Aker BP awarded 22 licenses in APA 2025

13 Jan 2026 13:56 CET

The Norwegian authorities have offered Aker BP ownership interests in 22
exploration licences on the Norwegian Continental Shelf (NCS) in the APA 2025
licensing round. Aker BP has been awarded operatorship in 12 of the licences.
The awards strengthen the company's position as one of the most active
exploration companies on the NCS.

"We are pleased with the outcome of this year's APA round. The awards support
our long-term growth ambitions on the Norwegian Continental Shelf and provide a
solid basis for pursuing a focused and value-driven exploration strategy," says
Petter Sørhaug, SVP Exploration and Reservoir Development in Aker BP.

The company has been awarded licences in the North Sea, Norwegian Sea and
Barents Sea. The portfolio represents a balanced mix of opportunities close to
existing infrastructure and prospects in less explored areas. The associated
work programmes include two committed exploration wells and extensive seismic
data acquisition aimed at rapidly assessing the resource potential.

Aker BP continues to invest in technology and digital solutions to unlock value
in complex reservoirs on the NCS. The APA 2025 awards include operatorship in
licences covering several material gas discoveries in tight reservoirs,
previously regarded as challenging to commercialise (Victoria and Warka in the
Norwegian Sea, and Norvarg and Ververis in the Barents Sea). These awards
provide a unique opportunity to apply new technology and further build expertise
in developing such resources.

APA - Awards in Predefined Areas - is the annual licensing round for mature
areas on the NCS. These areas are characterised by known geology and a
relatively well-developed infrastructure with production facilities and pipeline
systems.

The APA 2025 awards were announced today by the Minister of Energy, Terje
Aasland, during the Oil and Energy Policy Seminar in Sandefjord. In total, 19
companies were offered ownership interests in 57 licences.

Link to the Ministry of Energy's press
release (https://www.regjeringen.no/en/whats-new/57-new-production-licenses
-awarded/id3145952/)

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,
Eiga (Edvard Grieg and 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

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