Fossil Energy – Plans for Development Norway
Aker BP has notified the Norwegian Ministry of Petroleum and Energy that the company has acceded to all the Plans for Development and Operation submitted in December 2022, except from one.
The Troldhaugen project in the Edvard Grieg area, which represents around four percent of the net estimated resources in these projects, has been discontinued.
When an offshore field development decision is made in Norway, the licensees are required to submit a Plan for Development and Operation (PDO) to the Ministry of Petroleum and Energy (MPE) for approval. After this, each licensee must notify the MPE within three months whether they accede to the field development plan or not.
On 16 December 2022, Aker BP and its partners submitted PDOs to the MPE for the following field development projects:
• Yggdrasil (Hugin, Munin and Fulla)
• Valhall PWP-Fenris
• Skarv Satellites (Alve Nord, Idun Nord and Ørn)
• Utsira High (Symra and Troldhaugen – in addition to a Development Report for Solveig Phase 2)
The total recoverable resources from these development projects were estimated to 730 million barrels of oil equivalent (mmboe) net for Aker BP, with net investments of approximately USD 19 billion in nominal terms and an average break-even price of USD 35-40 per barrel.
