Aker BP's Exploration Success Boosts Yggdrasil Oil Reserves

Aker BP has made a significant oil discovery in the Norwegian North Sea, increasing recoverable volumes from the Yggdrasil area to 96-134 million barrels of oil equivalent. The company aims to produce over 1 billion barrels of oil and gas from the area, with first oil expected in 2027. Partners across the licenses include Equinor, Petoro, and Orlen.

Aker BP has announced a substantial oil discovery in the Norwegian North Sea, specifically in the Yggdrasil area, which significantly boosts the recoverable volumes to between 96 million and 134 million barrels of oil equivalent (mmboe). This discovery is a significant step towards the company's ambition to produce over one billion barrels of oil and gas from the area, with first oil expected in 2027 [1].

The Omega Alfa exploration campaign, which concluded recently, resulted in the discovery. The campaign involved five exploration targets—Omega, Alfa, Alfa South, Sigma NE, and Pi—through a multilateral well located west of Yggdrasil. Initial preliminary reports in July indicated a discovery of 20-40 mmboe from two of these targets. Upon completion, the recoverable volumes have increased to 96-134 mmboe [2].

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

The horizontal drilling method employed in the campaign allowed for the collection of an unprecedented amount of high-quality reservoir data. This data significantly reduced subsurface uncertainty and will facilitate rapid advancement into concept studies to determine the optimal tie-back solution to Yggdrasil [1].

Yggdrasil is currently the largest field development project underway on the Norwegian continental shelf. The Plan for Development and Operation (PDO) was approved by Norwegian authorities in 2023, and the project is progressing according to plan. The proven resource base is approximately 700 mmboe, with the ambition to grow this to more than one billion barrels through further exploration. The Omega Alfa discovery represents a significant building block in achieving this ambition [1].

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

This discovery underscores the potential of the Yggdrasil area and Aker BP's commitment to advancing its exploration and development efforts. The company's strategic partnerships and innovative exploration methods have proven to be effective in unlocking new resources, positioning Yggdrasil as a key player in the Norwegian oil and gas sector [4].

References:
[1] https://akerbp.com/borsmelding/significant-oil-discovery-in-the-yggdrasil-area/
[2] https://www.globalbankingandfinance.com/AKER-BP-OIL-a60ce83c-1abe-444e-8fce-8705740a812b
[3] https://finance.yahoo.com/news/significant-oil-discovery-yggdrasil-area-051800846.html
[4] https://www.bloomberg.com/news/articles/2025-08-21/aker-bp-finds-more-oil-edges-closer-to-billion-barrel-target