Norwegian oil and gas company Aker BP is set to expand its footprint in the North Sea and Norwegian Sea by obtaining stakes in two hydrocarbon discoveries, betting on tie-back potential around existing infrastructure on and near the Norwegian Continental Shelf (NCS).
The company has entered into two separate deals that strengthen its positions close to existing infrastructure on the Norwegian Continental Shelf by agreeing to acquire an interest in the Losgann/Froskelår discovery near the Alvheim area in the North Sea and obtain operatorship and a majority interest in the Slagugle area, close to the Skarv field in the Norwegian Sea.
Aker BP has signed an agreement with Apache to purchase its operated interest in the UK portion of the Losgann discovery, which together with the Froskelår discovery on the Norwegian Continental Shelf forms a single cross-border accumulation located on the UK–Norway median line.
While the discovery has remained undeveloped to date, the Norwegian player expects to establish operatorship, subject to obtaining the customary necessary consents on both sides of the accumulation, creating a stronger basis for progressing the project towards development and maximising value creation from the discovered resource.
As the Losgann/Froskelår discovery is considered a potential tie-back opportunity to the Alvheim area, the transaction supports the firm’s strategy of creating value through infrastructure-led development and profitable growth around existing hubs.