Aker BP’s Board of Directors approves the company for submission of Development and Operating Plans (DOPs).
Approval of PDPs
Aker BP’s Board of Directors approves the NOAKA field development projects. It also gives its agreement the Valhall PWP-Fenris project, the Skarv Satellite project and the Utsira High projects. Aker BP is a Norwegian oil and gas exploration and export company.
Aker BP is one of the leading independent listed companies in Europe. The Final approvals to submit the PDPs are expected within the next few weeks. Subsequently, the company will submit the POEs to the Norwegian authorities.
730 million barrels of oil equivalent
Theoil and gas resources of the projects are worth approximately 730 million barrels of oil equivalent. The company’s share of project investments is approximately $19 billion for the period 2023-2028. The average price of oil at the break-even point is $35 to $40 per barrel.
This price is obtained with a discount rate of 10%. This price also takes into account the change in the Norwegian tax. Indeed, the Norwegian tax on petroleum products adds an average of $5 to $6 per barrel to the break-even point.
