An oil rig in Norway.

Aker BP subsea alliance partners Aker Solutions and Subsea 7 have announced signing contracts worth over $5.06bn for three field development projects in Norway. 

The contract was awarded as part of the Norwegian oil firm Aker BP’s subsea alliance framework with offshore engineering company Subsea 7. Aker BP will also handle the installation process, while Aker Solutions will provide subsea production systems and umbilicals.

The two companies will work on the Yggdrasil (formerly known as NOAKA), Valhall PWP-Fenris, and Skarv Satellites projects after Aker BP and its partners submitted a plan for development and operation.

According to the company, the projects intend to generate 1.1 billion barrels of oil equivalent (boe) in recoverable petroleum resources. Aker BP will receive a net 730 million boe at a break-even price of $35-40 per boe.

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The North Sea‘s largest project, Yggdrasil, formerly known as NOAKA, aims to develop a collection of oil and gas discoveries between the Oseberg and Alvheim fields. These discoveries are estimated to have 650 million boe worth of recoverable resources.

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Monica Th. Bjørkmann, senior vice president for Subsea 7 Norway, said: “The partnership enables Subsea 7 to engage early in the field development process, optimising design solutions and contributing to a positive final investment decision.”

Aker Solutions also signed a two-year contract renewal worth up to $408m for maintenance and modification work for Aker BP’s operated field centres Valhall, Ula, Alvheim, and Skarv offshore Norway.