For the Yggdrasil project, Aker BP and partners plan $11.65bn investment for the development. Credit: Aker BP.

Aker BP and its partners plan to invest more than NOK200bn ($20.5bn)v to develop several oil and gas fields offshore Norway.

The partners have filed ten plans for development and operation (PDOs) and a plan for installation and operation (PIO) to the Norwegian Ministry of Petroleum and Energy (MPE).

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The latest move comes as oil firms working offshore Norway seek approval for new projects to benefit from temporary tax benefits, which would expire this year, reported Reuters.

In 2020, Norway launched new incentives to support new investments for development of offshore projects amid drop in oil and gas prices during the Covid-19 pandemic.

Aker BP said that its development projects, which have been submitted for approval, on the Norwegian continental shelf (NCS) are grouped into four main regions.

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These include Yggdrasil (formerly NOAKA), Valhall process and wellhead platform (PWP) – Fenris (formerly King Lear), Skarv, and Utsira High.

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Aker BP CEO Karl Johnny Hersvik said: “The scope of the development plans we are submitting to the Minister of Petroleum and Energy is a manifestation of our ambition to create the oil and gas company of the future – with low costs, low emissions, profitable growth and attractive returns.”

The field development projects are expected to increase Aker BP’s oil and gas production to approximately 525,000 barrels per day in 2028 from about 400,000 barrels per day this year.

With an estimated investment of NOK115bn ($11.65bn), the Yggdrasil project comprises multiple discoveries with total recoverable resources of about 650mmboe.

For the project, which is planned to start production in 2027, Aker BP has partnered with Equinor and Lotos Exploration & Production Norge.

The Valhall PWP – Fenris project, which will see an investment of NOK50bn ($5.07bn), involves installation of a new process and wellhead platform bridge that will be connected to the Valhall field centre as well as an unmanned wellhead platform on the Fenris field.

Aker BP will partner with PGNiG Upstream Norway and Pandion Energy in the project, which is expected to be commissioned in 2027.

The Skarv satellite project, which is estimated to cost NOK17bn ($1.72bn), calls for the development of three discoveries, Alve Nord, Idun Nord, and Ørn.

Aker BP will team up with Equinor, Wintershall DEA, and PGNiG Upstream Norway for the project, which is scheduled to start production in 2027.

Furthermore, Aker BP will team up with Equinor, Sval Energi, OMV, and Wintershall DEA for the development of the Utsira High area, which comprises three satellite fields, with an investment of NOK21bn ($2.13bn).