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Norway's Aker BP makes significant oil find in boost to new North Sea project


40-90 mil boe find could expand 650 mil boe Yggdrasil project

Yggdrasil set to replenish medium-gravity Grane crude flows

  • Author
  • Nick Coleman
  • Editor
  • Alisdair Bowles
  • Commodity
  • Oil

Norway-focused Aker BP has made a North Sea oil find estimated at 40 million-90 million barrels of oil equivalent that could be added to the 650 million boe Yggdrasil project due on stream in 2027, it said May 25.

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The result from an exploration well dubbed Ost Frigg Beta/Epsilon was above expectations and "enhances the resource base for the Yggdrasil development," for which plans were submitted to the authorities in December 2022, Aker BP said in a statement.

The Yggdrasil project ties together a cluster of discoveries located between the Alvheim and Oseberg fields, and is expected to route crude via the Grane pipeline, operated by state-controlled Equinor, to the Sture terminal. The project was previously named NOAKA.

Aker BP's Edvard Grieg and Ivar Aasen fields were previously added to the Grane blend, resulting in a change in crude quality from heavy to medium, with an API gravity of 31.5.

Grane crude has traded in a relatively narrow band either side of the Dated Brent benchmark in recent years and edged above Dated Brent in the last month, being assessed by Platts at a 45 cent premium to Dated Brent on May 24. Platts is part of S&P Global Commodity Insights.

On the latest find, ownership of the license acreage is shared between Aker BP, Equinor and Poland's PGNiG, which all hold stakes in the wider Yggdrasil project.

Aker BP's head of exploration and reservoir development, Per Oyvind Seljebotn, said, "We are extremely pleased with the results of this well. The discovery will be evaluated as a potential addition to the Yggdrasil development. We see further upside potential around Yggdrasil and, in collaboration with our partners, will continue active exploration in the area."

Aker BP is listed in Oslo, with BP and engineering company Aker as its largest shareholders, holding stakes of approximately 16% and 21% respectively.