Approved development plan for Kobra East & Gekko (KEG)

The Norwegian Ministry of Petroleum and Energy has today approved the Plan for development and operation (PDO) for Kobra East & Gekko (KEG) in the Alvheim area.

The Operator Aker BP and licence partners ConocoPhillips Skandinavia and Lundin Energy Norway submitted the PDO to the Ministry in June last year (Link).

The KEG development will contribute to extend the lifetime of the Alvheim field, improve production and reduce unit costs.

Total investments in the project are projected at around NOK 8 billion (appr. USD 1 billion) and production is scheduled to start in the first quarter of 2024. Recoverable reserves in KEG are now estimated at around 50 million barrels of oil equivalents (mmboe).

The development comprises the two discoveries Kobra East and Gekko in licence 203. The field will be developed with subsea installations connected to the production vessel on the Alvheim field (Alvheim FPSO), which is located in the Norwegian part of the central North Sea near the UK border.

It is expected that CO2 emissions per barrel will be cut in half and oil production from the Alvheim FPSO will double when KEG comes on stream. 

Contacts:
Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889
Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217

About Aker BP:
Aker BP is an independent E&P company with exploration, development and production activities on the Norwegian Continental Shelf. Aker BP is the operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The company is also a partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker ‘AKRBP’. More about Aker BP at www.akerbp.com.