Johan Sverdrup Phase 3 investment decision

01 Jul 2025 07:00 CEST

Aker BP announces that the Johan Sverdrup partnership has made a final
investment decision for Phase 3 of the field development. The project includes
new subsea infrastructure that will increase recoverable volumes by 40-50
million barrels of oil equivalent.

Johan Sverdrup is the largest oil-producing field in Norway and ranks among the
world's most carbon-efficient oil fields. The field is operated by Equinor, with
Aker BP holding a 31.6 percent working interest.

Phase 3 involves the installation of two new subsea templates, tied back to
existing infrastructure via new pipelines, and represents an important step
toward the partnership's ambition of reaching 75 percent recovery. Total
investments are estimated at NOK 13 billion, with production expected to
commence in the fourth quarter of 2027.

The partnership has submitted a notification to the authorities in accordance
with the existing plan for development and operation (PDO). The notification is
subject to regulatory approval.

This investment decision is in line with previous communication and is already
reflected in Aker BP's guidance for investments and production outlook.

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 leading exploration and production company focused on oil and gas
operations on the Norwegian continental shelf. The company operates the Alvheim,
Edvard Grieg, Ivar Aasen, Skarv, Ula, and Valhall field centres and is a key
partner in the Johan Sverdrup field. Headquartered in Fornebu, Norway, Aker BP
is listed on the Oslo Børs under the ticker AKRBP. For more information, visit
www.akerbp.com/en.

More information:
Access the news on Oslo Bors NewsWeb site

650424_Release.pdf