“This collaboration improves ownership alignment in areas where we see significant potential, while coordination with Equinor will further strengthen project outcomes. Omega Alfa has materially increased the prospectivity of the Frigg structure, including on the UK side of the border. With a more balanced ownership position, we can now advance exploration drilling to test that potential, which could add meaningfully to the Yggdrasil resource base and support our ambition of producing more than one billion barrels from the area. Ringvei Vest is an area we have followed closely over time. The Kveikje discovery marked our entry, and we have now established a significant position in this prospective area,” said Karl Johnny Hersvik, CEO of Aker BP.
Ringvei Vest
Aker BP will acquire a 19 percent interest from Equinor in a portfolio of licenses in the Ringvei Vest area, including PL 090JS, PL 248I and PL 925 (Grosbeak), PL 248C (Swisher), PL 630 (Toppand), and PL 923 (Røver Nord and Røver Sør).
The transaction improves alignment of ownership interests across the license portfolio, supporting a coordinated approach to development planning and project execution. It also strengthens Aker BP’s position in this prospective area.
Ringvei Vest is expected to be a cluster development operated by Equinor in the Troll-Fram area of the North Sea. The project targets multiple discoveries across the area. Aker BP already holds a 19 percent interest in license PL 293B (Kveikje), which is expected to be included in the development.
Yggdrasil Area
Aker BP will acquire a 38.16 percent interest from Equinor in UK license P2343, adjacent to Norwegian license PL1249, which contains parts of the 2025 Omega Alfa discovery. This discovery confirmed oil volumes in parts of the legacy Frigg area and increased the prospectivity of the broader Frigg structure, which extends across the Norwegian and UK continental shelves.
Development of these resources is expected to require a coordinated cross-border development approach. Through this transaction, Aker BP establishes a more balanced ownership position across the license boundary, strengthening the basis for joint evaluation and aligned development of the wider Frigg area. The license position also provides exposure to additional exploration potential on the UK side.
In the event of further discoveries, potential developments are expected to be tied back to the Yggdrasil area, leveraging existing infrastructure and supporting improved resource recovery.
Wisting and Cash Consideration
As part of the transactions, Aker BP will transfer a 7.5 percent interest in the Wisting discovery (PL 537 and PL 537B) to Equinor, together with a cash consideration of $23 million.
Wisting in the Barents Sea is the largest undeveloped oil discovery on the Norwegian Continental Shelf (NCS) and is currently in the planning phase. A final investment decision is expected in 2027. Following the transaction, Aker BP will hold a 27.5 percent interest in the field, operated by Equinor.
Conditions and Timing
The agreements have an effective date of January 1, 2026. Completion of the transactions is subject to customary conditions, including relevant regulatory and governmental approvals.
