Equinor and Aker BP agree commercial terms for 3 licenses off Norway

Norway’s Equinor and Aker BP have entered into an agreement on commercial terms for a coordinated development of the licenses Krafla, Fulla and North of Alvheim (NOA) on the Norwegian Continental Shelf.

Equinor is the operator of the Krafla license and Aker BP is the operator of the NOA and the Fulla licenses.

The area consists of many licenses and complex reservoirs that contains several oil and gas discoveries with total recoverable resources estimated at more than 500 million barrels of oil equivalents, with further exploration and appraisal potential identified.

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.

The area is located between Oseberg and Alvheim in the North Sea.

The partners in the licences are Equinor ASA, Aker BP AS and LOTOS Exploration and Production Norge AS.