Aker BP, Norway's second-largest listed oil and gas company, has signed separate agreements with Apache and ConocoPhillips to strengthen its position near existing infrastructure on the Norwegian Continental Shelf, the company announced on Wednesday.
Under the agreement, Aker BP will acquire Apache's operated interest in the UK section of the Losgann discovery in the North Sea.
Losgann and the Froskelar discovery on the Norwegian Continental Shelf form a single cross-border accumulation along the UK-Norway median line.
Subject to regulatory approvals, the deal will give Aker BP operatorship on both sides of the accumulation, supporting potential development near its Alvheim facilities offshore Norway.
"Losgann and Froskelar are two names for the same discovery. By bringing ownership, operatorship and development responsibility together, we improve the prospects of moving the project towards development and creating value from resources located close to existing infrastructure," Chief Executive Officer of Aker BP, Karl Johnny Hersvik, said in the statement.
- Aker BP acquires majority stake, operatorship in Slagugle area
In a separate transaction, Aker BP will acquire from ConocoPhillips Skandinavia AS operatorship and a 51% working interest in the Slagugle area in the Norwegian Sea.
Following completion, ConocoPhillips will retain a 29% non-operated interest, while INPEX Idemitsu Norge AS will continue to hold the remaining 20%.
The Slagugle area, located about 20 kilometers north of the Heidrun field, contains an estimated 50 million gross barrels of recoverable oil. Aker BP plans further exploration to expand the resource base before a potential subsea development.
"ConocoPhillips and its partners have done solid work maturing the area, and by assuming operatorship we can align activity with existing infrastructure and work to establish a competitive basis for a possible development around one of our established hubs," said Hersvik.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr
