Equinor Energy AS, Aker BP ASA, and Vår Energi ASA have formed a strategic exploration alliance on the Norwegian continental shelf (NCS) to pursue high-impact oil and gas prospects, targeting 20-25 opportunities over the next 4-5 years.

The companies will combine exploration expertise, data, technology, and capacity to mature and test prospects, with an ambition to drill about five high-impact exploration wells annually, the companies said in a joint release Aug. 24. The collaboration is aimed at improving the prospects for major discoveries that could support future field developments, sustain production beyond 2035, and help maintain long-term energy supplies from the NCS, the companies said.

While recent discoveries on the shelf have largely been tied back to existing infrastructure, the companies said larger standalone discoveries will be needed to underpin future developments. They noted that many of the remaining high-impact opportunities carry greater geological uncertainty, technical complexity, and capital requirements, making risk-sharing and collaboration increasingly important.

"By combining our expertise and exploration portfolios, we can high-grade the best opportunities, move faster and do more," said Kjetil Hove, executive vice-president, exploration and production Norway, Equinor. "This allows us to focus our efforts where the potential is greatest and will increase our chances of finding the fields of the future."

Aker BP chief executive officer (CEO) Karl Johnny Hersvik said the alliance would enable the companies to pursue more of the NCS's most promising exploration opportunities and improve the chances of major new discoveries, while Vår Energi CEO Nick Walker described the collaboration as "a transformative step" for future high-impact exploration on the shelf.

The companies did not identify specific targets for the collaboration, and financial terms, operatorship arrangements, and equity interests associated with future prospects were not disclosed.