Aker BP ends record-breaking 2025 with Sleipner gas discovery as production ambitions rise

Aker BP ASA (OSL: AKRBP) has capped off what it described as its most successful exploration year since 2010 with a new gas and condensate discovery at the Lofn and Langemann wells in the Sleipner area of the North Sea. The announcement comes on the back of a trio of commercial finds in 2025, including Omega Alfa and Kjøttkake, that collectively added more than 100 million barrels of oil equivalent in net resources to the company’s portfolio.

The Lofn and Langemann discovery, made in partnership with operator Equinor ASA, was confirmed to hold gross recoverable volumes estimated between 30 and 110 million barrels of oil equivalent. According to Aker BP Chief Executive Officer Karl Johnny Hersvik, this wave of exploration success reinforces the company’s strategy to maintain daily production levels above 500,000 barrels of oil equivalent into the 2030s.

The wells were drilled using the Deepsea Atlantic rig in production license PL1140, awarded in the 2022 APA licensing round, and encountered high-pressure, high-temperature hydrocarbon-bearing reservoirs in the Hugin formation. All three discoveries this year are located near existing infrastructure, accelerating development feasibility and strengthening Aker BP’s position as one of the leading players in Norway’s offshore energy sector.

Why is the Lofn and Langemann gas-condensate find being seen as a capstone to Aker BP’s 2025 success?

The newly confirmed Lofn and Langemann find lies roughly 40 kilometers northwest of the Sleipner A platform, nestled between the Gudrun and Eirin fields. Aker BP holds a 40 percent stake in the PL1140 license, with Equinor ASA operating the asset. The wells, designated 15/5-8 S (Lofn) and 15/5-8 A (Langemann), were drilled into the Hugin formation, a high-quality sandstone reservoir known for its commercial viability.

Both wells were classified as high-pressure, high-temperature and were permanently plugged and abandoned following a comprehensive data acquisition campaign. The partners will now evaluate development solutions that leverage existing infrastructure, which would support low-emission, cost-effective production consistent with the Norwegian Continental Shelf’s decarbonization targets.

For Aker BP, the discovery represents more than just additional reserves. It closes out a strategically calibrated year of exploration and reflects a disciplined, infrastructure-led approach to resource replacement. This approach aligns with the company’s stated ambition to extend the plateau phase of production well into the next decade.

How does the Omega Alfa discovery reshape expectations for the Yggdrasil area?

Earlier in 2025, Aker BP reported a major oil discovery at Omega Alfa, located in the Norwegian North Sea within the broader Yggdrasil development area. Recoverable volumes were estimated between 96 and 134 million barrels of oil equivalent. Aker BP holds between 38 and 48 percent working interest across the three involved licenses.

Omega Alfa has been positioned as one of the most substantial oil discoveries on the Norwegian Continental Shelf in the past ten years. The find builds on the success of East Frigg in 2023 and is viewed by analysts as a validation of Aker BP’s exploration strategy, which combines cutting-edge seismic technologies, regional basin knowledge, and portfolio-driven prioritization.

This discovery is especially meaningful for Aker BP’s ambition to extract over one billion barrels of oil equivalent from the Yggdrasil region. That long-term goal is now bolstered by the addition of Omega Alfa, which could serve as a new production hub or be integrated into existing development plans.

Industry observers noted that the commerciality of Omega Alfa reflects a well-orchestrated exploration campaign aimed not at wildcat frontier plays, but at targeted, high-certainty prospects within well-mapped zones. The result is a set of volumes that can be monetized faster and more efficiently than greenfield plays in less developed basins.

What makes Kjøttkake a strong candidate for accelerated development by 2028?

In the first quarter of 2025, Aker BP and its partners announced a discovery at the Kjøttkake prospect in license PL1182S, located in the Northern North Sea’s Troll-Gjøa corridor. The reservoir contains oil and gas with recoverable resources estimated between 39 and 75 million barrels of oil equivalent.

What makes Kjøttkake stand out is not just the volume, but its development-readiness. The find lies close to existing production infrastructure and has already triggered fast-track planning. Through a transaction with Japan Petroleum Exploration Co., Ltd. (Japex), announced in July 2025, Aker BP increased its ownership in the Kjøttkake asset to 45 percent. In a subsequent move, Aker BP assumed operatorship from DNO ASA in November.

As of December 2025, Aker BP and its partners are engaged in early-stage development evaluations, with first oil now targeted for 2028. Sources familiar with the matter suggest that Aker BP’s control of both equity and operatorship will help streamline the path to final investment decision. The use of tiebacks and brownfield integration is expected to reduce project risk and enhance return on capital.

Market analysts believe Kjøttkake is a textbook example of how mid-cap operators are leveraging agility and infrastructure optionality to monetize smaller fields more efficiently, especially in the context of constrained offshore engineering capacity.

How does this exploration performance compare with Aker BP’s previous track record?

Analysts tracking Aker BP’s performance see 2025 as its strongest exploration year since the discovery of Johan Sverdrup in 2010, a field that transformed the production outlook for Norwegian offshore oil. In aggregate, the Lofn and Langemann, Omega Alfa, and Kjøttkake discoveries have added over 100 million barrels of oil equivalent in net resources to Aker BP’s balance sheet.

This level of exploration success is unusual in a mature basin like the North Sea and reflects the company’s clear strategy of prioritizing infrastructure-led exploration. The results also reaffirm the Norwegian oil and gas sector’s competitive standing in global exploration rankings, especially under Norway’s APA system, which grants licenses in predefined, well-understood areas with geological data density.

For Aker BP, the cumulative discoveries enable better medium-term visibility for project planning, capital allocation, and shareholder returns. In a capital-constrained environment where majors are shedding non-core assets, Aker BP’s organic growth via the drill-bit sends a clear message to markets about its upstream agility and operational credibility.

What lies ahead for Aker BP as it transitions from discovery to development?

Heading into 2026, Aker BP finds itself with an unusually strong portfolio of near-term development opportunities. The Lofn and Langemann discovery is likely to benefit from Equinor’s experience in the Sleipner area, while Aker BP’s infrastructure access could accelerate early-stage concept decisions. Development concepts could include tie-backs to Sleipner A or integration with nearby fields to optimize emissions and cost.

The Omega Alfa discovery will likely form the next strategic node within the Yggdrasil area. With resource volumes now significantly de-risked, Aker BP’s planning team is expected to incorporate Omega Alfa into the broader long-term production model. Field development planning for Yggdrasil already includes significant digital twin and automation technologies, positioning it as a flagship project for the digital oilfield era.

Kjøttkake, meanwhile, is moving through concept selection and engineering design. Market participants expect Aker BP to prioritize it for accelerated sanctioning, given the strategic value of bringing new barrels online before 2030 to meet production targets.

Aker BP’s 2026 strategy will likely focus on maturing these three finds, while continuing targeted exploration in the North Sea. The combination of APA-acquired licenses, infrastructure-led exploration, and digital field development may form the cornerstone of its production-led growth narrative through the end of the decade.

What are institutional investors and analysts saying about Aker BP’s 2026 positioning?

Investor sentiment around Aker BP remains broadly positive, supported by its consistent reserve replacement and operational discipline. Following the December announcement, shares remained relatively stable, reflecting that some of the upside had been anticipated but also confirming institutional confidence in the company’s exploration strategy.

Analysts at Nordic banks and international energy research firms have reiterated “buy” or “overweight” ratings on Aker BP ASA, citing the high-quality nature of its discoveries and its prudent use of infrastructure synergies. The company’s ability to deliver both volume and speed in resource monetization is being closely watched by institutional investors seeking resilient upstream exposure.

Foreign institutional investors have increased exposure to Aker BP through index-linked flows and direct holdings, according to recent Oslo Stock Exchange disclosures. The company’s capital return strategy, focused on stable dividends and selective buybacks, is also viewed as attractive in a volatile macro environment.

The firm’s exploration success in 2025 may act as a springboard for future re-rating as volumes from Omega Alfa and Kjøttkake are matured. Analysts are also watching Aker BP’s execution on cost control, emissions intensity, and digitalization as leading indicators for long-term valuation.

What are the key takeaways from Aker BP’s record-breaking 2025 exploration campaign?

• Aker BP ASA capped 2025 with a major gas and condensate discovery at the Lofn and Langemann wells in the Sleipner area, adding an estimated 30 to 110 million barrels of oil equivalent in gross recoverable volumes.

• The Lofn and Langemann wells were drilled in production license PL1140 using the Deepsea Atlantic rig and encountered hydrocarbons in high-quality sandstone within the Hugin formation. The wells have since been plugged and abandoned after successful data collection.

• This marks the third major discovery of the year for Aker BP, following Omega Alfa and Kjøttkake, bringing the total net addition to over 100 million barrels of oil equivalent in 2025—its most successful exploration year since Johan Sverdrup in 2010.

• Omega Alfa, located in the Yggdrasil area, is among Norway’s largest oil discoveries in the past decade with estimated recoverable volumes between 96 and 134 million barrels. It further strengthens Aker BP’s billion-barrel production ambition in the region.

• Kjøttkake, discovered earlier in 2025, is expected to enter development quickly. Aker BP increased its ownership to 45 percent and took over operatorship from DNO ASA in November, targeting first oil by 2028 through a fast-track development model.

• All three discoveries are situated near existing infrastructure, aligning with Aker BP’s infrastructure-led exploration and development strategy aimed at achieving low-emission, cost-effective production.

• Analysts interpret the cumulative success as a validation of Aker BP’s strategic focus on mature basins, digital exploration methods, and APA license integration, positioning the firm for long-term output resilience.

• Investor sentiment remains positive, with institutions maintaining overweight positions due to the quality of discovered resources, development readiness, and capital discipline.

• Aker BP is expected to prioritize maturing all three discoveries in 2026, with Omega Alfa likely forming a central pillar of the broader Yggdrasil development strategy.

• With daily production targets above 500,000 barrels of oil equivalent and a refreshed project pipeline, Aker BP is entering 2026 in a strong operational and financial position.