Aker BP has been granted a drilling permit by the Norwegian Petroleum Directorate (NPD) for a wildcat well in the North Sea.
Targeting a prospect named Styggehøe, well 16/1-35 S is located in the production licence 1141.
Aker BP has a 70% stake in this licence with the remaining 30% owned by its fellow Norweigan firm Equinor.
Using Saipem’s Scarabeo 8 rig, the well is scheduled to be spud this month.
The Norwegian Petroleum Safety Authority (PSA) has already consented to Aker BP drilling the wildcat well which will stand in a water depth of just over 354 feet.
Aker BP and Saipem signed a drilling contract in March this year that is set to start in Q4 2022 worth an approximate value of $325 million.
The three-year contract has the option of two one-year extensions and potential such as a performance bonus scheme and a mechanism of rate adjustment to market rates from the third year onward.
The Scarabeo 8 rig has been working with Wintershall Dea, under contract since the fourth quarter of 2021.
Saipem’s sixth-generation submersible drilling unit is able to withstand harsh environments.