Norwegian shelf operator Aker BP said it plans to spend at least NOK150bn (US$15.3bn) over the next 5 to 6 years in a bid to increase its daily oil production from almost 400 kb/day to about 525 kb/day by 2028 (or from 17 Mt/year to 23 Mt/year).
Following the merger with Lundin Energy, which took place in June 2022, Aker BP is working on a total of 15 development projects on the Norwegian continental shelf, where the Plan for Development and Operation (PDO) will be submitted to the Ministry of Petroleum and Energy before the end of 2022.
The largest development project is in the NOAKA (North of Alvheim, Krafla, and Askja) area in the North Sea, a coordinated development of several fields in which total investments are estimated at about NOK80bn (US$10bn). Aker BP estimates the project holds 600bn BOE at a breakeven crude price of US$30/bbl.
In addition, the construction of a new platform on the Valhall field in the southernmost part of the Norwegian North Sea, and hook-up of the Fenris field (formerly King Lear) to the new platform, has estimated investments of NOK40-50bn (US$4-5bn).