Aker BP completes acquisition of Total’s Norwegian portfolio

Alvheim FPSOAlvheim FPSO. Source: Aker BP

Norwegian oil company Aker BP has completed the acquisition of license portfolio on the Norwegian Continental Shelf from French Total. 

Aker BP entered into an agreement with Total E&P Norge to acquire its interests in a portfolio of 11 licenses offshore Norway for a cash consideration of $205 million at the end of July.

The transaction was subject to approval by Norwegian authorities.

Aker BP said on Monday, December 3 that all closing conditions had been fulfilled, and the closing of the transaction had taken place.

The portfolio includes four discoveries with net recoverable resources of 83 million barrels oil equivalents (mmboe), based on estimates from the Norwegian Petroleum Directorate.

Two of the discoveries, Trell and Trine, are located near the Aker BP-operated Alvheim field and are expected to be produced through the Alvheim FPSO.

The Alve Nord discovery is located north of the Aker BP-operated Skarv field, and can be produced through the Skarv FPSO.

The Rind discovery is part of the NOAKA area where the total recoverable resources are estimated to more than 500 mmboe, and where Aker BP is working towards a new area development.

In addition to these discoveries, the transaction also provides the company with increased interest in exploration acreage near the Aker BP-operated Ula field.

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