Aker BP's Yggdrasil Development Bolstered by New Offshore Oil Discovery

Thursday, May 25, 2023

Norwegian oil and gas company Aker BP said it had made a significant oil discovery at the Øst Frigg Beta/Epsilon exploration well in the Yggdrasil area of the Norwegian North Sea.

"Preliminary estimates indicate a gross recoverable volume of 40-90 million barrels of oil equivalent (mmboe), surpassing the previously communicated pre-drill estimate of 18-45 mmboe," Aker BP said Thursday. 

The discovery increases the resource base for the Yggdrasil development, which was previously stated at 650 mmboe (gross). The Plan for Development and Operations (PDO) was submitted to Norwegian authorities in December 2022, with production scheduled to commence in 2027.

Aker BP said Thursday it was nearing completion of drilling at the Øst Frigg Beta/Epsilon exploration well.

Per Øyvind Seljebotn, SVP Exploration & Reservoir Development in Aker BP: "We are extremely pleased with the results of this well. The discovery will be evaluated as a potential addition to the Yggdrasil development. We see further upside potential around Yggdrasil and, in collaboration with our partners, will continue active exploration in the area."

The discovery is located within production licenses 873 and 442. In licence 873, the partnership consists of Aker BP (operator, 47.7 percent interest), Equinor (40 percent interest) and PGNiG Upstream Norway (12.3 percent interest). 

In licence 442, the partnership comprises Aker BP (operator, 87.7 percent interest) and PGNiG Upstream Norway (12.3 percent interest).


Categories: Drilling Industry News Activity Europe Production Discoveries

Related Stories

Cadeler’s WTIV Newbuild Arrives to Rotterdam Ahead of Maiden Job

TotalEnergies Steps Up Methane Emissions Monitoring Efforts

Equinor Strikes Oil and Gas at Rhombi Prospect in North Sea

Current News

Danos Leaders Recognized in “40 Under 40” Lists

ExxonMobil to Drill for Gas Off Cyprus in January

Mocean Energy Raising Funds to Advance Wave Energy Tech

Seadrill’s Drillships Getting Ready to Start Work Off Brazil

Subscribe for OE Digital E‑News