Aker BP Picks up Tullow Licences

Aker BP, the newly-formed Norwegian company, said it has acquired eight license interets from UK-based Tullow, including a 15% interest in the Centrica-operated Oda (previously known as Butch) discovery in PL405. The transaction is subject to regulatory approval. No value was disclosed.

The deal also strengthens Aker BP’s position in core areas surrounding the Ula, north of Alvheim, Skarv and the Krafla/Askja areas, said Aker BP. The Oda development concept is a tie-in to the Ula field and the discovery is estimated to contain 43mn (gross) barrels of oil equivalent; partners there are targeting an investment decision in 2016. Oil will be exported via the Ula oil export pipeline to Ekofisk and onwards via Norpipe to the UK Teesside terminal; produced gas from Oda will be injected into the Ula reservoir to improve oil recovery.

Source: Aker BP

Completion of the merger of Det Norske and BP's Norwegian upstream business, as announced in June, was finalised on September 30.

Location of Butch project offshore Norway in the central North Sea (Map credit: Faroe Petroleum)

Tullow divested interests in four licences to Statoil last month. Tullow plans to divest all its Norwegian interests and, following the transactions to Statoil and Aker BP, confirms it still has 13 licence interests to sell as follows: PL626, PL775, PL776, PL636, PL786, PL827S, PL791, PL651, PL750/B, PL407, PL746S, PL826 and PL689/B.  Most are in the North Sea with some in the Norwegian Sea.

PL776 is immediately to the south of the giant Johan Sverdrup oil field, while PL636 is immediately east of the Gjoa gas field, both in the North Sea.

Mark Smedley