Aker BP made a shocking oil discovery near Yggdrasil in the North Sea

Inspenet, May 26, 2023

Norwegian company Aker BP reported a larger-than-expected oil discovery of up to 90 million barrels of oil in the Yggdrasil area of the North Sea.

“The well has led to a significant oil discovery,” the company said in a statement, referring to the Øst Frigg Beta/Epsilon exploration well.

Preliminary estimates indicate a gross recoverable volume of 40-90 million barrels of oil equivalent (mmboe), exceeding the estimate of 18-45 mmboe previously reported prior to drilling.

The discovery increases the resource base of the Yggdrasil deposit, which was previously estimated at 650 mmboe (gross). The Development and Operations Plan (PDO) was submitted to the Norwegian authorities in December 2022, and production is scheduled to start in 2027.

1866 Aker BP petroleo shutterstock interna

Aker BP plans to add the discovery to its ambitious Yggdrasil project

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

The discovery is within production licenses 873 and 442. In license 873, the partnership consists of Aker BP (operator, 47.7 percent stake), Equinor (40 percent stake) and PGNiG Upstream Norway (12.3 percent stake). In license 442, the partnership is formed by Aker BP (operator, 87.7% share) and PGNiG Upstream Norway (12.3% share).

The Norwegian Petroleum Directorate (www.npd.no) will issue a more detailed press release when evaluation of the discovery has been completed.

Source : https://akerbp.com/en/borsmelding/aker-bp-oil-discovery-near-yggdrasil-2/

Photos : Shutter Stock

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