Aker BP

Environmental & Social Information • Jun 20, 2024

Aker BP awarded licence for CO2 storage in Norway

Aker BP awarded licence for CO2 storage in Norway

Aker BP has been awarded a new CO\2\ storage licence in the Norwegian North Sea,

in partnership with PGNiG Upstream Norway AS.

· Link to the Ministry of Energy's

announcement (https://www.regjeringen.no/en/aktuelt/awarding-four-new-licenses

-for-co2-storage-on-the-norwegian-continental-shelf/id3046114/)

The storage licence is named Atlas and is located in Norwegian North Sea, near

the Yggdrasil area, where the Aker BP-operated Yggdrasil field development

project is currently underway. Aker BP has been awarded the operatorship with an

80 percent interest. PGNiG Upstream Norway AS, also partner in Yggdrasil, has

been offered a 20 percent interest. The licence comes with a work program that

includes reprocessing 3D seismic data, conducting geological studies, and a

drill-or-drop decision after two years.

Aker BP is evaluating CO\2\ storage opportunities on the NCS as a potential new

business venture and a potential decarbonisation lever for Aker BP in the longer

term. In March 2023, Aker BP was awarded its first licence for CO\2\ storage in

the Norwegian North Sea, named Poseidon (Aker BP 50 percent, operator), with OMV

(Norge) AS as a 50 percent partner. Today's license award provides yet another

attractive opportunity to assess and mature CO\2\ storage resources, supporting

the deployment of CCS in North-West Europe. Aker BP has in-depth expertise in

reservoir management, drilling of wells, and logistics offshore Norway.

Contacts:

Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217

Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889

About Aker BP:

Aker BP is a company engaged in exploration, field development and production of

oil and gas on the Norwegian continental shelf. The company operates the field

centres Alvheim, Edvard Grieg, Ivar Aasen, Skarv, Ula and Valhall, and is a

partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu,

Norway, and is listed on Oslo Børs under the ticker AKRBP. More about Aker BP at

www.akerbp.com.