Several companies to jointly develop deposits offshore Norway

The PKN Orlen companies, together with Aker BP, Equinor and Wintershal DEA, made final investment decisions on the development of oil and gas fields on the Norwegian shelf on December 12, Report informs referring to Interfax.

In particular, these are areas north of the Alvheim and Fulla fields, which will be included in the NOAKA project. They will be developed by Lotos Norge (controlled by PKN Orlen), Equinor Energy AS and Aker BP, which is the operator of the project. Lotos Norge holds a 12.3% stake in the NOAKA project (in proportion to its stakes in Alvheim and Fulla) and has an estimated recoverable resource of approximately 39 million barrels of oil equivalent.

At the same time, PGNiG Norway (controlled by PKN Orlen), Aker BP, Equinor and Wintershal DEA decided to develop the offshore areas of Fenris (PGNiG Norway share - 22.2%), Orn (40.0%) and Alve Nord (11.9%). The total recoverable resources attributable to PGNiG Norway are estimated at 65.3 million barrels of oil equivalent. These fields are also operated by Aker BP.

“The start of hydrocarbon production for both projects is scheduled for 2027. Work will begin on the condition that the Norwegian Parliament approves plans for the development and operation of the sites,” Orlen said.