Equinor and Aker BP agreed on the commercial terms for the coordinated development of the Krafla, Fulla and North of Alvheim (NOA) licenses on the Norwegian Continental Shelf, Equinor announced on Thursday.
Equinor is the operator of the Krafla license while Aker BP is the operator of the NOA and the Fulla licenses.
The area consists of many licenses and complex reservoirs that contain several oil and gas discoveries with total recoverable resources estimated at more than 500 million barrels of oil equivalents, with further exploration and appraisal potential identified.
The contemplated development concept for the area consists of a processing platform in the south operated by Aker BP and an unmanned processing platform in the north operated by Equinor with possibilities of having several satellite platforms and tiebacks to cover the various discoveries.
Developing these resources will have a significant effect on the supplier industry when it comes to engineering, development and the operational phase, Equinor said.
The area is located between Oseberg and Alvheim in the North Sea.
Partners to the licenses include Equinor, Aker BP, and LOTOS Exploration and Production Norge.
By Murat Temizer
Anadolu Agency
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