EQNR - Aker BP touts major oil discovery offshore Norway

2023-05-25 09:23:01 ET

Aker BP ( NYSE: BP ) ( OTCQX:AKRBF ) said Thursday it has made a significant and much larger than expected oil discovery in the Yggdrasil area of the North Sea.

The company said preliminary estimates indicate a gross recoverable volume of 40M-90M boe, exceeding its own stated expectation that it could find 18M-45M boe.

The discovery enhances the resource base for the Yggdrasil development, which previously was stated at 650M gross boe.

The oil discovery is located within production licenses 873 and 442: In license 873, the partnership consists of operator Aker BP ( OTCQX:AKRBF ) with a 47.7% interest, Equinor ( EQNR ) with a 40% stake, and PGNiG Upstream Norway with a 12.3% stake, and in license 442, the partnership comprises Aker BP ( OTCQX:AKRBF ) with an 87.7% stake and PGNiG Upstream Norway with a 12.3% interest.

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