Aker BP Discovers Significant Oil Reserve in Norwegian North Sea

Aker BP has completed the Omega Alfa exploration campaign in the Norwegian North Sea, discovering 96-134 million barrels of oil equivalent. The campaign involved drilling 45,000 meters in reservoir sections, with three of the longest well branches ever drilled on the Norwegian continental shelf. The discovery adds significant new resources to the Yggdrasil area, with a proven resource base of approximately 700 million barrels.

Aker BP has successfully completed the Omega Alfa exploration campaign in the Norwegian North Sea, resulting in a significant oil discovery that adds substantial new resources to the Yggdrasil area. The recoverable volume is estimated at 96-134 million barrels of oil equivalent (mmboe) [1].

The campaign, which began in early May using the Deepsea Stavanger rig, involved drilling a total of 45,000 meters, including 40,000 meters in reservoir sections. This included the three longest well branches ever drilled on the Norwegian continental shelf, with the longest branch reaching 10,666 meters [1, 2, 3].

The Omega Alfa campaign had five exploration targets – Omega, Alfa, Alfa South, Sigma NE, and Pi – through a multilateral well located west of Yggdrasil. In July, Aker BP preliminarily reported a discovery of 20-40 mmboe from two of these targets. Following the completion of the campaign, the combined recoverable volumes have increased to 96-134 mmboe [1, 2, 3].

The discovery significantly contributes to Aker BP's ambition of producing over one billion barrels from the Yggdrasil area, which currently has a proven resource base of approximately 700 mmboe. First oil production is expected in 2027 [1, 2, 3].

The Omega Alfa campaign was conducted across production licences 873, 873 B, and 1249, all operated by Aker BP. In licences 873 and 873 B, the partnership consists of Aker BP (47.7 percent), Equinor (40 percent), and Orlen Upstream Norway (12.3 percent). In licence 1249, the partners are Aker BP (38.16 percent), Equinor (32 percent), Petoro (20 percent), and Orlen Upstream Norway (9.84 percent) [1, 2, 3].

The horizontal drilling method enabled the collection of an unprecedented amount of high-quality reservoir data, significantly reducing subsurface uncertainty and allowing the company to rapidly advance into concept studies to determine the optimal tie-back solution to Yggdrasil [1, 2, 3].

References:
[1] https://akerbp.com/borsmelding/significant-oil-discovery-in-the-yggdrasil-area/
[2] https://www.marketscreener.com/news/aker-bp-successfully-completes-the-omega-alfa-exploration-campaign-in-the-norwegian-north-sea-ce7c51d3da8eff20
[3] https://www.barchart.com/story/news/34291683/significant-oil-discovery-in-the-yggdrasil-area-aker-bp-asa