Norway's Aker BP acquires oil and gas interests in the North Sea and Norwegian Sea, including a 50 million barrel discovery

en.Wedoany.com Reported - Aker BP has signed separate agreements with Apache and ConocoPhillips Skandinavia to acquire interests in the Losgann/Froskelår discovery near the Alvheim area in the North Sea, and to take over operatorship and a majority interest in the Slagugle area near the Skarv field in the Norwegian Sea, thereby expanding its footprint around existing infrastructure on the Norwegian Continental Shelf (NCS).

In the North Sea transaction, Aker BP has entered into an agreement with Apache to purchase the latter's operatorship interest in the UK portion of the Losgann discovery. Together with the Froskelår discovery on the Norwegian Continental Shelf, Losgann forms a cross-border reservoir spanning the UK-Norway midline. The discovery is currently undeveloped, and Aker BP expects to assume operatorship once the necessary consents are obtained on both sides of the reservoir, thereby establishing a basis for progressing project development and realizing the value of the discovered resources.

The Losgann/Froskelår discovery is considered a potential tie-back opportunity for the Alvheim area, and the transaction aligns with the company's strategy of pursuing profitable growth through infrastructure-led development and leveraging existing hubs. Aker BP's Chief Executive Officer, Karl Johnny Hersvik, stated that Losgann and Froskelår are two names for the same discovery, and that consolidating ownership, operatorship, and development responsibility improves the prospects of advancing the project to the development phase, enabling the company to create value from resources located close to existing infrastructure.

In the Norwegian Sea, Aker BP has entered into an agreement with ConocoPhillips Skandinavia to acquire operatorship and a 51% working interest in the Slagugle area. Upon completion of the transaction, ConocoPhillips will retain a 29% non-operated interest, with Inpex Idemitsu Norge holding the remaining 20%. The acquisition marks the company's return to the license after seven years, following substantial work carried out by ConocoPhillips and its partners to mature the area.

The Slagugle area comprises licenses PL891, PL891B, and PL891C, with the main Slagugle oil discovery located approximately 20 kilometers north of the Heidrun field and about 270 kilometers north of Kristiansund. The first license in the area was awarded in the 2016 APA licensing round, and three wells were drilled between 2020 and 2025, including one discovery well and two appraisal wells, confirming total recoverable oil of approximately 50 million barrels in the main Slagugle structure. Several subsea development concepts have already been matured, and the agreement also includes an initial additional exploration program aimed at increasing the resource base ahead of a potential development. Both transactions are subject to approval from relevant regulatory authorities and satisfaction of customary closing conditions.

Hersvik noted that the Slagugle area is close to the Skarv field, and the potential to add resources through further exploration within the licenses is attractive. He also mentioned that ConocoPhillips and its partners have done solid work in maturing the area, and that with Aker BP assuming operatorship, activities can be aligned with existing infrastructure, establishing a competitive basis for a potential development around existing hubs. This series of acquisitions comes less than three months after Aker BP and Equinor decided to establish a strategic alliance to enhance future production and value creation from parts of their oil and gas portfolios on the Norwegian Continental Shelf.