Norway has approved 19 oil and gas projects on the Norwegian continental shelf, with a combined value of approximately USD19 billion.
The projects consist of new developments and the expansion of existing fields. “The projects are also an important contribution to Europe’s energy security,” said Terje Aasland, Norway’s minister for petroleum and energy. Norway is the continent’s only net exporter of oil and gas.
During the pandemic, Norway’s parliament introduced temporary tax incentives to encourage petroleum investment at a time of low activity, triggering a rush of applications from energy companies. Projects that received approval include nine operated by Aker BP, three by Equinor, and several from Wintershall Dea and OMV.
Aker BP was given the green light for its Skarv Satellite Projects (SSP), Symra and Solveig Phase 2, as well as developments at the Yggdrasil area, Fenris, and Valhall. The total recoverable resources from these development projects are estimated to above 700 million barrels of oil equivalent net for Aker BP, with an average break-even price of USD35-40 per barrel. Along with several measures to increase efficiency and recovery, these development projects will enable Aker BP’s oil and gas production to grow from around 400,000 barrels per day in 2022 to around 525,000 barrels in 2028.
