Aker BP and Equinor have forged a partnership to boost production and enhance value creation across specific areas of their Norwegian Continental Shelf (NCS) portfolios.
The partnership seeks to streamline resource development to maintain high production levels and unlock additional value.
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In the initial phase, the agreement will focus on the Ringvei Vest, Yggdrasil and Wisting areas.
Under the terms, Aker BP is set to acquire a 19% stake from Equinor in several licences within the Ringvei Vest area. These include production licence (PL) 090JS, PL 248I, PL 925 (Grosbeak), PL 248C (Swisher), PL 630 (Toppand) and PL 923 (Røver Nord and Sør).
This transaction aims to synchronise ownership interests, facilitating coordinated development and project execution efforts, while bolstering Aker BP’s position in the region.
Equinor, as the operator, envisions Ringvei Vest as a cluster development in the Troll-Fram area of the North Sea.
Aker BP already owns a 19% stake in PL 293B (Kveikje), which is expected to be brought into the development plan.
Aker BP CEO Karl Johnny Hersvik said: “This collaboration improves ownership alignment in areas where we see significant potential, while coordination with Equinor will further strengthen project outcomes.
“Omega Alfa has materially increased the prospectivity of the Frigg structure, including on the UK side of the border. With a more balanced ownership position, we can now advance exploration drilling to test that potential, which could add meaningfully to the Yggdrasil resource base and support our ambition of producing more than one billion barrels from the area.”
Additionally, Aker BP will obtain a 38.16% interest in UK licence P2343 from Equinor. This concession is adjacent to Norwegian licence PL1249, containing parts of the Omega Alfa discovery in the Frigg area.
A cooperative cross-border development approach is anticipated for these resources. As developments progress, discoveries are expected to connect back to the Yggdrasil area, enhancing resource recovery.
Furthermore, Aker BP will assign a 7.5% stake in the Wisting discovery in PL 537 and PL 537B to Equinor and will pay $23m (Nkr213.02m) in cash.
Located in the Barents Sea, Wisting is the largest undeveloped oil discovery on the NCS and is presently in the planning stage. A final investment decision is targeted for 2027.
Once the transfer is completed, Aker BP’s ownership will be 27.5%, with Equinor remaining as the operator.
The transactions align with Equinor’s broader strategy to streamline its oil and gas portfolio, with a focus on achieving high-value, timely developments on the NCS through 2035.
The agreements, which would come into effect from 1 January 2026, are contingent on customary regulatory and governmental approvals.
Last month, Aker BP, together with partners DNO Norge and Equinor Energy, commenced production at the Symra field in Norway’s North Sea, nine months earlier than the original start-up date. Symra lies in the central North Sea, approximately 5km north-east of the Aker BP-operated Ivar Aasen field.
