Aker BP gets board approval for $19bn investment

Aker BP announced that its board has approved the decision to submit plans for development and operation (PDO) for the NOAKA field development project, the Skarv satellite project, the Valhall PWP-Fenris project, and the Utsira High projects, offshore Norway. The Norwegian oil company’s share of investments in the upstream projects is expected to be about USD 19bn between 2023 and 2028.

Aker BP is the operator of the field development projects, which are mainly planned to be executed alongside its alliance partners.

According to Aker BP, the final approvals for submitting the PDOs will be taken during the first half of December 2022 in the respective licence partnerships.

Following the receipt of final approvals, the PDOs will be submitted to the Norwegian authorities.

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