Equinor and Aker BP in Norwegian fields pact

摘要

EQUINOR and Aker BP have agreed commercial terms to jointly develop their North of Alvheim-Krafla-Askja (Noaka) discoveries off Norway, with development plans due to be submitted to the authorities in 2022. The pair have outlined a development concept for the North Sea fields that would entail a processing platform in the south of the area operated by Aker BP and an unmanned processing platform in the north operated by Equinor. There could also be several satellite platforms, as well as tie-backs, to cover existing discoveries in the area that is estimated to hold around 500 million barrels of oil equivalent in recoverable resources, with potential upside from further exploration and appraisal work. The area also encompasses Aker BP's recent Liataarnet find that is estimated to hold an additional 200 million boe. Aker BP said that itself and Equinor have "started preparations for submitting plans for development and operation to the authorities in 2022". "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 licences," Aker BP said. The landmark pact has been reached following an agreement between the government and opposition parties on a tax relief package that is set to boost field investments and generate jobs in the embattled oil and gas sector that had faced a severe drop in work following industry cutbacks in the wake of the Covid-19 pandemic and oil price crash.