Aker BP

Regulatory Filings • Nov 10, 2022

Investment decision for the Wisting project postponed

Investment decision for the Wisting project postponed

The partners in the Wisting licenses have decided to postpone the investment

decision originally scheduled for December 2022. The maturation of the project

continues, aiming for an investment decision by the end of 2026.

CEO of Aker BP, Karl Johnny Hersvik comments:

"The Wisting partners, led by the operator Equinor, have matured a development

concept for the Wisting field which is technically feasible and environmentally

safe. However, in the current context of cost pressure and potential capacity

constraints in the supply industry, combined with proposed changes in the

temporary petroleum tax system, it has become more challenging to secure

sufficient economic robustness in the project."

"The partnership has therefore concluded to postpone the investment decision for

Wisting. We are planning for further exploration activity, aiming to increase

the resource base in the area. In parallel, the development concept will be

further matured to ensure an economically sound development and a robust project

execution."

"In our view, the Wisting area represents a significant value creation

opportunity for the owners as well as for the society at large, both through

taxes and through local and national ripple effects. And with the revised

timeline, the development will contribute to a more stable long-term utilisation

of the capacity in the supply industry."

For further information, please see today's announcement from

Equinor: LINK (https://www.equinor.com/news/20221110-investment-decision-wisting

-project-postponed)

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 considered to be inside information pursuant to the

EU Market Abuse Regulation and is subject to the disclosure requirements

pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by Kjetil Bakken, VP Investor

Relations, Aker BP ASA, on 10 November 2022 at 08:00 CET.