Aker BP has entered into an agreement with Total E&P Norge to acquire its interests in a portfolio of 11 licences on the Norwegian Continental Shelf for $205m.
The portfolio includes four discoveries with net recoverable resources of 83 million barrels oil equivalents based on estimates from the Norwegian Petroleum Directorate.
The four discoveries include Trell, Trine, Alve Nord and Rind. The Trell and Trine discoveries are expected to be produced through the Alvheim FPSO, while the Alve Nord discovery can be produced through the Skarv FPSO.
In addition to these discoveries, the transaction also provides Aker BP with increased interest in exploration acreage near its Ula field.
“We see a huge value creation potential in maximizing production through our operated production hubs. This requires continuous development and optimisation of the existing reserves and resources, as well as adding new resources through exploration and acquisitions of existing discoveries. With this transaction, we get access to new tie-back opportunities in the Alvheim and Skarv areas, we strengthen our resource base in the NOAKA area, and we increase our interest in exploration acreage near the Ula field. These new resources will further strengthen our long term production profile and contribute positively to future earnings,” said Karl Johnny Hersvik, CEO of Aker BP.
