Aker BP buys eight Norwegian licenses from Tullow
- Business & Finance
Aker BP, a newly-formed offshore, exploration and production company, has announced the acquisition of eight licenses off Norway from the oil company Tullow Norge.
To remind, BP Norge and Det norske oljeselskap last week completed their merger thus creating a new, independent E&P company on the Norwegian Continental Shelf, Aker BP. Following the merger, Aker BP holds a portfolio of 97 licenses on the Norwegian Continental Shelf, of which 46 are operated.
Aker BP’s transaction with Tullow comprises working interest in eight licenses, including 15 percent in the Oda, previously known as Butch, discovery in PL 405.
The company said on Monday that the transaction strengthens its position in core areas surrounding the Ula, North of Alvheim, Skarv, and the Krafla/Askja areas.
The Oda development concept is a tie-in to the Ula field and the discovery is estimated to contain 43 million (gross) barrels of oil equivalent. The partners are targeting an investment decision in 2016.
The licenses acquired include four in the North Sea, two in the Norwegian Sea, and two in the Barents Sea.
The North Sea licenses are PL 405, PL 811, PL 507, and PL 784 where Aker BP bought 15%, 20%, 40% and 40% interests, respectively. The Norwegian Sea licenses are PL 650 and PL 838 where the oil company bought 25% and 40% interests, respectively. Finally, in the Barents Sea, Aker BP took 37.5% interest in PL 610 and 15% interest in PL 659.