Equinor, Aker BP and Vår Energi join forces to search for Norway's next major discoveries

Equinor, Aker BP and Vår Energi are establishing a strategic exploration collaboration to pursue some of the largest remaining opportunities on the Norwegian continental shelf (NCS). The aim is to increase the chances of major discoveries that can support new standalone field developments and long-term value creation.

The companies have agreed to combine expertise, data, technology and exploration capacity to pursue selected high impact exploration opportunities. Over the next four to five years, the companies plan to mature and test a portfolio of approximately 20-25 exploration opportunities, with an ambition to drill around five high impact exploration wells annually.

In recent years, most discoveries have been made close to existing infrastructure. Developing these resources through subsea tiebacks is important for maintaining production from existing fields and facilities. Near-field exploration will remain crucial, but larger discoveries will also be needed to provide the resource base for new standalone field developments.

The companies see continued potential for such discoveries. However, some of the largest remaining opportunities come with higher geological uncertainty, greater complexity and larger investment requirements. This has made it increasingly challenging to establish partnerships around high-impact prospects. By sharing risk and combining capabilities, the companies can pursue and test more of these opportunities than they would individually.

Major new discoveries could support future energy supplies and value creation, while helping sustain activity and expertise in the Norwegian supplier industry. They could also contribute to maintaining reliable energy supplies from the NCS to Europe as production is expected to decline after 2035 without new discoveries and developments.

- The NCS still holds substantial undiscovered resources. By bringing together three strong exploration organisations, we can pursue more of the most promising opportunities and increase the chances of significant new discoveries. New technologies could open new, significant plays. This is about putting our combined expertise to work where it can make the biggest difference, securing reliable energy for society, and value for our stakeholders, says Karl Johnny Hersvik, CEO, Aker BP.

- By combining our expertise and exploration portfolios, we can high-grade the best opportunities, move faster and do more. This allows us to focus our efforts where the potential is greatest and will increase our chances of finding the fields of the future. Near-field exploration remains crucial, but we also need to pursue the bigger opportunities to sustain activity and value creation beyond 2035, says Kjetil Hove, executive vice president for Exploration & Production Norway, Equinor.

- The NCS remains highly attractive. Exploration is a cornerstone of Vår Energi's growth strategy and a driver of long-term value creation. This collaboration is a transformative step for the future exploration of high-impact opportunities on the NCS. It has the potential to unlock access to material new discoveries that can support long-term production, create value for our stakeholders and contribute to maintaining Norway's position as a secure and responsible supplier of energy to Europe, says Nick Walker, CEO, Vår Energi.

About the collaboration

· Equinor, Aker BP and Vår Energi are establishing a strategic collaboration targeting selected high impact exploration opportunities on the NCS. · The companies will share risk and combine expertise, data, technology and exploration capacity. · The collaboration will target approximately 20-25 exploration opportunities over the next four to five years, with an ambition to drill around five exploration wells annually. · The aim is to increase the chances of major discoveries that can ensure high energy production longer support new field developments and long-term value creation.

Contacts Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889 Tore Dammann Langballe, VP Communications, tel.: +47 907 77 841

About Aker BP Aker BP is a company engaged in exploration, field development and production of oil and gas on the Norwegian continental shelf. The company operates the field centres Alvheim, Eiga, Skarv, Ula and Valhall, operates Yggdrasil, which is under development, and is a partner in the Johan Sverdrup field. Measured in production, Aker BP is one of the largest independent oil companies in Europe. Aker BP is headquartered at Fornebu and is listed on the Oslo Stock Exchange under the ticker code AKRBP. More about Aker BP at www.akerbp.com (https://www.akerbp.com/en).