Norway’s Parliament has granted approval to Aker BP’s development and operation plans for the Yggdrasil and Valhall-Fenris projects located on the Norwegian continental shelf (NCS). The initiatives are now pending approval from the country’s Ministry of Petroleum and Energy.

The Yggdrasil field development project and the Valhall-Fenris projects have had their licences submitted to the Parliament in March this year by the government through Proposition 97 S.

The Yggdrasil project involves the Hugin, Fulla, and Munin oil discoveries in the North Sea. It is calculated to hold over 700 million barrels of oil equivalent (mmboe).

Valhall-Fenris, meanwhile, will consist of the connection of a new process and wellhead platform bridge to the Valhall field and a wellhead platform on the Fenris field.

Combined, Yggdrasil and Valhall-Ferris sum up investments of approximately US$14.8bn (NOK 165bn).