Norwegian oil companies Equinor and Aker BP have agreed on commercial terms to jointly develop several fields on the Norwegian Continental Shelf.
The coordinated development will include Krafla, Fulla and North of Alvheim (NOAKA) offshore licenses. Equinor is the operator of the Krafla license and Aker BP is the operator of the NOA and the Fulla licenses.
Aker BP said that the parties have started preparations for submitting Plans for Development and Operation (PDO) in 2022
The area is located between Oseberg and Alvheim in the North Sea. The partners in the licences are Equinor ASA, Aker BP AS and LOTOS Exploration and Production Norge AS.
"The area consists of many licenses and complex reservoirs that contains several oil and gas discoveries with total recoverable resources estimated at more than 500 million barrels of oil equivalents, with further exploration and appraisal potential identified," Equinor said in a statement on Thursday.
The contemplated development concept for the area consists of a processing platform in south operated by Aker BP and an unmanned processing platform in north operated by Equinor with possibilities to several satellite platforms and tiebacks to cover the various discoveries.
"Developing these resources will have significant effect on the supplier industry when it comes to engineering, development and the operational phase," Equinor said.
"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 extensive use of digital solutions is expected both in the development and operations phase," Aker BP said.