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Norwegian oil and gas company Aker BP approved plans to invest a total of $19 billion to develop new projects offshore Norway by 2028, increasing its initial capital expenditure plan by 20%, mainly due to rising
costs, as reported by Oil Price Network on December 2.
In recent months, Norwegian offshore oil and gas operators have ramped up production and project development, hoping to supply more oil and gas
to Europe amid insufficient energy supplies from major capacity countries.
However, costs are rising due to inflationary pressures and capital expenditure plans are being revised up
.
Aker BP said Friday that between 2023 and 2028, the company's share of investments in NOAKA, Valhall PWP-Fenris, Skarv satellite projects and Utsira High projects will reach $19 billion
.
This investment is 20%
higher than what Aker BP planned in August.
An Aker BP spokesman told Reuters: "Overall cost increases are a key part of
this increase in capital expenditures.
But he gave no details
.
Last week, Norwegian energy giant Equinor said it would invest $1.
44 billion with partners to develop the Irpa gas field in the Norwegian Sea north of the Arctic Circle and export gas to Europe
.
According to the gas field development plan submitted to the Norwegian authorities, production is expected to begin in the fourth quarter of 2026 and produce natural gas until 2039
.
The government's latest estimates show that Norway's natural gas production in 2022 is expected to increase by 8%
compared to 2021.
Norway's gas supply accounts for about 25%
of EU and UK gas consumption.
This summer, Norwegian authorities approved the operator's application to increase production from several operating gas fields to achieve higher gas production
.
Meanwhile, Norway's main partners, the European Union (EU) and the United Kingdom, are both vying for gas
ahead of winter.
The Norwegian Ministry of Energy and Oil approved the application of the Norwegian continental shelf operator to allow Troll, Gina Krog, Duva, Oseberg, and Mainland China.
The sgard and Mikkel fields boost natural gas production
.
The division has also issued a production license to the Nova gas field, which is expected to come on stream
in the near future.
