Aker BP: Solveig Phase 2 on stream
Rhea-AI Summary
Aker BP (OTC:AKRBF) has started oil production from the Solveig Phase 2 development in the North Sea, delivered on schedule and within budget. The project adds approximately 39 million barrels of oil equivalent in recoverable resources and comprises three subsea wells tied back to Edvard Grieg.
Solveig sits ~15 kilometres south of Edvard Grieg and will extend plateau production while using existing platform capacity. Aker BP is operator with a 65% working interest; OMV Norge holds 20% and Harbour Energy Norge 15%.
Positive
- Adds approximately 39 million barrels of oil equivalent in recoverable resources
- Project delivered on schedule and within budget, signaling execution strength
- Three wells tied back to Edvard Grieg to extend plateau production
- Aker BP holds a 65% operator working interest, concentrating upside for shareholders
Negative
- None.
News Market Reaction – AKRBF
On the day this news was published, AKRBF declined 4.81%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
LYSAKER, Norway, Feb. 3, 2026 /PRNewswire/ -- Aker BP has started oil production from the Solveig Phase 2 development in the North Sea. The project has been delivered on schedule and within budget, adding approximately 39 million barrels of oil equivalent in recoverable resources to the Solveig field.
Solveig is located around 15 kilometres south of the Edvard Grieg platform and is a subsea development tied back to Edvard Grieg through existing infrastructure. The development comprises three wells targeting both new and existing reservoir segments, and will help extend plateau production from the Solveig field while making efficient use of available capacity on the Edvard Grieg platform.
"Aker BP has once again delivered a project safely, efficiently and with high quality. Bringing Solveig Phase 2 on stream on time and within budget demonstrates the strength of our suppliers and our execution model - creating value for our shareholders, partners and society," says Karl Johnny Hersvik, CEO of Aker BP.
The development has been carried out in close collaboration with several leading suppliers. TechnipFMC has delivered the subsea systems, while Moreld Apply has performed modifications on the Edvard Grieg platform. Drilling operations have been undertaken by Odfjell Drilling and Halliburton through Aker BP's drilling and wells alliance. Together, these suppliers have contributed to the safe, efficient and high-quality execution of the project.
Solveig Phase 2 is the fifth Aker BP-operated project sanctioned in 2022 that has now come on stream.
Aker BP is the operator of both Solveig (PL359) and Edvard Grieg (PL338) with a 65 percent working interest, while OMV Norge AS (20 percent) and Harbour Energy Norge AS (15 percent) are partners in both licences.
Contacts:
Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217
Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/aker-bp-asa/r/solveig-phase-2-on-stream,c4299910
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View original content:https://www.prnewswire.com/news-releases/aker-bp-solveig-phase-2-on-stream-302677015.html
SOURCE Aker BP ASA
FAQ
When did Aker BP (AKRBF) start production from Solveig Phase 2?
How much recoverable resource does Solveig Phase 2 add for Aker BP (AKRBF)?
What is the ownership split for the Solveig and Edvard Grieg licenses (AKRBF)?
How is Solveig Phase 2 connected to existing infrastructure for AKRBF?
Which suppliers and contractors contributed to the Solveig Phase 2 project for AKRBF?
