Equinor and Aker BP entered a strategic collaboration to develop challenging oil and gas discoveries. These discoveries are located in tight reservoirs on the Norwegian Continental Shelf. Slow oil and gas flow in these formations previously made many discoveries too costly to develop with conventional methods.
The partnership aims to unlock these resources. It will achieve this by pooling portfolios, developing new technology, and standardizing solutions. These efforts seek to reduce costs and increase the recovery rate. The Norwegian Offshore Directorate encouraged this collaboration. It estimates mapped tight reservoirs hold recoverable resources of around 2.8 billion barrels of oil equivalent. Both companies stated work would begin immediately.