Equinor and Aker BP are jointly working to accelerate technology development and improve the economic viability of discoveries in tight reservoirs along the Norwegian coast. Estimates indicate that the recovery potential in these reservoirs reaches approximately 2.8 billion barrels of oil equivalent (boe).
Technology Development and Project Collaboration
The goal of this strategic cooperation is to enable more profitable development of new discoveries and increase oil and gas recovery rates through technology development, standardization, and collaboration on multiple projects. The Norwegian Offshore Directorate estimates the recovery potential in mapped tight reservoirs to be around 2.8 billion barrels of oil equivalent, comparable to recoverable resources in the Johan Sverdrup field.
Challenges and Opportunities
Kjetil Hove, Executive Vice President of Equinor in the Exploration and Production sector in Norway, emphasized that by viewing portfolios in a common context and developing shared solutions, costs can be reduced and technology can be developed more rapidly. According to him, this cooperation will benefit all partners and society.
Equinor also emphasizes that many of the approximately 90 discoveries that have not yet received development approval are located in tight reservoirs, and only a limited amount of these resources can be recovered using conventional methods. In many cases, the development of these discoveries has become impossible due to high costs.
Karl Johnny Hersvik, CEO of Aker BP, stressed that scale is key. By considering opportunities in both portfolios simultaneously, a foundation for activity, faster learning, and cost reduction can be created. This cooperation will begin soon.
This agreement also includes resource optimization and solutions for well stimulation, aiming to create a sufficient and predictable level of activity to build a competitive value chain, with the expertise and capacity of suppliers necessary for further discovery development in tight reservoirs.
The Norwegian government agency estimates an average recovery rate of 20% (5–40%) for oil and 30% (10–50%) for gas in carbonate reservoirs, while the average recovery rate in sandstone reservoirs is estimated at 12% (4–20%) for oil and 25% (18–40%) for gas.
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