Equinor, Aker BP and Vår Energi have entered into a strategic exploration collaboration to pursue high-impact opportunities on the Norwegian continental shelf (NCS). The companies aim to combine their expertise, data, technology and exploration resources to improve the chances of making major discoveries that could support new field developments and long-term production.
Under the collaboration, the three companies plan to mature and evaluate a portfolio of approximately 20 to 25 exploration opportunities over the next four to five years. The partners have an ambition to drill around five high-impact exploration wells each year.
Most discoveries on the NCS in recent years have been made close to existing infrastructure. Such discoveries remain important because they can be developed through subsea tiebacks and help extend the productive life of existing fields and facilities. However, the companies said larger discoveries will also be needed to provide the resources required for new standalone field developments. These opportunities can involve greater geological uncertainty, technical complexity and investment requirements. By sharing exploration risks and combining capabilities, Equinor, Aker BP and Vår Energi intend to assess and test a larger number of high-impact prospects than they could independently.
Karl Johnny Hersvik, CEO of Aker BP, said the Norwegian continental shelf continues to hold significant undiscovered resources and that cooperation can improve the ability to pursue major opportunities. “The NCS still holds substantial undiscovered resources. By bringing together three strong exploration organisations, we can pursue more of the most promising opportunities and increase the chances of significant new discoveries,” he said.
Kjetil Hove, Executive Vice President for Exploration & Production Norway at Equinor, said the collaboration would allow the companies to identify and advance the strongest prospects more efficiently. “By combining our expertise and exploration portfolios, we can high-grade the best opportunities, move faster and do more. This allows us to focus our efforts where the potential is greatest,” he said.
Nick Walker, CEO of Vår Energi, described exploration as a key part of the company’s long-term growth strategy and said the collaboration could open opportunities for significant new resources. The partners believe major discoveries could support future energy production, create value for stakeholders and sustain activity across Norway’s energy and supplier industries.They also expect new resources to play a role in maintaining energy supplies from the NCS to Europe. Production from the Norwegian continental shelf is expected to decline after 2035 without new discoveries and developments.
Aker BP is engaged in exploration, field development and oil and gas production on the NCS. The company operates the Alvheim, Eiga, Skarv, Ula and Valhall field centres and is developing Yggdrasil. It is also a partner in the Johan Sverdrup field and is listed on the Oslo Stock Exchange under the ticker AKRBP.
