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