Aker BP

Environmental & Social Information • Mar 31, 2023

Aker BP and OMV awarded licence for CO2 storage

Aker BP and OMV awarded licence for CO2 storage

Aker BP (OSE: AKRBP) (OTCQX: AKRBF; AKRBY) and OMV (Norge) AS have entered into

a collaboration agreement for carbon capture and storage (CCS) and have been

awarded a licence in accordance with the CO2 Storage Regulations on the

Norwegian Continental Shelf (NCS).

· Link to the Ministry of Petroleum and Energy's

announcement (https://www.regjeringen.no/en/aktuelt/award-of-two-new-licences

-for-co2-storage-on-the-norwegian-continental-shelf/id2970248/)

"We expect CCS to play a key role in the transition to a low-carbon energy

future, and the NCS holds significant potential for carbon storage. As a leading

operator on the NCS, Aker BP is well positioned to take an active role in this

area. This licence award provides us with an opportunity to explore both the

technical and commercial potential of carbon storage. We look forward to

collaborating with our partners to develop this into a sustainable and

profitable business", says Karl Johnny Hersvik, CEO in Aker BP.

The licence awarded to Aker BP and OMV is located in the Norwegian North Sea and

will be named Poseidon. Aker BP (60%) and OMV (Norge) AS (40%) have interest in

the licence, which will be operated by Aker BP. The licence comes with a work

program which includes a 3D seismic acquisition and a drill or drop decision by

The Poseidon licence could potentially provide storage of more than 5 million

tons CO2 per year. The intention is to inject CO2 captured from multiple

identified industrial emitters in North-West Europe, including from Borealis'

various industrial sites in Europe.

Aker BP and OMV (Norge) AS have entered, as Poseidon partners, into a

collaboration agreement with Höegh LNG to provide the marine CO2 infrastructure

required to collect, aggregate and transport the CO2 from emitters on the

European continent to the NCS. Höegh LNG has developed cost efficient marine CCS

solutions based on its experience as one of the world's largest and most

technically advanced operators of LNG infrastructure that includes Floating

Storage and Regasification terminals such as the three fast track floating LNG

import terminals which were completed last year in Germany.

Aker BP is evaluating CO2 storage opportunities on the NCS as a potential new

business opportunity and a potential decarbonisation lever for Aker BP in the

longer term. The award of the Poseidon licence represents the first milestone to

assess and mature CO2 storage resources, in support of the deployment of CCS

within North-West Europe. Aker BP has in-depth expertise in reservoir

management, drilling and wells and logistics offshore Norway.

OMV Group has a strong commitment to become net zero by 2050 and brings its

extensive expertise in the Exploration & Production and Low Carbon Business into

the collaboration.  The company has a strategic target to store 5 million tons

of CO2 per year by 2030. OMV (Norge) AS has acquired subsurface competence from

operated exploration activities and through partnerships in major producing

fields on the NCS.

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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 six field

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

partner in the Johan Sverdrup licence. Aker BP's shares are traded on Oslo Børs

(AKRBP).

Aker BP is one of the largest independent oil companies in Europe with a

production of more than 400,000 barrels oil equivalent per day. Aker BP is a

global E&P leader in low CO2 emissions and seeks to offset its non-abated Scope

1 and 2 emissions to become Net Zero across operations by 2030. Link to

homepage: www.akerbp.com

OMV Aktiengesellschaft

With Group sales revenues of EUR 62 bn and a workforce of around 22,300

employees in 2022, OMV is amongst Austria's largest listed industrial companies.

In Chemicals & Materials, OMV through its subsidiary Borealis, is one of the

world's leading providers of advanced and circular polyolefin solutions and a

European market leader in base chemicals, fertilizers, and plastics recycling.

Together with its two major joint ventures - Borouge (with ADNOC, in the UAE and

Singapore) and BaystarT (with TotalEnergies, in the USA) - Borealis supplies

products and services to customers across the globe. OMV's Fuels & Feedstock

business produces and markets fuels as well as feedstock for the chemical

industry, operates three refineries in Europe, and holds a 15% stake in a

refining joint venture in the UAE. OMV operates around 1,800 filling stations in

ten European countries. In the Energy segment, OMV explores and produces oil and

gas in the four core regions of Central and Eastern Europe, Middle East and

Africa, North Sea, and Asia-Pacific. Average daily production in 2022 amounted

to 392 kboe/d. Its activities also include the Low Carbon Business as well as

the entire gas business.

OMV intends to transition from an integrated oil, gas, and chemicals company to

become a leading provider of innovative and sustainable fuels, chemicals, and

materials, while taking a leading global role in the circular economy. By

switching over to a low-carbon business, OMV is striving to achieve net zero in

all three Scopes by 2050 at the latest.

OMV shares are traded on the Vienna Stock Exchange (OMV) and as American

Depository Receipts (OMVKY) in the U.S.

Aker BP Contacts:

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

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