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Aker BP Signs Two Deals to Expand Norwegian Continental Shelf Footprint

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Aker BP (AKRBP.OL) signed two new deals aimed at expanding its footprint near existing infrastructure on the Norwegian Continental Shelf, the oil and gas company said Wednesday.

In the North Sea, the company agreed to acquire Apache's operated interest in the UK side of the undeveloped Losgann discovery, which forms a single cross-border accumulation with the Froskelår discovery on the Norwegian side. Aker BP expects to establish operatorship on both sides of the accumulation, subject to customary consents.

In the Norwegian Sea, Aker BP agreed to acquire operatorship and a 51% working interest in the Slagugle area from ConocoPhillips' (COPH.VI, YCP.F) unit ConocoPhillips Skandinavia. Once the deal closes, ConocoPhillips will retain a 29% non-operated stake, while Inpex Idemitsu Norge keeps the remaining 20% interest.

The deals remain subject to approval by relevant authorities and other customary completion conditions.

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