Norway's Aker BP (NYSE:BP) (OTCQX:AKRBF) has made a much bigger-than-expected oil discovery in the Yggdrasil area of the North Sea, the energy company reported on Thursday. Preliminary estimates indicate a gross recoverable volume of 40 million-90 million barrels of oil equivalent (boe), much higher than the company’s earlier projection of between 18 million and 45 million boe. The oil discovery is located within production licenses 873 and 442: In license 873, with Equinor ASA (NYSE:EQNR) and PGNiG Upstream Norway as partners. The North Sea is home to substantial known oil and gas reserves. With current oil prices, it should be economic to continue production in the North Sea as per the Oil and Gas Authority’s estimates.

Source: The North Africa Journal May 25, 2023 17:59 UTC