December 15, 2017 / 7:37 AM / 9 months ago

BRIEF-Aker BP invests NOK 15.5 bln in development of 3 fields off Norway

Dec 15 (Reuters) - Aker Bp Asa:

* ‍AKER BP ASA (AKER BP) HAS SUBMITTED PLANS FOR DEVELOPMENT AND OPERATIONS (PDOS) FOR VALHALL FLANK WEST, ÆRFUGL (FORMERLY SNADD) AND SKOGUL (FORMERLY STORKLAKKEN) FIELDS TO NORWEGIAN MINISTRY OF PETROLEUM AND ENERGY​

* ‍TOTAL INVESTMENTS FOR ÆRFUGL DEVELOPMENT ARE ESTIMATED TO NOK 8.5 BILLION - A REDUCTION OF APPROXIMATELY NOK 2 BILLION COMPARED TO PREVIOUSLY COMMUNICATED ESTIMATES​

* ‍FOR VALHALL FLANK WEST DEVELOPMENT, TOTAL INVESTMENTS ARE NOW ESTIMATED TO NOK 5.5 BILLION, WHICH ALSO REPRESENTS A REDUCTION OF MORE THAN NOK 1.5 BILLION​

* ‍OVER LIFETIME OF FIELDS, THREE PROJECTS ARE ESTIMATED TO GENERATE TOTAL OIL AND GAS REVENUES OF NOK 100 BILLION (IN REAL TERMS), BASED ON AN OIL PRICE OF USD 60 PER BARREL​

* - ‍NET OF INVESTMENTS AND OPERATING COSTS, THIS WILL GIVE TOTAL VALUE CREATION OF NOK 70 BILLION, OF WHICH TAXES TO NORWEGIAN STATE AMOUNT TO NOK 52 BILLION​

* ‍SMALLER SKOGUL PROJECT IS ESTIMATED TO COST NOK 1.5 BILLION​ Source text for Eikon: Further company coverage: (Reporting By Ole Petter Skonnord)

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