Equinor, Aker BP and Vår Energi launch multi-year hunt for Norway’s next big oil & gas discoveries

Three of Norway’s biggest oil and gas players – Equinor, Aker BP, and Vår Energi – are joining forces to search for the next batch of major hydrocarbon discoveries on the Norwegian Continental Shelf (NCS), targeting up to 25 high-impact exploration prospects over the next few years.

The three companies are establishing a strategic exploration collaboration to pursue some of the largest remaining opportunities on the NCS to increase the chances of major discoveries that can support new standalone field developments and long-term value creation.

The trio has agreed to combine expertise, data, technology and exploration capacity to explore selected high-impact exploration opportunities. These firms plan to mature and test a portfolio of approximately 20–25 exploration opportunities over the next four to five years, with an ambition to drill around five high-impact exploration wells annually.

Kjetil Hove, Executive Vice President for Exploration & Production Norway at Equinor, commented: “By combining our expertise and exploration portfolios, we can high-grade the best opportunities, move faster and do more.

“This allows us to focus our efforts where the potential is greatest and will increase our chances of finding the fields of the future. Near-field exploration remains crucial, but we also need to pursue the bigger opportunities to sustain activity and value creation beyond 2035.”

Most recent discoveries have been made close to existing infrastructure; thus, developing these resources through subsea tie-backs is considered important for maintaining production from existing fields and facilities.

Equinor claims that 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, they also explain that some of the largest remaining opportunities come with higher geological uncertainty, greater complexity, and larger investment requirements, which make it increasingly challenging to establish partnerships around high-impact prospects.

The trio believes that sharing risk and combining capabilities allows them to pursue and test more of these opportunities than they would individually, as major new discoveries could support future energy supplies and value creation, while helping sustain activity and expertise in the Norwegian supplier industry.

Karl Johnny Hersvik, CEO of Aker BP, emphasized: “The NCS still holds substantial undiscovered resources. By bringing together three strong exploration organisations, we can pursue more of the most promising opportunities and increase the chances of significant new discoveries.

“New technologies could open new, significant plays. This is about putting our combined expertise to work where it can make the biggest difference, securing reliable energy for society, and value for our stakeholders.”

Equinor, Aker BP, and Vår Energi could also contribute to maintaining reliable energy supplies from the NCS to Europe, as production is expected to decline after 2035 without additional discoveries and developments.

Nick Walker, CEO of Vår Energi, highlighted: “The NCS remains highly attractive. Exploration is a cornerstone of Vår Energi’s growth strategy and a driver of long-term value creation. This collaboration is a transformative step for the future exploration of high-impact opportunities on the NCS.

“It has the potential to unlock access to material new discoveries that can support long-term production, create value for our stakeholders and contribute to maintaining Norway’s position as a secure and responsible supplier of energy to Europe.”

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