Norwegian oil and gas producer Aker BP has signed an agreement with Japex Norge to exchange interests in several North Sea assets, enhancing its presence in the northern sector of the basin.
Under the deal, Aker BP will transfer a 10% interest in the Alve Nord development (PL127C) and a 3.5% stake in the Verdande unit (PL127/PL127DS), both of which it operates.
In return, Aker BP will receive Japex’s stakes in three Northern North Sea licenses, including a 15% interest in the Kjøttkake discovery (PL1182S), a 10% interest in the Kveikje discovery (PL293B/PL293CS), and a 20% interest in license PL1212S, along with a cash payment of $14 million.
Following the deal, Aker BP will increase its holding in the Kjøttkake discovery to 45% and gain an initial 10% entry into the Kveikje area, both considered high-potential assets. The company sees the transaction as reinforcing its position in a cluster of strategic developments.
It will retain 58.08% interest in Alve Nord development, and 3.5% stake in Verdande unit.
The effective date of the agreement is January 1, 2025, and the completion is subject to approval by Norwegian authorities.