Aker BP (OSE:AKRBP) (OTCQX:AKRBF) is about to complete drilling of the Øst Frigg Beta/Epsilon exploration well, located in the Yggdrasil area of the Norwegian North Sea. The well led to a major oil discovery. Preliminary estimates indicate a recoverable gross volume of 40 to 90 million barrels of oil equivalent (Mboe), exceeding the pre-drill estimate of 18 to 45 Mboe.
Start of production in 2027
This discovery increases the resource base for the Yggdrasil development, previously estimated at 650 million barrels (gross). The development and operation plan (PDO) was submitted to the Norwegian authorities in December 2022, and production is scheduled to begin in 2027. “We are extremely pleased with the results from this well. The discovery will be evaluated as a potential addition to the Yggdrasil development. We see further development opportunities around Yggdrasil and, together with our partners, we will continue to actively explore the area,” said Per Øyvind Seljebotn, SVP Exploration & Reservoir Development at Aker BP.
The discovery is located in production licenses 873 and 442. In the 873 license, the partnership includes Aker BP (operator, 47.7% interest), Equinor (40% interest) and PGNiG Upstream Norway (12.3% interest). In license 442, the partnership includes Aker BP (operator, 87.7% interest) and PGNiG Upstream Norway (12.3% interest). The Norwegian Petroleum Directorate (www.npd.no) will issue a more detailed press release once evaluation of the discovery is complete.
