The newly formed Aker BP has taken over a string of Tullow Norge’s licences.
The transaction comprises of the working interest in eight licenses, including 15% in the Oda, previously known as Butch, discovery in PL 405.
A company statement read: “The transaction strengthens Aker BP’s 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 Ula field and the discovery is estimated to contain 43 million (gross) barrels of oil equivalent (Source: NPD). The partners are targeting an investment decision in 2016.
The transaction is subject to regulatory approval.”
The company, which is a merger of two Norwegian business, held a portfolio of 97 licenses on the Norwegian Continental Shelf, of which 46 are operated before the completion of the Tullow deal.
Aker BP is owned by current Det norske shareholder Aker (40%), other Det norske shareholders (30%) and BP (30%).
Det Norske and BP combined their workforces at the end of last year to create a workforce of about 1400 employees under the Aker BP banner.