Aker BP — Capital/Financing Update 2023

Mar 21, 2023

Aker BP moving ahead with nine of ten PDO projects

Aker BP moving ahead with nine of ten PDO projects

Aker BP (OSE: AKRBP) (OTCQX: AKRBF; AKRBY) has notified the Norwegian Ministry

of Petroleum and Energy that the company has acceded to all the Plans for

Development and Operation submitted in December 2022, except from one. The

Troldhaugen project in the Edvard Grieg area, which represents around four

percent of the net estimated resources in these projects, has been discontinued.

When an offshore field development decision is made in Norway, the licensees are

required to submit a Plan for Development and Operation (PDO) to the Ministry of

Petroleum and Energy (MPE) for approval. After this, each licensee must notify

the MPE within three months whether they accede to the field development plan or

not.

On 16 December 2022, Aker BP and its partners submitted PDOs to the MPE for the

following field development projects:

· Yggdrasil (Hugin, Munin and Fulla)

· Valhall PWP-Fenris

· Skarv Satellites (Alve Nord, Idun Nord and Ørn)

· Utsira High (Symra and Troldhaugen - in addition to a Development Report for

Solveig Phase 2)

The total recoverable resources from these development projects were estimated

to 730 million barrels of oil equivalent (mmboe) net for Aker BP, with net

investments of approximately USD 19 billion in nominal terms and an average

break-even price of USD 35-40 per barrel.

Aker BP has notified the MPE that it accedes to all but one of these PDOs, and

the development projects are progressing according to plan.

As previously communicated, the execution of the Troldhaugen project was subject

to the performance of an extended well test (EWT) which has been producing since

August 2021. The experience from the EWT has resulted in a reduction in the

expected recoverable volume. The project is no longer considered to have

sufficient financial robustness, and Aker BP has decided not to accede to the

PDO.

In the resource and investment figures mentioned above, Troldhaugen was included

with approximately 30 mmboe and USD 0.5 billion, respectively.

Contacts:

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

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

About Aker BP:

Aker BP is a company engaged in exploration, field development and production of

oil and gas on the Norwegian continental shelf. The company operates six field

centres: Alvheim, Edvard Grieg, Ivar Aasen, Skarv, Ula and Valhall, and is a

partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu,

Norway, and is listed on Oslo Børs under the ticker AKRBP. More about Aker BP at

www.akerbp.com.