Aker BP ASA Announces Major Oil Discovery in the Yggdrasil Area

In a significant development for the energy sector, Aker BP ASA, a leading Norwegian oil and gas company, has announced a major oil discovery in the Yggdrasil area of the Norwegian North Sea. The discovery, resulting from the Omega Alfa exploration campaign, is estimated to contain between 96 and 134 million barrels of oil equivalent (mmboe), marking one of Norway’s largest commercial finds in the past decade.

A Milestone for Aker BP

This discovery builds on the momentum from Aker BP’s previous success at East Frigg in 2023 and is a crucial step toward the company’s ambitious goal of producing over one billion barrels from the Yggdrasil area. Karl Johnny Hersvik, CEO of Aker BP, expressed his enthusiasm, stating, “Omega Alfa is among the largest commercial discoveries in Norway in a decade. This is the result of a strong collaborative effort between our own teams and our alliance partners, and a testament to how new exploration methods push the boundaries.”

Exploration Success

The Omega Alfa campaign targeted five exploration prospects: Omega, Alfa, Alfa South, Sigma NE, and Pi, through a multilateral well. The successful discovery underscores Aker BP’s commitment to leveraging innovative exploration techniques to unlock the potential of the Norwegian Continental Shelf.

Strategic Partnerships

The discovery was made in licenses 873, 873 B, and 1249, all operated by Aker BP. In licenses 873 and 873 B, Aker BP holds a 47.7% stake, Equinor 40%, and Orlen Upstream Norway 12.3%. In license 1249, the distribution is Aker BP 38.16%, Equinor 32%, Petoro 20%, and Orlen Upstream Norway 9.84%. These partnerships highlight the collaborative nature of oil exploration in the region.

Market Impact

As of August 19, 2025, Aker BP’s stock closed at 20.16 NOK on the Frankfurt Stock Exchange, with a market capitalization of 152.92 billion NOK. The company’s price-to-earnings ratio stands at 20.57. This discovery is expected to positively influence the company’s financial outlook and market position.

Future Prospects

With first oil anticipated from the Yggdrasil area in 2027, Aker BP is poised to significantly enhance its production capabilities. The company, headquartered in Fornebu, Norway, continues to focus on exploration, development, and production, maintaining its status as a key player in the oil and gas industry.

This discovery not only strengthens Aker BP’s portfolio but also contributes to Norway’s energy sector, reinforcing the country’s position as a major oil and gas producer. As Aker BP moves forward, the successful exploration in the Yggdrasil area serves as a testament to the company’s strategic vision and operational excellence.