Equinor transfers Krafla operatorship to Aker BP
Equinor has agreed to hand over operatorship of the Krafla field in the NOAKA area of Norway's North Sea to fellow Norwegian player Aker BP, the companies reported on May 5.
Equinor currently serves as operator of Krafla with a 50% interest, while Aker BP holds the remaining 50%. Meanwhile Aker BP operates the Fulla field, also in the NOAKA area, with a 47.7% stake, while Equinor has 40%. The two companies agreed that having one operator for both projects would "have a good basis for efficient project execution and for safe and efficient operation of the fields, creating stronger synergies between the two developments and fewer interfaces."
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Under the memorandum they have signed, the partners will apply to Norway's petroleum ministry for the change in operatorship. The transfer will take place when a plan for development and operation for NOAKA has been submitted. Aker BP also operates the NOA field in the area with a 87.7% interest, while the remaining share is held by Poland's LOTOS.
Equinor estimates that 600mn barrels of oil equivalent could be recovered from NOAKA, at a cost of $10bn in investments. Production is due to start in 2027.