XM does not provide services to residents of the United States of America.

Aker BP starts production at Tyrving oilfield amid government's legal battle over approval



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>Aker BP starts production at Tyrving oilfield amid government's legal battle over approval</title></head><body>

OSLO, Sept 3 (Reuters) -Norway's Aker BP AKRBP.OL has started production at its Tyrving offshore oilfield, as the Norwegian government seeks to overturn a court ruling that its approval of the project was invalid because it failed to assess the climate impact.

In January, Oslo District Court ruled in a case brought by environmental groups that Norway's energy ministry had failed to fully assess the climate impact from the production of oil and gas when approving three offshore projects, including Tyrving, and that permits were thus invalid.

The government is appealing that ruling and a hearing on a part of the case is due to start on Wednesday. A final ruling on all aspects could be months or years away.

Aker BP Chief Executive Karl Johnny Hersvik is expected to testify this week at the Borgarting Court of Appeal at the behest of the government.

While Aker BP is not a party to the lawsuit, the company's output could suffer if permits are withdrawn.

The original lawsuit brought by Greenpeace and Young Friends of the Earth also challenged approvals of Aker BP's Yggdrasil and Equinor's ENQR.OL Breidablikk projects.

The environmentalists argued that the energy ministry failed to assess the global impact from emissions generated when oil and gas is used.

"It's shameless of Aker BP to start up this oilfield and the state to allow it when we are entering the appeals hearing," Frode Pleym, head of Greenpeace Norway, told Reuters.

Aker BP said the field's start-up had no connection with the court case, and a permit to start production was issued by Norwegian Offshore Directorate, an industry regulator, on Aug. 13.

The Tyrving field in the offshore Alvveim cluster is estimated to hold 25 million barrels of oil, and was previously expected to start in the fourth quarter of this year.

Breidablikk started production in October 2023, while Yggdrasil is expected to start in 2027.



Reporting by Nerijus Adomaitis, editing by Terje Solsvik, Alexandra Hudson

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.