Aker BP and Equinor have agreed on a strategic partnership aimed at increasing production and value creation across selected Norwegian continental shelf assets. The first phase includes transactions related to the Ringvei Vest, Yggdrasil and Wisting areas.
As part of the agreement, Aker BP will increase its position in the prospective Ringvei Vest area and acquire a 38.16% stake from Equinor in the UK license P2343, adjacent to the Norwegian PL1249 license that contains parts of the 2025 Omega Alfa discovery. According to Aker BP, the discovery has significantly increased the prospectivity of the wider Frigg structure across both the Norwegian and UK continental shelves.
The companies believe future discoveries in the area could be developed through coordinated cross-border solutions tied back to existing Yggdrasil infrastructure, improving resource recovery and supporting ambitions to produce more than one billion barrels from the area.
In Ringvei Vest, Aker BP is acquiring a 19% stake in several licenses, including Grosbeak, Swisher, Toppand and the Røver discoveries. The area is expected to become a cluster development operated by Equinor in the Troll-Fram area of the North Sea.
As part of the transaction package, Aker BP will transfer a 7.5% stake in the Wisting discovery to Equinor together with a cash payment of USD 23 million. Equinor’s ownership in Wisting will increase from 35% to 42.5%, while Aker BP will retain a 27.5% interest. Wisting, located in the Barents Sea, is currently the largest undeveloped oil discovery on the Norwegian continental shelf and is targeting a final investment decision in 2027.
Both companies stated that the agreement is intended to improve resource utilization, reduce development complexity and accelerate project decisions. The transactions become effective from 1 January 2026, subject to regulatory approval.
Photo: Troll is one of the fields located near the discoveries in the Ringvei Vest area; by Jan Arne Wold and Elisabeth Sahl / ©Equinor
