Aker BP awarded licence for CO2 storage in Norway

Aker BP has been awarded a new CO2 storage licence in the Norwegian North Sea, in partnership with PGNiG Upstream Norway AS.

The storage licence is named Atlas and is located in Norwegian North Sea, near the Yggdrasil area, where the Aker BP-operated Yggdrasil field development project is currently underway. Aker BP has been awarded the operatorship with an 80 percent interest. PGNiG Upstream Norway AS, also partner in Yggdrasil, has been offered a 20 percent interest. The licence comes with a work program that includes reprocessing 3D seismic data, conducting geological studies, and a drill-or-drop decision after two years.

Aker BP is evaluating CO2 storage opportunities on the NCS as a potential new business venture and a potential decarbonisation lever for Aker BP in the longer term. In March 2023, Aker BP was awarded its first licence for CO2 storage in the Norwegian North Sea, named Poseidon (Aker BP 50 percent, operator), with OMV (Norge) AS as a 50 percent partner. Today’s license award provides yet another attractive opportunity to assess and mature CO2 storage resources, supporting the deployment of CCS in North-West Europe. Aker BP has in-depth expertise in reservoir management, drilling of wells, and logistics offshore Norway.