Aker BP ASA's Innovative Oil Discovery Boosts Industry Growth
Aker BP ASA's Innovative Oil Discovery Boosts Industry Growth
Aker BP ASA has made remarkable strides in oil exploration with its recent activities in the Yggdrasil area. The company has successfully completed the Omega Alfa exploration campaign in the Norwegian North Sea, leading to a significant oil discovery that enhances resources in this prolific area. The recoverable volume from this discovery is estimated to be between 96 and 134 million barrels of oil equivalent (mmboe).
According to Karl Johnny Hersvik, CEO of Aker BP, this discovery is one of the most substantial commercial finds in Norway in the last decade. The momentum gained from earlier discoveries, specifically at East Frigg, has propelled Aker BP closer to its ambitious goal of producing over one billion barrels from the Yggdrasil area. This achievement showcases the effectiveness of collaboration between Aker BP teams and their alliance partners, exemplifying how innovative exploration techniques expand operational capabilities.
The Omega Alfa campaign targeted five key areas—Omega, Alfa, Alfa South, Sigma NE, and Pi—utilizing a multilateral well positioned west of Yggdrasil. Initial reports suggested a promising recovery range of 20-40 mmboe from two targets. With the campaign's conclusion, the total recoverable volumes have now surged to an estimated range of 96-134 mmboe, which is a remarkable enhancement for the overall project.
The drilling initiative commenced in early May and involved the Deepsea Stavanger rig. Over a span of three months, the Aker BP team succeeded in drilling a staggering 45,000 metres, with 40,000 metres occurring within reservoir sections. Notably, the operation included the drilling of the three longest well branches ever recorded on the Norwegian continental shelf, with the longest branch extending to an impressive 10,666 metres.
Utilizing a horizontal drilling approach has facilitated the gathering of exceptional high-quality reservoir data. This advancement has significantly minimized subsurface uncertainties, allowing Aker BP to swiftly progress toward concept studies that will determine the most effective tie-back solution for Yggdrasil.
The Yggdrasil area stands out as the largest field development project currently in progress on the Norwegian continental shelf. The Plan for Development and Operation (PDO) received approval from Norwegian authorities and the project is on track, with first oil production anticipated by 2027. To date, the proven resource base is around 700 mmboe, with the company aiming to exceed one billion barrels through sustained exploration efforts. The Omega Alfa discovery acts as a crucial component in achieving this expansive ambition.
The Omega Alfa campaign took place across production licences 873, 873 B, and 1249, all under Aker BP's operation. The partnership model consists of Aker BP holding 47.7 percent in licences 873 and 873 B, while Equinor owns 40 percent and Orlen Upstream Norway has 12.3 percent. In licence 1249, Aker BP holds a 38.16 percent stake, Equinor owns 32 percent, Petoro has 20 percent, and Orlen Upstream Norway contributes 9.84 percent.
For further inquiries, Kjetil Bakken serves as Aker BP's Head of Investor Relations and can be contacted at +47 918 89 889. Ole-Johan Faret acts as the Press Spokesperson and is reachable at +47 402 24 217.
Frequently Asked Questions
What was the primary outcome of Aker BP's Omega Alfa campaign?
The Omega Alfa campaign led to a significant oil discovery in the Yggdrasil area, with estimated recoverable resources between 96 and 134 million barrels of oil equivalent.
Who is the CEO of Aker BP ASA?
Karl Johnny Hersvik serves as the CEO of Aker BP ASA and has remarked on the importance of these discoveries for the company's future.
When is the first oil expected from the Yggdrasil project?
The Yggdrasil project is scheduled to produce its first oil by 2027, according to the approved Plan for Development and Operation.
How many areas were targeted in the Omega Alfa exploration?
The Omega Alfa campaign targeted five key areas: Omega, Alfa, Alfa South, Sigma NE, and Pi.
What drilling method did Aker BP utilize for the Omega Alfa campaign?
Aker BP employed a horizontal drilling method, enabling them to collect high-quality reservoir data and reduce uncertainty significantly.
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