Leading Norwegian majors Equinor, Aker BP and Vår Energi plan to collaborate to pursue exploration of some of the largest remaining prospects offshore Norway.
By joining forces, they hope to increase their chances of major discoveries that could underpin new standalone field developments with long-term production potential.
The trio have agreed to combine their expertise, data, technology and exploration capacity to target high-impact opportunities that might otherwise be considered too risky or capital intensive to pursue alone. Over the next four to five years, they plan to mature 20-25 prospects and jointly drill about five high-impact exploration wells annually.
Most of Norway’s commercial finds in recent years have been fields close to established offshore infrastructure, which can be developed via subsea tiebacks.
While the three companies plan to continue with near-field exploration, larger discoveries are also needed to sustain Norway’s resource base and exports to Europe. Without new discoveries and development projects, the conveyor belt of production will likely slow down after 2035.
“By combining our expertise and exploration portfolios, we can high-grade the best opportunities, move faster and do more," said Kjetil Hove, EVP for Exploration & Production Norway with Equinor.
Some of the largest remaining opportunities are complicated by higher geological uncertainty, greater complexity and larger investment requirements. Through sharing the risk and combining their respective capabilities, the companies hope to test more of the opportunities than they might have done individually.
“New technologies could open new, significant plays. This is about putting our combined expertise to work where it can make the biggest difference, securing reliable energy for society, and value for our stakeholders," added Karl Johnny Hersvik, CEO of Aker BP.
Equinor is exhibiting at booth 8000, Aker BP at booth 8380 and Var Energi at booth 9140 at this week's Offshore Northern Seas (ONS) event in Stavanger, Norway.
