Aker BP awarded 19 licenses in APA 2024
Rhea-AI Summary
Aker BP has been awarded ownership interest in 19 exploration licenses on the Norwegian continental shelf in the APA 2024 licensing round, including operatorship for 16 of these licenses. The awards span both the North Sea and Norwegian Sea regions, strengthening the company's position as the leading independent exploration company in the area.
A notable highlight includes operatorship of the former Frigg field west of Yggdrasil, where drilling is planned for Q2 2025. The company's strategy focuses on balancing exploration near existing infrastructure with potential standalone developments. The awards were part of a broader announcement where 20 companies received interests in 53 total licenses in mature areas with known geology and established infrastructure.
Positive
- Awarded 19 new exploration licenses with operatorship of 16
- Planned exploration well in Q2 2025 at former Frigg field
- Strategic expansion in mature areas with existing infrastructure
Negative
- None.
News Market Reaction
On the day this news was published, AKRBF gained 1.06%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LYSAKER, Norway, Jan. 14, 2025 /PRNewswire/ -- The Norwegian authorities are offering Aker BP ownership interest in 19 exploration licenses on the Norwegian continental shelf in the APA 2024 licensing round. For 16 of the licenses Aker BP is also granted operatorship. The award consolidates our position as the most active independent exploration company on the NCS.
"We are very pleased with the award that was announced today. It reflects a comprehensive application and gives us a foundation for maintaining our growth ambition on the Norwegian continental shelf and our ambitious exploration strategy. Phasing in oil and gas from new discoveries will be crucial to ensuring long-term activity on the shelf," says Per Øyvind Seljebotn, SVP Exploration and Reservoir Development in Aker BP.
Aker BP is offered licenses in the North Sea and the Norwegian Sea. West of Yggdrasil, Aker BP is offered operatorship on the former Frigg field, where the partnership plans to drill an exploration well already in Q2 2025.
"Although the shelf is maturing, we manage to continuously identify new opportunities. Leveraging new technology, digitalization and investments in new data are crucial for creating good exploration opportunities for many years to come and ensuring growth and innovation in our sector. Our strategy is to have a portfolio of exploration licenses that provides a good balance between exploration wells near existing fields and infrastructure, and wells that, if successful, can form the basis for standalone developments," says Seljebotn.
APA - Awards in Predefined Areas, is the annual licensing round that includes mature areas of the Norwegian continental shelf. These are areas with known geology and a relatively well-developed infrastructure with production facilities and pipelines.
The award in TFO 2024 was announced by Minister of Energy Terje Aasland at the Oil and Energy Policy Seminar in Sandefjord today. 20 companies were offered ownership interest in a total of 53 licenses.
Link to the press release from the Ministry of Energy
Contacts:
Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217
Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889
This information was brought to you by Cision http://news.cision.com.
https://news.cision.com/aker-bp-asa/r/aker-bp-awarded-19-licenses-in-apa-2024,c4090452
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SOURCE Aker BP ASA
FAQ
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