Aker BP

Regulatory Filings • Dec 8, 2020

Approved development plan for the Hod field

The Norwegian Ministryof Petroleumand Energyhas todayapproved the Plan for development and operation (PDO) for Hod in the North Sea.

The approved PDO for the HOD development was personally handed over by the Minister of Petroleum and Energy Tina Bru, to the robot dog Spot, to catch up from their last meeting; In June, it was Spot who, on behalf of operator Aker BP and partner Pandion Energy, submitted the Plan for development and operation to the Minister (link).

Hod is one of the first projects to be realized during the temporary changes in Norwegian petroleum taxation that the Storting approved in June.

The Hod development provides activity and jobs for suppliers located in all parts of Norway; Aker BP has already awarded 100 contracts above one million NOK to suppliers in 23 municipalities in nine counties around the country.

The Hod field will be developed in collaboration with Aker BP's alliance partners with a normally unmanned installation remotely controlled from the Valhall field centre, with very low CO2 emissions due to power from shore.

Contacts:

Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889 Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

About Aker BP:

Aker BP is a fully-fledged E&P company with exploration, development and production activities on the Norwegian Continental Shelf.Aker BP is the operator ofAlvheim, IvarAasen, 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 aboutAker BP at www.akerbp.com.