A platform in Norway
Norwegian independents diverge on Barents
Aker BP gives up on Arctic exploration, but Lundin expands its presence
“The Stangnestind well was completed early in the [third] quarter and came in as a minor gas discovery, which is not considered to be commercial,” says Karl Johnny Hersvik, CEO of Oslo-listed producer Aker BP. “This actually marks the end of our exploration campaign in the Barents Sea, and we have currently no plans for further activity in the area.” In sharp contrast, its peer Lundin Energy struck a deal with Austria’s OMV at the end of October to increase its stake in the Barents Sea Wisting oil discovery from 10pc to 35pc, just over a year after the purchase of the Norwegian continental shelf (NCS) assets of Japan’s Idemitsu gave it an initial share in the field. So what is driving these
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
