Agreement on way Forward for Krafla, Fulla and North of Alvheim (NOAKA)

TRONDHEIM, Norway, June 11, 2020 /PRNewswire/ -- Aker BP and Equinor have entered into an agreement in principle on commercial terms for a coordinated development of the licenses Krafla, Fulla and North of Alvheim (NOAKA) on the Norwegian Continental Shelf and have started preparations for submitting Plans for Development and Operation (PDO) in 2022.  

The NOAKA area is located between Oseberg and Alvheim in the Norwegian North Sea. The area holds several oil and gas discoveries with gross recoverable resources estimated at more than 500 million barrels of oil equivalents, with further exploration and appraisal potential. The partners in the licences are Aker BP ASA, Equinor ASA and LOTOS Exploration & Production Norge AS. 

The contemplated development concept for the area consists of a processing platform in the South operated by Aker BP, an unmanned processing platform in the North operated by Equinor, and several satellite platforms and tiebacks to cover the various discoveries. The purpose of the commercial terms is to secure an optimal and fair allocation of cost and production between the discoveries and to align incentives and hence ensure good integration and synergies across facilities and licenses.  

The partners share the ambition to develop the NOAKA area with a minimal carbon footprint. State-of-the-art technological solutions will be used to ensure high efficiency and low emissions. The facilities will be powered from shore and an extensive use of digital solutions is expected both in the development and operations phase. 

The parties invite to a joint press conference at Equinor's Business Centre, Forus East, Stavanger today at 13.00 CEST.

Investor contact:
Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889
Lars Mattis Hanssen, Senior IR Professional, tel.: +47 99 459 460 

Media contact: 
Tore Langballe, VP Communications, tel.: +47 907 77 841
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-bp-asa/r/agreement-on-way-forward-for-krafla--fulla-and-north-of-alvheim--noaka-,c3132205

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SOURCE Aker BP ASA