Aker BP plans $400mn exploration programme in 2022
Norwegian oil and gas producer Aker BP plans to drill 13 exploration wells in 2022 and develop the Kobra East & Gekko (KEG) project in the Alvheim area, the company said on February 10.
Aker BP and licence partners ConocoPhillips Skandinavia and Lundin Energy Norway intend the KEG development will contribute to extending the life of the Alvheim field, improving production and reducing unit costs.
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Aker BP said in its fourth-quarter 2021 results and 2022 outlook it expects an exploration spend of around $400mn to drill 13 exploration wells this year.
The first phase of KEG, consisting of four tri-lateral production wells, will target the oil zones while the second phase, of a single well, will target natural gas. Recoverable reserves at KEG are estimated at around 50mn barrels of oil equivalent.
Total investment in the project is projected at around 8bn kroner ($1bn) and production is scheduled to start in the first quarter of 2024.