What's Happening?
Aker BP has completed its Omega Alfa exploration campaign in the Norwegian North Sea, resulting in a significant oil discovery. The recoverable volume is estimated at 96-134 million barrels of oil equivalent (MMboe), marking one of the largest commercial discoveries in Norway in a decade. The discovery adds substantial new resources to the Yggdrasil area, with drilling operations beginning in early May using the Deepsea Stavanger rig. Over a three-month period, the team drilled a total of 45,000 meters, including 40,000 meters in reservoir sections. The campaign included five exploration targets and resulted in the longest well branches ever drilled on the Norwegian continental shelf.
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Why It's Important?
This discovery is a major step toward Aker BP's ambition of producing more than one billion barrels from the Yggdrasil area. It represents a significant building block in achieving this goal, contributing to the largest field development project currently underway on the Norwegian continental shelf. The discovery enhances Norway's position as a key player in the global oil market and supports the country's energy security and economic growth. The collaboration between Aker BP and its alliance partners demonstrates the effectiveness of new exploration methods in pushing the boundaries of oil discovery.
What's Next?
The Omega Alfa discovery allows Aker BP to rapidly advance into concept studies to determine the optimal tie-back solution to Yggdrasil. The Plan for Development and Operation (PDO) was approved by Norwegian authorities in 2023, and the project is progressing according to plan, with first oil expected in 2027. The proven resource base is approximately 700 MMboe, with an ambition to grow this to more than one billion barrels through further exploration.
