Aker BP has entered into an agreement to pay $250m to acquire Equinor’s 77.8% stake in the King Lear discovery in the Norwegian North Sea.
Karl Johnny Hersvik, CEO of Aker BP, commented: “The King Lear discovery is one of the largest undeveloped discoveries on the Norwegian Continental Shelf, and represents an excellent opportunity for Aker BP. Our goal is to develop King Lear as a satellite to Ula. This will improve the capacity utilization at the Ula facilities and provide significant additional volumes of injection gas to support increased oil recovery from the Ula field.”
King Lear is located around 50km south of the Ula field centre and its net recoverable resources are estimated at 77 million barrels oil equivalents.
Total E&P Norge will continue to hold the remaining 22.2% stake in the discovery.