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).
d on the Oslo Stock Exchange\
under the ticker code AKRBP. More about Aker BP at\
www.akerbp.com (https://www.akerbp.com/en).\