Aker BP investing in technology for increased recovery

Aker BP has invested in and acquired a 17 % stake in the company Fishbones AS (“Fishbones”). Fishbones is an unconventional stimulation technology applied to increase the production rates in tight reservoirs.

The Fishbone concept was initially developed for a field trial at Valhall from 2008 to 2012, but was not put to use. The technology sends 12 m long needles from the wellbore into the reservoir formation, increasing the effective wellbore drainage radius, the connectivity with any natural fractures, and the penetration through natural formation fluid flow barriers.

Aker BP sees a potential for substantial cost savings and potential for increased recovery by using this method. The technology will initially be applied at the Valhall field.

“Investing in Fishbones enables us to influence, adapt and fully develop the technology to increase recovery on the Norwegian Continental Shelf and beyond while also developing solutions that are fit for the Aker BP fields. We have already started developing a specialized solution to handle this soft and fine-grained reservoir In the Valhall chalk field,” comments Ole Johan Molvig, SVP Reservoir in Aker BP.

Subsequent to Aker BP investing in Fishbones, Statoil Technology Invest AS holds a 25 percent stake in the company and Freyer Holding AS holds 51 percent. Aker BP will have one seat in the Board of Directors of the company.

For further information, please contact:

• Media: Tore Langballe, VP Communications, tel.: +47 907 77 841
• Investors: Jonas Gamre, VP Investor Relations, tel.: +47 971 18 292