Johan Sverdrup Phase 3 investment decision

Rhea-AI Summary

Aker BP (OTC:AKRBF) has announced a final investment decision for Phase 3 of the Johan Sverdrup field development, Norway's largest oil-producing field. The project, valued at NOK 13 billion, includes new subsea infrastructure that will increase recoverable volumes by 40-50 million barrels of oil equivalent.

The development involves installing two new subsea templates with pipeline connections to existing infrastructure. Production is scheduled to commence in Q4 2027. Aker BP holds a 31.6 percent working interest in the field, which is operated by Equinor. The project aims to support the partnership's goal of achieving 75 percent recovery from the field.

The company has submitted a notification to authorities under the existing plan for development and operation (PDO), pending regulatory approval. This investment aligns with previous guidance for investments and production outlook.

Positive

• Project will increase recoverable volumes by 40-50 million barrels of oil equivalent
• Johan Sverdrup is Norway's largest oil-producing field and among world's most carbon-efficient oil fields
• Investment decision aligns with company's previous guidance
• Project supports partnership's goal of reaching 75% field recovery

Negative

• Significant capital investment required (NOK 13 billion)
• Production won't commence until Q4 2027
• Project still requires regulatory approval

LYSAKER, Norway, July 1, 2025 /PRNewswire/ -- Aker BP announces that the Johan Sverdrup partnership has made a final investment decision for Phase 3 of the field development. The project includes new subsea infrastructure that will increase recoverable volumes by 40-50 million barrels of oil equivalent.

Johan Sverdrup is the largest oil-producing field in Norway and ranks among the world's most carbon-efficient oil fields. The field is operated by Equinor, with Aker BP holding a 31.6 percent working interest.

Phase 3 involves the installation of two new subsea templates, tied back to existing infrastructure via new pipelines, and represents an important step toward the partnership's ambition of reaching 75 percent recovery. Total investments are estimated at NOK 13 billion, with production expected to commence in the fourth quarter of 2027.

The partnership has submitted a notification to the authorities in accordance with the existing plan for development and operation (PDO). The notification is subject to regulatory approval.

This investment decision is in line with previous communication and is already reflected in Aker BP's guidance for investments and production outlook.

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/johan-sverdrup-phase-3-investment-decision,c4171032

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SOURCE Aker BP ASA

FAQ

What is the expected investment for Aker BP's Johan Sverdrup Phase 3 development?

The total investment for Johan Sverdrup Phase 3 development is estimated at NOK 13 billion.

When will Aker BP's Johan Sverdrup Phase 3 production begin?

Production from Phase 3 is expected to commence in the fourth quarter of 2027.

How much additional oil equivalent will Johan Sverdrup Phase 3 recover?

The Phase 3 development is expected to increase recoverable volumes by 40-50 million barrels of oil equivalent.

What is Aker BP's working interest in the Johan Sverdrup field?

Aker BP holds a 31.6 percent working interest in the Johan Sverdrup field, which is operated by Equinor.

What infrastructure will be added in Johan Sverdrup Phase 3?

Phase 3 includes the installation of two new subsea templates that will be tied back to existing infrastructure via new pipelines.