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

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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.

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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.