Norway's Aker BP may explore for seabed minerals, CEO says

Wilh Wilhelmsen Holding ASA

20/09/2023 12:33

OSLO, Sept 20 (Reuters) - Norway's second-largest listed
oil and gas company, Aker BP  AKRBP.OL , said it would consider
applying for licenses to mine minerals from the seabed if
parliament approves a plan for such exploration. 
    Norway could become the first country to start commercial
deep sea mining if parliament gives the go-ahead to explore the
remote Mid-Atlantic ridge for minerals such as copper, cobalt
and rare earth elements, in a vote expected early next year.
    "If parliament opens (oceans for seabed mining), we will
consider applying for licenses," Aker BP CEO Karl Johnny Hersvik
told Reuters on the sidelines of an energy conference in Oslo on
Wednesday.
    Aker BP has a group of about 10 people working on seabed
minerals. 
    "We are currently monitoring the situation. We still need to
understand whether it can be economic, and how to explore,"
Hersvik added. 
    Norway's government says deep sea mining could help Europe
reduce its dependence on China for the supply of critical
minerals needed to build electric vehicle batteries, wind
turbines and solar panels.
    The move is controversial with conservationists, who warn
that mining the ocean floor would threaten the biodiversity of
vital ecosystems.
    Mineral-rich massive sulphide deposits have been formed by
so-called hydrothermal vents along mid-ocean ridges, where
unique species are also found living near active vents.
    "If there's a 'go' for seabed minerals, we will definitely
not target the active hydrothermal wells, because of potential
environmental impact," Hersvik said.
    So far, several Norwegian seabed mineral startups, such as
Green Minerals and Loke Marine Minerals, have said they would
seek permits to explore Norwegian waters.
    Loke, established in 2019, has attracted Anglo-French
engineering firm TechnipFMC  1T1.F  and shipping company
Wilhelmsen  WWI.OL , as investors.
    But Aker BP would be by far the biggest player, if it goes
ahead. It is also a part of the larger Aker group  AKER.OL ,
which includes oil service company Aker Solutions  AKSOA.OL . 
    "We are looking at seabed minerals as part of the whole
group," Aker Solutions CEO Kjetel Digre told Reuters.

 (Reporting by Nerijus Adomaitis, editing by Terje Solsvik and
Sharon Singleton)
 ((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters
Messaging: nerijus.adomaitis.thomsonreuters@reuters.net))