Fresh off of its submittal of three plans for development and operations for the Ærfugl, Valhall Flank West and Skogul developments offshore Norway, Aker BP is making plans to step up exploration activity for 2018.

Aker BP CEO Karl Johnny Hersvik said Feb. 2 that in addition to running four to five drilling operations in parallel through the year, near-term exploration is also among the company’s focus areas.

The company plans to drill at least 12 exploration wells this year. These include the Frosk exploration well in the Alvheim area, where drilling is currently underway, and the Kvitungen Tumler exploration well near Skarv in the North Sea.

“These are good examples of near term exploration that if successful will generate significant value and positive synergies with our existing hubs,” Hersvik said.

In addition to Frosk and Kvitungen Tumler, four more wells will be drilled in the North Sea and six in the Barents Sea, where Hersvik said the company is looking for stand-alone potential. He cautioned that the risks are also high, especially given disappointing exploration results seen in the region in 2017.

However, Aker BP is not passing on an opportunity to find hydrocarbons in this region that holds massive resource potential. “These wells represent low cost options that we think deserved to be drilled,” considering recently gained drilling efficiency, a favourable tax system and low rig rates, he added.

Aker BP’s 2018 exploration schedule includes the Cassidy prospect, a possible tieback candidate. Spirit Energy is the operator with Aker BP holding a 15% share.

Hersvik said that one more exploration well could be added to this year’s program. The company was awarded 23 licenses—including 14 as operator—by Norwegian authorities in January.

Aker BP pointed out that the license awards add growth opportunities for the company in the North Sea, Norwegian Sea and Barents Sea while strengthening its position near existing hubs. Seven of the license awards are in the Ula area; five, Ivar Aasen/Johan Sverdrup area; two, Skarv area; and one each in the Alvehim and NOAKA areas.

License 916, the one near Johan Sverdrup, contains a prospect that Aker BP hopes to drill in 2018.

“This is definitely one to watch,” Hersvik said.

Aker BP holds a 40% interest in and operatorship of PL 916.