Equinor and Aker BP have agreed on a strategic collaboration aiming to increase future production and value creation across selected parts of their portfolios on the Norwegian Continental Shelf (NCS).
The parties will seek alignment on key areas of joint interest on the NCS, with the aim of speeding up the development of resources to uphold high production levels and unlock value.
As a first step the parties have agreed on a set of transactions in the Troll-Fram (Ringvei Vest), Yggdrasil and Wisting areas that will strengthen alignment on future developments.
”Equinor and Aker BP have identified key areas to increase value creation from discoveries that have not yet been developed for production on the Norwegian continental shelf. We have completed important transactions that will contribute to efficient resource utilisation and greater value creation. By aligning interests across these assets, we can enable better and faster project decisions,” says Kjetil Hove, Executive Vice President for Exploration & Production Norway.
The transaction includes the divestment of a 19% interest in several discoveries in the Ringvei Vest area to Aker BP: The Grosbeak, Røver Nord & Sør, Toppand and Swisher discoveries.
The agreement strengthens the alignment of ownership interests in the licenses, supporting a more coordinated approach to development planning and project execution. The parties also aim to include the Kveikje discovery into the Ringvei Vest development.
Equinor is the operator of Ringvei Vest, expected to be a cluster development of multiple oil and gas discoveries in the Troll-Fram area of the North Sea.
In addition, Equinor will divest a 38.16% interest in the Frigg UK licence to Aker BP, enabling a joint development of the Omega Alfa discovery and the Frigg Field oil resource potential in the area. The divestment will enable coordinated appraisal and development of the cross-border discovery.
As part of the transactions, Equinor will increase its ownership in the Wisting discovery from 35% to 42.5% and further strengthen its position in the largest undeveloped discovery on the NCS.
Finally, Aker BP will pay a cash consideration to Equinor of USD 23 million.
“These agreements will enable better development solutions, reduce complexity, and support value creation in line with our long-term strategy,” says Kjetil Hove.
The transactions support Equinor’s strategy to optimise its oil and gas portfolio and enable high-value, timely developments on the Norwegian continental shelf towards 2035.
The agreements have an effective date of 1 January 2026. The transactions are subject to regulatory approvals.