Submitting Plan for Development and Operations (PDO) for Skogul

Aker BP ASA has submitted the plan for development and operations (PDO) for the Skogul field (formerly Storklakken) to the Norwegian Ministry of Petroleum and Energy, on behalf of the Skogul partnership.

The Skogul field is located 30 kilometers north of Alvheim FPSO, and will be developed as a subsea tieback to Alvheim via Vilje.

Recoverable reserves are estimated to around 10 million barrels of oil equivalents. Total investments are estimated to NOK 1.5 billion in real terms, and production start is planned for first quarter 2020.

The production well at Skogul will be subsea production well number 35 in the Alvheim area, and represents Aker BP’s continuous effort to maximize value and extend economical field life to the benefit of the company and its partners.

Joint venture partners in Skogul are Aker BP ASA (operator 65%) and PGNiG Upstream Norway AS (35%).

PS: In November 2017, the Ministry of Petroleum and Energy approved new name for Skogul (formerly Storklakken) 

Contacts:
Investor contact: Jonas Gamre, VP Investor Relations, tel.: +47 971 18 292
Media contact: Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

About Aker BP:
Aker BP is a fully-fledged 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 ‘AKERBP’. More about Aker BP at www.akerbp.com.

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.