Aker BP ASA Enhances Yggdrasil’s Potential with New Oil Find
Exciting Developments in Yggdrasil Area from Aker BP ASA
Aker BP ASA has achieved a remarkable milestone with its successful Omega Alfa exploration campaign in the North Sea, resulting in a substantial oil discovery that promises to bolster resources in the Yggdrasil area. The recoverable volume is estimated between 96 and 134 million barrels of oil equivalent (mmboe), marking a significant addition to the company's already impressive portfolio.
A Major Discovery in Norwegian Waters
Omega Alfa Exploration Campaign
This discovery is not just another statistic; it's one of the largest commercial findings in Norway in the past decade. CEO Karl Johnny Hersvik highlighted that this accomplishment builds on the previous oil discovery at East Frigg, reinforcing Aker BP's objective of producing over one billion barrels from Yggdrasil. It illustrates how advanced exploration techniques can push the boundaries, and the team is eager to unlock even more potential in this prolific area.
Drilling Operations and Results
The Drilling Process
The Omega Alfa campaign targeted five locations: Omega, Alfa, Alfa South, Sigma NE, and Pi, utilizing a multilateral well system west of Yggdrasil. Initially, Aker BP reported a promising discovery of 20-40 mmboe from two targets alone. After a thorough campaign, the combined recoverable volume has reached the impressive range of 96-134 mmboe.
Drilling commenced in early May with the expert use of the Deepsea Stavanger rig. Over a span of three months, the team drilled approximately 45,000 metres, with 40,000 metres focused specifically in reservoir sections. Notably, this initiative resulted in the three longest well branches ever drilled in the Norwegian continental shelf, the longest measuring an astonishing 10,666 metres.
Technological Innovations and Future Prospects
Benefits of Horizontal Drilling
The horizontal drilling technique employed has permitted the collection of a wealth of high-quality reservoir data. This data significantly minimizes subsurface uncertainty and lays the groundwork for concept studies moving forward, aimed at determining the best tie-back solutions connected to Yggdrasil.
The Yggdrasil Development Project
Current Status and Future Ambitions
Yggdrasil stands as the largest field development project active on the Norwegian continental shelf. It received approval from Norwegian authorities for its Plan for Development and Operation (PDO) in 2023 and progresses steadfastly, with first oil anticipated in 2027. The project currently holds a proven resource base of approximately 700 mmboe, with aspirations to elevate this figure to over one billion barrels via ongoing exploration efforts. The Omega Alfa discovery plays a crucial role in achieving this ambitious goal.
Production Licenses and Partnerships
The Omega Alfa exploration was carried out across three production licences: 873, 873 B, and 1249, all managed by Aker BP. In licenses 873 and 873 B, the partnership includes Aker BP holding 47.7 percent, Equinor at 40 percent, and Orlen Upstream Norway with 12.3 percent. License 1249 comprises Aker BP with 38.16 percent, Equinor at 32 percent, Petoro at 20 percent, and Orlen Upstream Norway with 9.84 percent.
Contact Information for Inquiries
Contacts:
Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889
Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217
Frequently Asked Questions
What is the significance of Aker BP's recent oil discovery?
This discovery significantly enhances the recoverable resources in the Yggdrasil area, estimating 96-134 million barrels, marking a major step for Aker BP.
How does this discovery impact Aker BP's future plans?
The discovery aligns with Aker BP's ambitious goal of producing over one billion barrels from Yggdrasil, contributing to its overall growth strategy.
What techniques were utilized in the drilling process?
Aker BP employed horizontal drilling methods, which allowed for the collection of extensive, high-quality data while significantly reducing subsurface uncertainties.
When is the expected first oil from the Yggdrasil project?
The first oil from the Yggdrasil project is anticipated in 2027, as the project is progressing according to the approved plan.
Who are the partners involved in the Omega Alfa exploration?
The Omega Alfa exploration involved Aker BP, Equinor, and Orlen Upstream Norway with various holdings across the licencing agreements.
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