Aker BP is pleased to announce that the Frosk field development in the Alvheim
area has been successfully completed and production has started on schedule and
within budget, only 18 months after the Plan for Development and Operation (PDO)
was submitted. Frosk is operated by Aker BP, with Vår Energi as partner.

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"The Frosk project has been delivered with high quality, on time and within
budget by Aker BP's project team in close cooperation with our suppliers. This
is a great example of what we can achieve with the alliance model, working as
one team with our suppliers towards a common goal with shared incentives. Frosk
is also an excellent illustration of how we can increase the value of our
existing fields through higher production and lifetime extensions as well as
reduced unit costs and emissions intensity," says CEO in Aker BP, Karl Johnny
Hersvik.

The Frosk field is tied back to Alvheim FPSO in the North Sea via existing
subsea infrastructure and utilises existing capacity in the processing
facilities with only a marginal increase in power consumption and CO2
emissions.

The Frosk project has been delivered within the initial investment estimate of
around NOK 2 billion (appr. USD 230 million). Recoverable reserves in Frosk are
estimated at around 10 million barrels of oil equivalents (mmboe).

The Alvheim area is among the most efficient assets on the Norwegian continental
shelf, and the resource base has multiplied since start-up. This is the result
of targeted exploration and reservoir development, technological innovation and
not least the unique collaboration with key suppliers under Aker BP's alliance
model.

Through the alliance model, Alvheim benefits from continuity on rigs, vessels,
facilities and personnel. This is a key success factor which allows for transfer
of learnings and continuous improvement in methods and technology from one
project to the next.

Frosk is the first of three new subsea tie-back projects to the Alvheim FPSO,
with Kobra East & Gekko planned to come on stream early 2024 and Tyrving
expected on stream in 2025.

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 six 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.

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