Equinor, Aker BP and Vår Energi form exploration alliance on the Norwegian continental shelf
- Partners will combine expertise, data, technology and exploration capacity to pursue selected high‑impact opportunities.
- Plan to mature and test approximately 20–25 exploration opportunities over the next four–five years.
- Ambition to drill around five high‑impact exploration wells annually.
- Aimed at finding major discoveries to enable standalone field developments and offset projected production decline after 2035.
Deal and intent
Equinor, Aker BP and Vår Energi have established a strategic exploration collaboration to pursue some of the largest remaining 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.
Scope and timetable
The partners will combine expertise, data, technology and exploration capacity. Over the next four to five years they 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.
Why larger discoveries matter
While recent finds have been close to existing infrastructure and developed via subsea tiebacks, larger discoveries are needed to provide the resource base for new standalone developments. Some of the largest remaining prospects carry higher geological uncertainty, greater complexity and larger investment requirements, which has made partnership formation more challenging.
Expected benefits
By sharing risk and combining capabilities the companies expect to pursue more high‑impact prospects than they could individually. Major new discoveries could support future energy supplies, sustain activity and expertise in the Norwegian supplier industry, and help maintain reliable NCS production to Europe as output is expected to decline after 2035 without new discoveries and developments.
Source: Equinor