Equinor, Aker BP plan new offshore field development

Equinor and Aker BP have struck a deal on how to proceed with investment in one of the largest undeveloped oil and gas reserves offshore Norway, the companies said in a statement on Thursday.

The Krafla, Fulla, and North of Alvheim area, estimated to contain more than 500 million barrels of oil equivalent, will be subject to joint investment, with the construction of platforms and equipment expected to begin in 2022.

The companies, which have long been gridlocked over the development, did not present a start-up date for production or a cost estimate for the field.

Aker BPEquinor
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