Total transaction gives Aker BP tieback potential offshore Norway

Aker BP has agreed to acquire Total’s interests in 11 Norwegian offshore licenses for $205 million, pending approval by the authorities.

Offshore staff

LYSAKER, NorwayAker BP has agreed to acquire Total’s interests in 11 Norwegian offshore licenses for $205 million, pending approval by the authorities.

The package includes four discoveries with net recoverable resources of 83 MMboe, based on estimates by theNorwegian Petroleum Directorate.

Two - Trell and Trine - are close to the Aker BP-operated Alvheim field in the North Sea and will likely be produced through the FPSOAlvheim.

Another, Alve Nord, is north of the company’s Skarv field in the Norwegian Sea and can be developed via a tie-in to this field’s FPSO.

Finally, the Rind discovery is part of theNOAKA area (north of Alvheim) where Aker BP is presently working on an area-wide development to address estimated total resources of more than 500 MMboe.

The transaction also raises the company’s interest in exploration acreage near its Ula field in the southern Norwegian North Sea.

Karl Johnny Hersvik, CEO of Aker BP, said: “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…

“These new resources will further strengthen our long-term production profile and contribute positively to future earnings.”

08/02/2018

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