Press release: Approved development plan for Frosk in the Alvheim area

The Norwegian Ministry of Petroleum and Energy has today approved the Plan for development and operation (PDO) for Frosk in the Alvheim area.

The operator Aker BP and licence partners Vår Energi AS and Lundin Energy Norway AS* submitted the PDO to the Ministry in September last year (link).

* From 1 July this year, Lundin Energy Norway AS is a fully owned subsidiary of Aker BP ASA. The subsidiary's name is changed to ABP Norway AS.

The Frosk field ties back to Alvheim FPSO via existing subsea infrastructure and utilizes free capacity in processing facilities with only a marginal increase in power consumption and CO2 emissions.

Total investments in the project are projected at around NOK 2 billion (appr. USD 230 million). Recoverable reserves in Frosk are estimated at around 10 million barrels of oil equivalents (mmboe).

The Frosk field, located approximately 25 km southwest of the Alvheim FPSO in the North Sea, will be tied back to the FPSO via the existing Bøyla and Alvheim subsea infrastructure. The development concept is based on valuable production experience from a test well. Two new production wells are to be drilled.

The development solution enables a fast-track development with first oil planned in the first quarter of 2023, 18 months after the PDO submission.

Contacts:
Kjetil Bakken, VP Investor Relations, tel.: [phone]
Ole-Johan Faret, Press Spokesperson, tel.: [phone]

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, Edvard Grieg, 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.