Aker BP ponders offshore wind for new oil & gas development in Norway
Author: BP p.l.c. License: All rights reserved.
Norway-based oil exploration and development company Aker BP ASA will be considering using offshore wind power for its new oil and gas development off the Norwegian shore.
The company last week announced an agreement in principle with Norwegian state-controlled energy company Equinor ASA (NYSE:EQNR) for the development of the licenses Krafla, Fulla and North of Alvheim (NOAKA) on the Norwegian Continental Shelf. Total investments in the project are estimated to top NOK 50 billion (USD 5.3bn/EUR 4.6bn). Plans for development and operation are expected to be submitted in 2022. LOTOS Exploration and Production Norge AS is also a partner in the licences.
The NOAKA area is located between Oseberg and Alvheim in the Norwegian North Sea. The companies intend to use the newest technological solutions to ensure low carbon dioxide (CO2) emissions in addition to high efficiency.
The oil and gas field will source power from shore, but Aker BP is exploring the option of adding offshore wind as well, with a potential for power export back to shore in the future.
Aker BP is 40% owned by Norway-based industrial investment company Aker ASA, while UK oil and gas giant BP plc (LON: B) holds 30%.