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Aker BP Expands North Sea, Norwegian Sea Positions With 2 Deals

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Aker BP agreed to two transactions covering the Losgann and Froskelar discoveries and the Slagugle area, expanding its positions near existing infrastructure on the Norwegian Continental Shelf, the company said Wednesday.

In the North Sea, Aker BP will acquire Apache's interest in the Losgann discovery near the Alvheim area, while taking operatorship and a majority stake in Slagugle in the Norwegian Sea.

The Losgann and Froskelar discoveries constitute a single cross-border accumulation along the UK-Norway median line. Aker BP expects to take operatorship on both sides, subject to customary approvals.

Aker BP sees the undeveloped Losgann and Froskelar resource as a potential tie-back to Alvheim, supporting its infrastructure-led development strategy.

In the Norwegian Sea, Aker BP will acquire operatorship and a 51% working interest in Slagugle from ConocoPhillips Skandinavia. ConocoPhillips (COP) will retain 29%, while INPEX Idemitsu Norge will hold 20%.

Aker BP is returning to the Slagugle license after seven years, following work by ConocoPhillips and its partners to advance the area toward potential development.

The Slagugle area spans licenses PL891, PL891B and PL891C and includes the main oil discovery, located 20 kilometers north of Heidrun and 270 kilometers north of Kristiansund. The first license was awarded in 2016.

The three wells drilled from 2020 through 2025 confirmed about 50 million barrels of gross recoverable oil at the main Slagugle structure.

Aker BP said partners have advanced a subsea development concept and plan further exploration to expand resources.

Price: $130.55, Change: $+0.83, Percent Change: +0.64%

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