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Market Chatter: Aker BP Offshore Norway Development Costs Climb, Budget Data Shows

MT Newswires Live
Oct 07

Aker BP faces 9.8% and 23% budget increases for its Yggdrasil and Valhall-Fenris offshore oil and gas developments in Norway, Reuters reported Wednesday, citing government fiscal data.

Projections for Yggdrasil rose to 195 billion Norwegian crowns ($20.40 billion) from 177.6 billion crowns a year ago, while Valhall-Fenris is now anticipated to cost 93.4 billion crowns, up from 75.9 billion crowns, the news outlet quoted the report as saying.

The higher expenditures stem from revised offshore construction estimates, supplementary drilling wells, expanded project scopes, and extra resources deployed to maintain the production launch target for 2027, the report said.

Aker BP did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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