Oil & gas projects of North Sea might soon get thumbs up with $14.9 billion investment

The Norwegian player informed the nation's Ministry of Petroleum and Energy in March 2023 that it had accepted all PDOs filed.

Aker BP originally filed a plan for installation and operation (PIO) and ten project development orders (PDOs) for oil and gas projects with the Norwegian Ministry of Petroleum and Energy in December 2022. These projects involved investments totaling more than NOK 200 billion (about $20.4 billion) in total. These initiatives would enable the company's oil and gas output to increase from roughly 400,000 barrels per day in 2022 to approximately 525,000 barrels per day in 2028. The Norwegian player informed the nation's Ministry of Petroleum and Energy in March 2023 that it had accepted all PDOs filed in December 2022 with the exception of one.

As a result, the Edvard Grieg region's Troldhaugen project, which made up about 4% of the net projected resources in these projects, was abandoned. "With the decision, the Storting has agreed to thousands of jobs and significant value creation in Norway," said Karl Johnny Hersvik, CEO of Aker BP. He is pleased with the product they will now provide in conjunction with their license partners. Investments in Yggdrasil and Valhall PWP-Fenris alone total more than NOK 165 billion. Over NOK 120 billion in expected tax revenues for the nation are at issue.