STAVANGER, Norway – Equinor has signed a memorandum of understanding to transfer operatorship of the Krafla area development in the Norwegian North Sea to Aker BP.
This will make Aker BP operator of all discoveries in the proposed NOAKA development area – Krafla, Fulla and North of Alvheim. The $10-billion, 600-MMboe project will likely be one of the biggest to go forward on the Norwegian continental shelf over the next few years.
Presently Equinor and Aker BP each operate one field development project in the NOAKA area (respectively Krafla in the north and NOA Fulla in the south).
They have agreed that one operator would best serve the development, in terms of project execution and safe/efficient operation of the fields, with stronger synergies between the two developments and fewer interfaces.
Equinor will ensure transfer of its expertise and experience relating to the Krafla concept to Aker BP, with the collaboration continuing in the development phase.
Transfer of operatorship will go ahead once the various licensees have taken an investment decision and the Norwegian authorities have approved the plan for development and operation, due to be submitted by year end.
Equinor will retain its 50% share in Krafla and 40% in the Fulla license.
The NOAKA area is between Oseberg and Alvheim in the North Sea. The proposed development is based on a production, drilling and living quarter platform on NOA that periodically will have few or no staff.
In addition, the Frøy field will be redeveloped with a normally unmanned wellhead platform to be tied back to NOA. Finally, an unmanned production platform on Krafla will be tied back to NOA for processing of oil and produced water.
Subsea facilities will include nine seabed templates. There will also be power from shore. Production is due to start in 2027.