The Norwegian Ministry of Petroleum and Energy has today approved the Plan for development and operation (PDO) for Tyrving (previously Trell & Trine) in the Alvheim area.

The Operator Aker BP and licence partners Petoro AS and PGNiG Ustream Norway AS submitted the PDO to the Ministry in August last year (Link to the press release).

The Tyrving development will utilise the planned extended lifetime for the Alvheim field, increase production and reduce both unit costs and CO2 per barrel.

Total investments are estimated to approximately NOK 6 billion (about USD 700 million). Production is scheduled to start in the first quarter of 2025.

Recoverable resources in Tyrving are estimated to approximately 25 million barrels of oil equivalent. Tyrving will produce with very low emissions, estimated at 0.3 kg CO2 per barrel.

The development will be carried out in cooperation with Aker BP's alliance partners. This is in line with Aker BP's strategy for increased value creation through alliances and strategic partnerships.

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.