Aker BP

Regulatory Filings • Apr 22, 2024

Hanz on stream

Hanz on stream

Aker BP (OSE: AKRBP) (OTCQX: AKRBF; AKRBY) is pleased to announce that

production has started from Hanz in the North Sea. Hanz is operated by Aker BP,

with Equinor and Sval Energy as partners.

Hanz is a subsea field development tied into the Ivar Aasen platform about

fifteen kilometres further south.

Total investments are estimated at close to NOK 5 billionand total reserves are

around 20 million barrels of oil equivalent (mmboe).

"This is yet another great example of what we can achieve working as one team

with our suppliers towards a common goal and with shared incentives. In

addition, innovative solutions with reuse of infrastructure and use of cross

-flow well have contributed to lower costs and lower emissions," says Aker BP

CEO, Karl Johnny Hersvik.

"Development of the Hanz discovery is important for the development of the Ivar

Aasen area. Production start from Hanz in 2024 will help us maintain good

production from the Ivar Aasen platform," Hersvik adds.

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Unique re-use of infrastructure and use of a cross-flow well

Hanz was discovered in 1997. After the delivery of the Plan for development and

operation (PDO) for the Ivar Aasen area, which included the Hanz development,

the project matured an optimised development solution by re-using subsea

production systems (SPS) from the Jette field. It is the first time that

production equipment has been re-used in a new field development on the NCS.

In addition, the strategy for how the oil and gas is to be recovered was changed

to include use of a cross-flow well for water injection. This results in a

substantial reduction of power consumption, less use of chemicals and less

equipment on the seabed.

"This development solution will be more cost-efficient and have a smaller

environmental footprint than originally planned for. This is in line with Aker

BP's continuous search for improvements, where the goal is to produce with low

costs and low emissions," says VP Projects Edvard Grieg and Ivar Aasen, Stine

Kongshaug McIntosh.

The change in the development solution for Hanz since the original PDO was

submitted led the partnership to send a formal statement regarding the

investment decision and the selected concept to the authorities in December

Minimised CO2 emissions

The Ivar Aasen field is located on the Utsira High in the northern part of the

North Sea, around 175 km west of Karmøy.

The field was discovered in 2008, and was joined with other discoveries in the

area, including Hanz, which was proven in 1997. The first oil from Ivar Aasen

was produced on 24 December 2016.

Ivar Aasen receives power from the Edvard Grieg platform ten kilometres to the

southeast. From 2022, the field will receive power from shore via the Johan

Sverdrup field, thereby minimising CO2 emissions.

About Hanz

· Lisence 028 B

· Partners: Aker BP (35%, operatør), Equinor (50%), Sval Energy (15%)

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 the 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.