Significant oil discovery in the Yggdrasil area: Aker BP ASA

Rhea-AI Summary

Aker BP (OTC:AKRBF) has announced a major oil discovery in the Yggdrasil area of the Norwegian North Sea. The Omega Alfa exploration campaign revealed recoverable volumes of 96-134 million barrels of oil equivalent (mmboe), making it one of Norway's largest commercial discoveries in a decade.

The campaign explored five targets through a multilateral well, with drilling operations utilizing the Deepsea Stavanger rig. The team achieved a record-breaking feat by drilling the three longest well branches ever on the Norwegian continental shelf, with the longest reaching 10,666 metres.

This discovery significantly contributes to Aker BP's ambition of producing over one billion barrels from the Yggdrasil area, which currently has a proven resource base of approximately 700 mmboe. First oil production is expected in 2027.

Positive

• Major discovery of 96-134 million barrels of oil equivalent, among largest in Norway in past decade
• Record-breaking drilling achievement with longest well branches on Norwegian continental shelf
• Significant addition to Yggdrasil area's existing 700 mmboe resource base
• Project progressing on schedule with first oil expected in 2027
• High-quality reservoir data collected reduces subsurface uncertainty

Negative

• Production not expected to start until 2027
• Final recoverable volume estimates still show significant uncertainty range (96-134 mmboe)

News Market Reaction

+4.61%

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+4.61% News Effect

On the day this news was published, AKRBF gained 4.61%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

LYSAKER, Norway, Aug. 21, 2025 /PRNewswire/ -- Aker BP has successfully completed the Omega Alfa exploration campaign in the Norwegian North Sea, resulting in a significant oil discovery that adds substantial new resources to the Yggdrasil area. The recoverable volume is estimated at 96-134 million barrels of oil equivalent (mmboe). 

"Omega Alfa is among the largest commercial discoveries in Norway in a decade. Building on the momentum from the oil discovery at East Frigg in 2023, it marks a major step toward our ambition of producing more than one billion barrels from the Yggdrasil area. This is the result of a strong collaborative effort between our own teams and our alliance partners, and a testament to how new exploration methods push the boundaries. We look forward to unlocking even more of the potential in this prolific area," says Karl Johnny Hersvik, CEO of Aker BP.

The campaign had five exploration targets - Omega, Alfa, Alfa South, Sigma NE, and Pi - through a multilateral well located west of Yggdrasil. In July, Aker BP preliminarily reported a discovery of 20-40 mmboe from two of these targets. Following the completion of the campaign, the combined recoverable volumes have increased to 96-134 mmboe.

Drilling operations began in early May using the Deepsea Stavanger rig. Over a three-month period, the team drilled a total of 45,000 metres, including 40,000 metres in reservoir sections. This included the three longest well branches ever drilled on the Norwegian continental shelf, with the longest branch reaching 10,666 metres.

The horizontal drilling method enabled the collection of an unprecedented amount of high-quality reservoir data. This has significantly reduced subsurface uncertainty and allows us to rapidly advance into concept studies to determine the optimal tie-back solution to Yggdrasil. 

Yggdrasil is the largest field development project currently underway on the Norwegian continental shelf. The Plan for Development and Operation (PDO) was approved by Norwegian authorities in 2023, and the project is progressing according to plan, with first oil expected in 2027. The proven resource base is approximately 700 mmboe, with an ambition to grow this to more than one billion barrels through further exploration. The Omega Alfa discovery represents a significant building block in achieving this ambition.

The Omega Alfa campaign was conducted across production licences 873, 873 B, and 1249, all operated by Aker BP. In licences 873 and 873 B, the partnership consists of Aker BP (47.7 percent), Equinor (40 percent) and Orlen Upstream Norway (12.3 percent). In licence 1249, the partners are Aker BP (38.16 percent), Equinor (32 percent), Petoro (20 percent) and Orlen Upstream Norway (9.84 percent).

Contacts:
Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889
Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-bp-asa/r/significant-oil-discovery-in-the-yggdrasil-area,c4220038

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SOURCE Aker BP ASA

FAQ

How much oil did Aker BP discover in the Yggdrasil area?

Aker BP discovered 96-134 million barrels of oil equivalent (mmboe) through the Omega Alfa exploration campaign in the Norwegian North Sea.

When will Aker BP's Yggdrasil field start producing oil?

The Yggdrasil field is expected to begin first oil production in 2027, with the project currently progressing according to plan.

What is the total resource potential of Aker BP's Yggdrasil area?

The Yggdrasil area currently has a proven resource base of approximately 700 mmboe, with an ambition to grow to more than one billion barrels through further exploration.

What drilling records did Aker BP set in the Omega Alfa campaign?

Aker BP drilled the three longest well branches ever on the Norwegian continental shelf, with the longest branch reaching 10,666 metres.

Who are Aker BP's partners in the Yggdrasil discovery?

The main partners include Equinor (32-40%), Petoro (20% in licence 1249), and Orlen Upstream Norway (9.84-12.3%), with varying ownership percentages across different licenses.