Aker BP has secured approval from the Norwegian parliament, the Storting, for the development and operation of the Yggdrasil area and Fenris field, as well as for further development of the Valhall field offshore Norway.

Located between Alvheim and Oseberg in the North Sea, the Yggdrasil comprises the Hugin, Fulla and Munin licence groups.

Recently, Aker BP made an oil discovery near the Yggdrasil area, increasing the area’s overall resource estimate by around 10% to more than 700 million barrels. 

In December 2022, Aker BP and its joint venture partners announced an investment decision to redevelop the Valhall field, and develop the Fenris field.

The joint development project, known as Valhall PWP-Fenris, involves a new centrally located production and wellhead platform (PWP) connected to the Valhall field centre, and an unmanned installation with eight slots at Fenris field that will be tied back 50km to the PWP. 

Aker BP senior vice-president Valhall Ole Johan Molvig said: "We are now also establishing Valhall as a gas hub. Production from Fenris will substantially increase gas export from Valhall to Europe and will more than double gas processing capacity.

“This will make an important contribution to Norway's long-term capacity for stable energy deliveries to Europe.”

Aker BP CEO Karl Johnny Hersvik said: "With this decision, the Storting has said yes to thousands of jobs and great value creation in Norway. 

“Yggdrasil and Valhall PWP-Fenris alone constitute more than NKr165bn ($15bn) in investments. We are talking estimated tax revenue of more than NKr120bn for our nation.”

However, the development plans also need to receive final approval from the Norwegian Ministry of Petroleum and Energy.