Aker BP

Regulatory Filings • Dec 15, 2022

Johan Sverdrup Phase 2 on stream

Johan Sverdrup Phase 2 on stream

15 December 2022: Aker BP is pleased to report that production from Johan

Sverdrup Phase 2 started today. Johan Sverdrup is operated by Equinor, and Aker

BP has 31.6 percent working interest. Phase 2 increases Johan Sverdrup's plateau

production capacity from 535,000 to 720,000 barrels per day gross, and the

operator is aiming to increase this to 755,000 barrels per day.

The Johan Sverdrup Phase 2 project consists of a new platform, five new subsea

systems, 28 new wells, a new module for the existing riser platform, and

facilities to send power from shore to the Utsira High area. The project was

delivered on time and cost, despite the Covid-19 pandemic.

- We are very pleased with the work that the operator Equinor and the

contractors have done on behalf of the partnership in developing this field.

Delivering Phase 2 safely, on time and cost is yet another confirmation of the

excellent performance, says Aker BP's CEO Karl Johnny Hersvik.

- The start-up of production from Phase 2 implies a substantial increase in the

value creation from Johan Sverdrup for Aker BP and the other partners, as well

as for the Norwegian society, Hersvik adds.

The Johan Sverdrup field receives power from shore through cables from

Haugsneset north of Stavanger. The first cable currently supplies the first four

platforms on the Johan Sverdrup field with electricity. The new cable supplies

the fifth platform and the rest of the Utsira High installations, including Aker

BP-operated Edvard Grieg and Ivar Aasen.

- With the electrification of Edvard Grieg and Ivar Aasen now completed, Aker BP

has taken a new significant step towards our target of net zero emissions by

2030. This also consolidates our position as an industry leader when it comes to

low CO2 emissions, says Hersvik.

See also:

Equinor's press release: LINK (https://www.equinor.com/news/20221215-johan

-sverdrup-phase-2-on-stream)

News article about power from shore to Edvard Grieg and Ivar Aasen:

LINK (https://akerbp.com/en/edvard-grieg-and-ivar-aasen-runs-on-power-from

-shore/)

Contacts:

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

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

About Aker BP:

Aker BP is an independent E&P company with exploration, development and

production activities on the Norwegian Continental Shelf. Aker BP is the

operator of Alvheim, Edvard Grieg, Ivar Aasen, Skarv, Valhall, Hod, Ula and

Tambar. The company is also a partner in the Johan Sverdrup field. Aker BP is

headquartered at Fornebu, Norway, and is listed on the Oslo Stock Exchange under

the ticker 'AKRBP'. More about Aker BP at www.akerbp.com.

This information is subject to disclosure requirements pursuant to section 5-12

of the Norwegian Securities Trading Act and requirements under the EU Market

Abuse Regulation.