Norwegian oil firm Equinor has agreed a multi-million deal with Aker BP to sell its 77.8% operating interest in the North Sea King Lear discovery.
The transaction saw Aker BP purchase the controlling interest for more than £190 million.
King Lear is a gas/condensate discovery that was made in 1989 in blocks PL 146 and PL 333 in the Ekofisk area of the North Sea.
Estimated net recoverable resources are 77 million barrels of oil equivalent.
Jez Averty, senior vice president for operations in the southern North Sea, said: “This transaction is a further example of our strategy of capturing value from active portfolio management through the oil price cycles.
“We are divesting a low-priority asset in our NCS portfolio to a buyer who sees higher value. By doing so we unlock capital for investment in projects that offer higher returns for Equinor.”
Closing of the transaction is subject to customary conditions, including partner and authority approval.
Karl Johnny Hersvik, CEO of Aker BP added: “The King Lear discovery is one of the largest undeveloped discoveries on the Norwegian Continental Shelf, and represents an excellent opportunity for Aker BP. Our goal is to develop King Lear as a satellite to Ula.
“This will improve the capacity utilization at the Ula facilities and provide significant additional volumes of injection gas to support increased oil recovery from the Ula field.”