Aker BP ASA has embarked on construction for the Skarv Satellite Project, encompassing three gas and condensate discoveries in the Skarv field of the Norwegian Sea. Alve Nord, Idun Nord, and Orn fields collectively represent the largest development undertaken in the Norwegian Sea in recent years, positioning Aker BP to extend production in the Skarv field.

Projected to commence production in the third quarter of 2027, the Skarv Satellite Project is anticipated to recover around 120 million barrels of oil equivalent resources, primarily consisting of gas. Over its ten-year history, the Skarv field has played a pivotal role as a consistent supplier of oil and gas to Europe, currently yielding approximately 22 million standard cubic meters of gas and 25,000 barrels of condensate per day.

The project is strategically aligned with Aker BP's objective to sustain production through 2040, supported by the construction initiation of the first seabed installation for the satellite project. This milestone comes two months after Norway's Petroleum and Energy Ministry granted approval for the development plan.

Each of the discoveries within the Skarv Satellite Project features an undersea template housing four well slots and two wells connected to the Skarv production vessel – a floating production storage and offloading (FPSO) platform – stationed in the northern region of the Norwegian Sea.

To accommodate production from the satellite developments, the Modification Alliance, a collaboration between Aker BP and Aker Solutions ASA, is undertaking comprehensive modifications on the Skarv production vessel.

Aker BP's alliance model, encompassing partnerships such as the Subsea Alliance with Aker Solutions and Subsea 7, and the Modification Alliance with Aker Solutions, drives cost savings and synergies throughout project deliveries.

Approximately 60% of the estimated $179.7 billion (NOK 17 billion) investments are anticipated to be supplied by Norwegian providers, reinforcing the region's crucial role in the project's realization.

In line with sustainability goals, production from the three discoveries is projected to yield low carbon dioxide (CO2) emissions, approximately 4.5 kg per barrel. These developments are also directly aligned with the stimulus package introduced by the Norwegian parliament three years ago, designed to stimulate activity, preserve employment, enhance skills, and foster industry growth amid pandemic challenges, record-low oil prices, and investment reductions.

Aker BP's strategic approach to the Skarv Satellite Project exemplifies its commitment to innovative partnerships and sustainable growth, positioning it to shape the future oil and gas landscape in the Norwegian Sea and beyond.