Aker BP Strikes Deal with Tullow
Monday 3 October 2016
Oslo-listed Aker BP has agreed to acquire Tullow Oil’s interest in a number of permits in Norway.
Aker BP revealed Monday it was set to acquire Tullow’s stakes in eight licences, subject to regulatory approval, including a 15% share in the Centrica Energy-operated PL 405 which contains the Oda discovery.
Oda, which was previously known as Butch, has been estimated to contain 43 million barrels of oil equivalent and the development concept for the field involves a tie-in to the Ula field which lies roughly 12 kilometres away.
The deal with Tullow will see Aker BP also gain a 40% operated interest in PL 784, as well as 20% in PL 811, 25% in PL 650, 30% in PL 838 and 37.5% in PL 610.
It will also see its interest in PL 507 increase 20%, to 45%, while its stake in PL 659 will rise 15% to 35%.
The acquisition comes just days after Norway’s Det Norske Oljeselskap and UK giant BP closed the deal which saw them, along with Det Norske shareholder Aker, team up and form Aker BP.