A formal concept was selected in the NOAKA area in 2021, and the resource base was upgraded to 600 million barrels of oil equivalent.
Aker BP currently estimates gross investments in the area at USD 10 billion, and the break-even oil price meets the company’s hurdle of USD 30 per barrel.
NOAKA is located between Oseberg and Alvheim in the North Sea. The area holds several oil and gas discoveries, with further exploration and appraisal potential.
Together with the other partners in the licences, Equinor ASA and LOTOS Exploration & Production Norge AS, Aker BP is on track for a final investment decision before year-end. Aker BP is operator of NOA Fulla in the southern part of the NOAKA area.
A processing, drilling, and living quarters platform located at the Frigg Gamma Delta field, NOA PdQ, will function as an area hub. The Fulla, Langfjellet and Rind fields will be tied back to NOA PdQ.
The Frøy field will be re-developed with a normally unmanned installation, a copy of the Hod B and Valhall Flank West platforms.
Equinor is operator of Krafla in the north. The operators have agreed to transfer the Krafla operatorship from Equinor to Aker BP at final investment decision and PDO submission, making Aker BP the operator of all discoveries in the NOAKA area.
Krafla will be developed with an unmanned production platform with five subsea templates and tied back to the NOA PdQ for oil and produced water processing. Oil will be exported via the Oseberg transport system and gas will be exported through Statpipe.
Power from shore paves the way for minimal greenhouse gas emissions in the NOAKA area.
NOAKA will deliver substantial value for Aker BP, shareholders, partners and society at large. A significant number of the contracts are expected to be awarded to Norwegian suppliers. Consequently, the area development will contribute to developing the supplier industry and securing important activity at the yards, as they move into the energy transition.
Aker BP has mobilised alliance partners across the value chain to deliver the NOA Fulla project. Front-end engineering and design (FEED) contracts worth approximately USD 80 million were placed in September 2021.
The FEED work is progressing as planned. The ambition is for NOA Fulla to be the most digital offshore field development to date – both in the project execution and operations phases. A major digital project is ongoing together with strategic partners..