Equinor (EQNR), Eni's (E) Var Energi, and Aker BP said Monday they have agreed to collaborate on oil and gas exploration on the Norwegian continental shelf.

The companies said that over the next four to five years, they plan to mature and test 20 to 25 exploration opportunities, aiming to drill around five high-impact exploration wells annually.

The parties said they will share risk and combine expertise, data, technology and exploration capacity, targeting selected high-impact exploration opportunities on the Norwegian continental shelf.

BP owns a 15.9% stake in Aker BP, while Eni holds 63.04% of Var Energi, according to their respective websites.