Aker BP moving ahead with nine of ten PDO projects

21 Mar 2023 07:00 CET

Aker BP (OSE: AKRBP) (OTCQX: AKRBF; AKRBY) 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.

Aker BP has notified the MPE that it accedes to all but one of these PDOs, and
the development projects are progressing according to plan.

As previously communicated, the execution of the Troldhaugen project was subject
to the performance of an extended well test (EWT) which has been producing since
August 2021. The experience from the EWT has resulted in a reduction in the
expected recoverable volume. The project is no longer considered to have
sufficient financial robustness, and Aker BP has decided not to accede to the
PDO.

In the resource and investment figures mentioned above, Troldhaugen was included
with approximately 30 mmboe and USD 0.5 billion, respectively.

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

About Aker BP:
Aker BP is a company engaged in exploration, field development and production of
oil and gas on the Norwegian continental shelf. The company operates six field
centres: Alvheim, Edvard Grieg, Ivar Aasen, Skarv, Ula and Valhall, and is a
partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu,
Norway, and is listed on Oslo Børs under the ticker AKRBP. More about Aker BP at
www.akerbp.com.

More information:
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