The discoveries, with combined recoverable resources of more than 500 MMboe, are spread across licenses in the Krafla and Fulla region and the North of Alvheim Area (NOAKA) licenses, where there is also further exploration and appraisal potential.
The partners will work toward submission of plans for development and operation, including cost optimization measures. Their current proposal calls for a processing platform in the south operated by Aker BP; an unmanned processing platform in the north operated by Equinor; and various satellite platforms and tiebacks.
Under the agreement, they aim to secure an optimal and fair allocation of cost and production between the discoveries and to align incentives, Aker BP said, thereby ensuring good integration and synergies across the facilities and licenses.
Another goal is to develop the NOAKA area with a minimal carbon footprint with technological solutions that deliver low emissions. The production facilities will be powered from shore, with offshore wind also a possibility for the Aker BP platform, with some of the power exported to the shore.
The company also anticipates extensive use of digital solutions during the development and operations phases.
Recent favorable changes to Norway’s petroleum tax system, helped push the agreement forward, Aker BP added. Total investments should exceed NOK 50 billion ($5.2 billion).