Aker BP

M&A Activity • Jun 11, 2020

Agreement on way forward for Krafla, Fulla and North of Alvheim (NOAKA)

Agreement on way forward for Krafla, Fulla and North of Alvheim (NOAKA)

Aker BP and Equinor have entered into an agreement in principle on commercial

terms for a coordinated development of the licenses Krafla, Fulla and North of

Alvheim (NOAKA) on the Norwegian Continental Shelf and have started preparations

for submitting Plans for Development and Operation (PDO) in 2022.

The NOAKA area is located between Oseberg and Alvheim in the Norwegian North

Sea. The area holds several oil and gas discoveries with gross recoverable

resources estimated at more than 500 million barrels of oil equivalents, with

further exploration and appraisal potential. The partners in the licences are

Aker BP ASA, Equinor ASA and LOTOS Exploration & Production Norge AS.

The contemplated development concept for the area consists of a processing

platform in the South operated by Aker BP, an unmanned processing platform in

the North operated by Equinor, and several satellite platforms and tiebacks to

cover the various discoveries. The purpose of the commercial terms is to secure

an optimal and fair allocation of cost and production between the discoveries

and to align incentives and hence ensure good integration and synergies across

facilities and licenses.

The partners share the ambition to develop the NOAKA area with a minimal carbon

footprint. State-of-the-art technological solutions will be used to ensure high

efficiency and low emissions. The facilities will be powered from shore and an

extensive use of digital solutions is expected both in the development and

operations phase.

The parties invite to a joint press conference at Equinor's Business Centre,

Forus East, Stavanger today at 13.00 CEST.

Investor contact:

Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889

Lars Mattis Hanssen, Senior IR Professional, tel.: +47 99 459 460

Media contact:

Tore Langballe, VP Communications, tel.: +47 907 77 841

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 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

'AKERBP'. 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.