Development plans for Symra and Solveig Phase 2 approved
Aker BP (OSE: AKRBP) (OTCQX: AKRBF; AKRBY): The Ministry of Petroleum and Energy (MPE) has today approved the development plans for Symra and Solveig Phase 2, which are both located in the Utsirahøyden area in the North Sea. The two developments are carried out as a joint project.
Link to the MPE's press release (in Norwegion only)
Aker BP ASA (operator) and licensees Equinor Energy AS and Sval Energi AS submitted the PDO for Symra to the Ministry in December last year. The Symra field will be a tie-in to the Ivar Aasen production platform. Production start is planned for the first quarter of 2027.
Development of Solveig Phase 2 is an extension of the PDO for the first development phase of Solveig and will be connected via existing infrastructure at Solveig to the Edvard Grieg platform. Production start for Solveig phase 2 is planned for the first quarter of 2026. Aker BP ASA is the operator for Solveig, with OMV Norge AS and Wintershall Dea AS as license partners.
“The production from Symra and Solveig phase 2 will contribute valuable production for the licensees and society at large. The fact that we can utilize existing process capacity at Ivar Aasen and Edvard Grieg helps to make the developments economically robust”, said Stine Kongshaug McIntosh, VP Projects Execution for Edvard Grieg and Ivar Aasen in Aker BP.
The two developments comprise a total of 93 million barrels of oil equivalent in estimated recoverable resources. The drilling operations will commence in the third quarter of 2025. The total investments are estimated at NOK 16 billion in real terms.
Read more about the project here: Utsira High - Aker BP
Contacts:
Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217
Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889
About Aker BP:
Aker BP is a company engaged in exploration, field development and production of oil and gas on the Norwegian continental shelf. The company operates the field centres Alvheim, Edvard Grieg, Ivar Aasen, Skarv, Ula and Valhall, and is a partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu, Norway, and is listed on Oslo Børs under the ticker AKRBP. More about Aker BP at www.akerbp.com.