Investment decision for the Wisting project postponed

10 Nov 2022 08:03 CET

The partners in the Wisting licenses have decided to postpone the investment
decision originally scheduled for December 2022. The maturation of the project
continues, aiming for an investment decision by the end of 2026.

CEO of Aker BP, Karl Johnny Hersvik comments:

"The Wisting partners, led by the operator Equinor, have matured a development
concept for the Wisting field which is technically feasible and environmentally
safe. However, in the current context of cost pressure and potential capacity
constraints in the supply industry, combined with proposed changes in the
temporary petroleum tax system, it has become more challenging to secure
sufficient economic robustness in the project."

"The partnership has therefore concluded to postpone the investment decision for
Wisting. We are planning for further exploration activity, aiming to increase
the resource base in the area. In parallel, the development concept will be
further matured to ensure an economically sound development and a robust project
execution."

"In our view, the Wisting area represents a significant value creation
opportunity for the owners as well as for the society at large, both through
taxes and through local and national ripple effects. And with the revised
timeline, the development will contribute to a more stable long-term utilisation
of the capacity in the supply industry."

For further information, please see today's announcement from
Equinor: LINK (https://www.equinor.com/news/20221110-investment-decision-wisting
-project-postponed)

Contacts:
Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889
Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217

About Aker BP:
Aker BP is an independent E&P company with exploration, development and
production activities on the Norwegian Continental Shelf. Aker BP is the
operator of Alvheim, Edvard Grieg, Ivar Aasen, Skarv, Valhall, Hod, Ula and
Tambar. The company is also a partner in the Johan Sverdrup field. Aker BP is
headquartered at Fornebu, Norway, and is listed on the Oslo Stock Exchange under
the ticker 'AKRBP'. More about Aker BP at www.akerbp.com.

This information is considered to be inside information pursuant to the
EU Market Abuse Regulation and is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by Kjetil Bakken, VP Investor
Relations, Aker BP ASA, on 10 November 2022 at 08:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

575287_Release.pdf