Aker BP lines up North Sea King Lear-Ula tieback
Aker BP has an agreement to acquire Equinor’s 77.8% interest in the King Lear gas/condensate discovery in the southern Norwegian North Sea for $250 million.
According to Karl Johnny Hersvik, CEO of Aker BP, King Lear, in licenses 146 and 333, is one of the largest undeveloped discoveries on the Norwegian continental shelf.
The company plans a satellite development to its Ula field production complex 50 km (31 mi) to the north.
“This will improve the capacity utilization at the Ula facilities,” he added, “and will provide significant additional volumes of injection gas to support increased oil recovery from the Ula field.”
Aker BP estimates net resources from the transaction at 77 MMboe, based on data from the Norwegian Petroleum Directorate. When factoring in the increased oil recovery potential from Ula, it foresees a total net resource of more than 100 MMboe.
Total holds the remaining 22.2% interest in King Lear.