Norwegian energy companies Aker BP (AKRBP.OL) and Equinor (EQNR.OL) agreed to swap assets on the Norwegian Continental Shelf to support coordinated development and improve resource recovery, according to Thursday filings.
Under the deal, Aker BP will acquire from Equinor a 19% stake in a portfolio of licenses in the Ringvei Vest area and a 38.16% interest in the UK license P2343 in the Yggdrasil area. Ringvei Vest is expected to be a cluster development operated by Equinor, while Yggdrasil will require a coordinated cross-border development.
In return, Aker BP will transfer a 7.5% interest in the Wisting discovery, PL 537 and PL 537B, in the Barents Sea to Equinor, along with a cash consideration of $23 million. Aker BP will retain a 27.5% interest in the undeveloped oil discovery, which is operated by Equinor. A final investment decision is expected in 2027.
The transactions, which require regulatory approvals, will take effect from Jan. 1.