Equinor, Aker BP, Vår Energi Team Up for Norway’s Next Oil and Gas Chapter

Equinor, Aker BP and Vår Energi have established a strategic exploration collaboration to pursue some of the largest remaining oil and gas opportunities on the Norwegian continental shelf (NCS).

The aim is to increase the chances of major discoveries that can support new standalone field developments and long-term value creation.

The companies have agreed to combine expertise, data, technology and exploration capacity to pursue selected high impact exploration opportunities.

Over the next four to five years, the companies plan to mature and test a portfolio of approximately 20–25 exploration opportunities, with an ambition to drill around five high impact exploration wells annually.

In recent years, most discoveries have been made close to existing infrastructure. Developing these resources through subsea tiebacks is important for maintaining production from existing fields and facilities.

Near-field exploration will remain crucial, but larger discoveries will also be needed to provide the resource base for new standalone field developments.

The companies see continued potential for such discoveries. However, some of the largest remaining opportunities come with higher geological uncertainty, greater complexity and larger investment requirements.

This has made it increasingly challenging to establish partnerships around high-impact prospects. By sharing risk and combining capabilities, the companies can pursue and