight licences, covering the Grosbeak, Swisher, Kveikje, Toppand, Røver Nord and Røver Sør discoveries. The recently acquired interests remain subject to government approval. Aker BP is not a partner in licence PL 090, which includes Mulder and Grønngylt. Equinor is operator of all the licences.

About Aker BP

Aker BP is a company engaged in exploration, field development and production of oil and gas on the Norwegian continental shelf. The company operates the field centres Valhall, Ula, Edvard Grieg/Ivar Aasen, Alvheim and Skarv, and is a partner in the Johan Sverdrup field.

Measured in production, Aker BP is one of the largest independent oil companies in Europe.

About Equinor

Equinor ASA is an international energy company headquartered in Norway. The company employs around 21,000 people worldwide. Equinor is already one of the world's most CO2-efficient producers of oil and gas. Equinor leverages strong synergies between oil, gas, renewables, carbon capture and hydrogen. Equinor participates in a consortium that has started the construction of the Northern Lights project, the world’s first full-scale and open-source CO2 transportation and storage project. The company has a growing portfolio in offshore wind with wind farms in Europe and the USA and is involved in various hydrogen projects throughout Europe.