Norwegian oil firms Equinor and Aker BP have signed an agreement on commercial terms to jointly develop several fields on the Norwegian Continental Shelf (NCS).

The coordinated development will comprise Krafla, Fulla and North of Alvheim (NOAKA) offshore licences. Equinor, Aker BP, and LOTOS Exploration and Production are the partners in the licences.

Equinor serves as the operator of the Krafla licence while Aker BP operates the NOA and the Fulla licences.

According to Aker BP, the two parties have started preparations for submitting plans for development and operation (PDO) of these fields in 2022.

The Krafla, Fulla and North of Alvheim area is located between Oseberg and Alvheim in the North Sea. It consists of several oil and gas discoveries, with total recoverable resources estimated to be more than 500 million barrels of oil equivalents (Mboe).

In a press statement, Equinor said: “The contemplated development concept for the area consists of a processing platform in south operated by Aker BP and an unmanned processing platform in north operated by Equinor with possibilities to several satellite platforms and tiebacks to cover the various discoveries.

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By GlobalData

“Developing these resources will have a significant effect on the supplier industry when it comes to engineering, development and the operational phase.”

In February, Aker BP and Equinor were reportedly close to resolving their dispute on how to develop a cluster of oil and gas discoveries in the NOAKA area.