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Norwegian oil competitors strike deal on next giant project

Aker BP and Equinor have struck a deal to develop the Noaka field in the North Sea, which contains half a billion barrels of oil equivalent and could become the next Johan Sverdrup. The agreement comes a few days after the industry secured better tax conditions.

Photo: PR/Aker BP

Shortly after Norway's major tax cut scheme for the oil industry fell into place, oil firms Equinor and Aker BP have reached agreement on developing the Noaka field in the North Sea, which could become the next giant project in that ocean after Johan Sverdrup, according to a statement issued by Aker BP.

The field contains more than half a billion barrels of oil equivalent distributed across several discoveries, and the parties announced back in January that they were working on a collaboration, which has now been signed. The size of the investments in developing the field are is unknown, but media E24 says it could be a project worth around NOK 50 billion (USD 5.3 billion).

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