Aker BP

Capital/Financing Update • Feb 10, 2022

Approved development plan for Kobra East & Gekko (KEG)

Approved development plan for Kobra East & Gekko (KEG)

The Norwegian Ministry of Petroleum and Energy has today approved the Plan for

development and operation (PDO) for Kobra East & Gekko (KEG) in the Alvheim

area.

The Operator Aker BP and licence partners ConocoPhillips Skandinavia and Lundin

Energy Norway submitted the PDO to the Ministry in June last year

(Link (https://akerbp.com/borsmelding/submitting-pdo-for-kobra-east-gekko-keg-in

-the-alvheim-area/)).

The KEG development will contribute to extend the lifetime of the Alvheim field,

improve production and reduce unit costs.

Total investments in the project are projected at around NOK 8 billion (appr.

USD 1 billion) and production is scheduled to start in the first quarter of

2024. Recoverable reserves in KEG are now estimated at around 50 million barrels

of oil equivalents (mmboe).

The development comprises the two discoveries Kobra East and Gekko in licence

203. The field will be developed with subsea installations connected to the

production vessel on the Alvheim field (Alvheim FPSO), which is located in the

Norwegian part of the central North Sea near the UK border.

It is expected that CO2 emissions per barrel will be cut in half and oil

production from the Alvheim FPSO will double when KEG comes on stream.

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, 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.