The Storting, the Norwegian Parliament, has approved Aker BP's plans for the development and operation (PDOs) of its oil and gas projects in the North Sea offshore Norway. These projects, which are expected to require investments of more than NOK 165 billion (roughly USD 14.9 billion), are one step closer to receiving the final seal of approval.

Back in December 2022, Aker BP filed to the Norwegian Ministry of Petroleum and Energy a plan for installation and operation (PIO) and 10 PDOs for oil and gas projects with a combined investment of more than NOK 200 billion (about USD 20.4 billion). These initiatives would enable the company's oil and gas output to expand from around 400,000 barrels per day in 2022 to approximately 525,000 barrels per day in 2028. In March 2023, the Norwegian player informed the nation's Ministry of Petroleum and Energy that it had accepted all but one of the PDOs filed in December 2022. The Troldhaugen project in the Edvard Grieg region, which accounts for around 4% of the net projected resources in these projects, has been abandoned as a result.

The Norwegian government made a proposal to the Storting at the end of March about the advancement of the Yggdrasil and Valhall PWP-Fenris projects. According to Aker BP, the Energy and Environment Committee's majority made a favourable proposal on May 25 that was taken into consideration by the Storting's plenary session on June 5 of 2023. Following that, the Storting also granted its blessing. Aker BP adds that the Norwegian contribution to deliveries from the Yggdrasil and Valhall PWP-Fenris projects is around 65%, contributing 130,000 man-years to Norway over the course of the fields' lifetimes, of which roughly half are still in the development stage. This will involve activities at several hundred suppliers around the nation as well as shipyards in Egersund, Stavanger, Haugesund, Stord, and Sandnessjen. Additionally, the initiatives will stimulate business and create jobs at suppliers and shipyards throughout the globe. 

Furthermore, a Stavanger-based integrated interaction centre and control room will be used to remotely manage the whole Yggdrasil region. Due to the development's reliance on shore-based energy, emissions will be minimal—less than 1 kilogramme CO2 per barrel.   Aker BP further notes that the lifespan of Valhall will be increased by the construction of the Valhall PWP-Fenris project in the southern North Sea. Construction on this project can begin before the summer. A new process and wellhead platform (PWP) bridge connecting to the Valhall field centre is part of the Valhall PWP-Fenris unitized development, as is an unmanned wellhead platform on Fenris that will produce through a 50-kilometer pipeline to the Valhall PWP.

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