Equinor, Aker BP Partner to Increase Production on Norwegian Continental Shelf

By Dominic Chopping

Equinor and Aker BP entered into a partnership that aims to increase oil and gas production on the Norwegian Continental Shelf.

The energy companies said Thursday that the deal includes a series of transactions across several discoveries to better align ownership interests, speed development of resources and enhance production.

"This collaboration improves ownership alignment in areas where we see significant potential, while coordination with Equinor will further strengthen project outcomes," Aker BP said in a statement.

Aker BP will acquire from Equinor a 19% interest in a portfolio of licenses in the Ringvei Vest area as well as a 38.16% interest in the Frigg area, which extends across the Norwegian and U.K. continental shelves.

As part of the agreement, Aker BP will transfer a 7.5% interest in the Wisting discovery to Equinor, together with $23 million in cash.

The transfer will see Equinor increase its ownership in Wisting to 42.5% from 35%, and further strengthen its position in the largest undeveloped discovery on the Norwegian Continental Shelf, Equinor said. After the transaction, Aker BP will hold a 27.5% interest in the field.

"By aligning interests across these assets, we can enable better and faster project decisions," Kjetil Hove, Equinor's executive vice president for exploration and production Norway, said.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

May 21, 2026 02:02 ET (06:02 GMT)