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Aker BP Completes Acquisition of Licence Portfolio from Total

Source: www.gulfoilandgas.com 12/3/2018, Location: Europe

Following Aker BP's stock exchange notice dated 31 July 2018 regarding the company's agreement to acquire a portfolio of 11 licences on the Norwegian continental shelf from Total E&P Norge for a cash consideration of USD 205 million. All closing conditions have been fulfilled, and the closing of the transaction has now 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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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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