Aker BP has agreed to acquire interests in eight licenses from Tullow Norge, including 15% in the Centrica-operated Oda (previously known as Butch) discovery in PL 405 on the Norwegian North Sea.
Aker BP - a new company formed from the merger of BP Norge and Det norske - says the move will strengthen its position in core areas surrounding the Ula, North of Alvheim, Skarv and the Krafla/Askja areas.
The Oda development concept is a tie-in to the BP-operated Ula field. Oil will be exported via the Ula oil export pipeline to Ekofisk and onwards via Norpipe to the UK Teeside terminal. The produced gas from Butch will be injected into the Ula field reservoir to improve oil recovery.
Oda is estimated to contain 43 MMboe. The partners are targeting an investment decision in 2016. The deal is subject to regulatory approval. The stakes are:
Aker BP has acquired 20% in PL 507, increasing Aker BP's stake to 45.0%, and 15% in PL 659, increasing its stake to 35.0%.
It has also gained stakes in the following:
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