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OSLO, Dec 2 (Reuters) – Norwegian energy firm Aker BP (AKRBP.OL) said on Friday its board had approved a plan to invest about $19 billion to develop new oil and gas fields between 2023 and 2028.
Aker BP will later this month submit development plans for approval to Norway’s energy ministry covering the NOAKA field development, the Valhall PWP-Fenris project, the Skarv Satellite Project and Utsira High, the company said in a statement.
“Net to Aker BP, the oil and gas resources in the projects are estimated to approximately 730 million barrels of oil equivalent,” the company said.
The average break-even oil price for the field developments was estimated at $35-$40 per barrel.
North Sea benchmark oil traded on Friday at $87 per barrel.
Reporting by Terje Solsvik; Editing by Clarence Fernandez and Rashmi Aich
Our Standards: The Thomson Reuters Trust Principles.
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