Aker BP Makes Significant Oil Find Offshore Norway

Aker BP has revealed that the Øst Frigg Beta/Epsilon exploration well situated in the Yggdrasil area of the Norwegian North Sea has resulted in a “significant” oil find.

Preliminary estimates indicate a gross recoverable volume of 40-90 million barrels of oil equivalent, according to the company, which highlighted that this figure surpassed a previously communicated pre-drill estimate of 18-45 million barrels of oil equivalent.

Aker BP said the discovery enhances the resource base for the Yggdrasil development, which it noted was previously stated at 650 gross million barrels of oil equivalent. the plan for development and operations was submitted to Norwegian authorities in December 2022, with production scheduled to commence in 2027, Aker BP highlighted.

“We are extremely pleased with the results of this well,” Per Øyvind Seljebotn, Aker BP’s SVP of Exploration and Reservoir Development, said in a company statement.

“The discovery will be evaluated as a potential addition to the Yggdrasil development. We see further upside potential around Yggdrasil and, in collaboration with our partners, will continue active exploration in the area,” Seljebotn added.

Aker BP’s discovery is situated within production licenses 873 and 442. The company is the operator of both licenses, holding a 47.7 percent interest in license 873 – alongside Equinor (40 percent) and PGNiG Upstream Norway (12.3 percent) – and an 87.7 percent stake in license 442 – alongside PGNiG Upstream Norway (12.3 percent).

At the time of writing, Equinor and PGNiG Upstream Norway had not made any mention of the discovery on their websites.

One of Many

Aker BP’s latest find is one of many made offshore Norway this year. Earlier this month, the Norwegian Petroleum Directorate (NPD) announced a gas/condensate discovery near the Kristin field in the Norwegian Sea, via wildcat well 6406/5-2 S, and in April it announced an oil discovery near the Gudrun field in the North Sea, via well 15/2-2 S.

The primary exploration target for well 6406/5-2 S was to prove petroleum in Middle and Lower Jurassic reservoir rocks (the Garn, Ile and Tofte formations), the NPD highlighted, adding that preliminary estimates place the size of the discovery in the Garn Formation between 0.2 and 1.1 million Sm³ (standard cubic meters) of recoverable oil equivalent. The preliminary estimate of the size of the well 15/2-2 S discovery is between 0.95 – 5.55 million Sm³ of recoverable oil equivalent, according to the NPD.

Also in April, the NPD announced an oil discovery in the North Sea, through well 25/4-15, noting that preliminary calculations placed the size of the discovery between 0.5 and 0.8 million Sm³ of recoverable oil. In March, the NPD announced an oil and gas discovery near the Fram field in the North Sea, via well 35/10-9, and an oil discovery near the Goliat field in the Barents Sea. Preliminary estimates placed the size of the former between 3.8 and 13.3 million Sm³ recoverable oil equivalent, according to the NPD. Preliminary estimates of the size of the discovery near Goliat, in the segment that was drilled, were between 0.5 and 2.1 million Sm³ recoverable oil equivalent, the NPD highlighted.

In February, the NPD revealed that an oil discovery had been made near the Ivar Aasen field in the North Sea and that an oil and gas discovery had been made near the Troll field in the North Sea. Preliminary estimates place the size of the former between 0.5 and 1.4 million Sm³ of recoverable oil equivalent and the latter between 2.7 and 7.4 million Sm³ of recoverable oil equivalent, the NPD outlined.

Back in January, the NPD announced a gas discovery near the Aasta Hansteen-field in the Norwegian Sea, via wells 6605/1-2 S and 6605/1-2 A. Preliminary estimates placed the size of the discovery between two and 11 billion Sm³ of recoverable gas, the NPD revealed.

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