Equinor, Aker BP and Vår Energi have established a strategic exploration collaboration targeting large high-impact opportunities on the Norwegian continental shelf (NCS).
Over the next four to five years, the companies plan to mature and test about 20–25 exploration opportunities. Their programme includes an ambition to drill around five high-impact exploration wells annually.
The three companies will combine exploration expertise, data, technology and capacity to assess selected opportunities. The joint approach is intended to allow them to pursue and test more prospects than they could individually while sharing exploration risk.
Recent discoveries on the NCS have largely been made near existing infrastructure, where resources can be developed through subsea tiebacks. The companies said near-field exploration will remain important for maintaining production from existing fields and facilities.
At the same time, they are seeking larger discoveries that could provide sufficient resources for new standalone field developments. Some of the remaining large opportunities on the NCS involve higher geological uncertainty, greater complexity and larger investment requirements, making partnerships around high-impact prospects more difficult to establish.
The companies said major discoveries could support future energy supplies and value creation while sustaining activity and expertise in the Norwegian supplier industry. They could also contribute to maintaining reliable energy supplies from the NCS to Europe.
Production from the NCS is expected to decline after 2035 without new discoveries and developments.
Karl Johnny Hersvik, CEO of Aker BP, said combining the three exploration organisations would allow the companies to pursue more prospective opportunities on the NCS.
Kjetil Hove, executive vice president for Exploration & Production Norway at Equinor, said near-field exploration would remain important while the companies also pursue larger opportunities.
Nick Walker, CEO of Vår Energi, said exploration remains part of the company’s growth strategy and that the collaboration could improve access to high-impact exploration opportunities on the NCS.
