Aker BP has agreed to acquire stakes in the Losgann/Froskelår and Slagugle discoveries, aiming to consolidate its presence near established infrastructure on the Norwegian Continental Shelf.
In two separate transactions, Aker BP has moved to purchase Apache’s interest in the Losgann/Froskelår discovery in the North Sea and obtain both operatorship and a majority holding in the Slagugle area in the Norwegian Sea.
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Aker BP will take Apache’s operated stake in the UK portion of the Losgann discovery, which is adjacent to the Froskelår discovery on the Norwegian side.
Losgann and Froskelår together form a cross-border oil and gas accumulation located along the UK-Norway median line. Neither part of the discovery has yet been developed.
Through the acquisition of Apache’s interest, Aker BP aims to take over operatorship on both sides of the boundary, subject to required consents.
Aker BP CEO Karl Johnny Hersvik said: “Losgann and Froskelår are two names for the same discovery. By bringing ownership, operatorship and development responsibility together, we improve the prospects of moving the project towards development and creating value from resources located close to existing infrastructure.”
The company views the Losgann/Froskelår find as a potential tie-back project to the Alvheim area. This latest move aligns with Aker BP’s goal of maximising value through infrastructure-led development and expansion around its established operating hubs.
In the other transaction, Aker BP has signed an agreement with ConocoPhillips Skandinavia to acquire a 51% operated working interest in the Slagugle area.
Upon completion, ConocoPhillips will continue as a non-operator with a 29% share and INPEX Idemitsu Norge will hold 20%.
The Slagugle area includes the main oil discovery and comprises licences PL891, PL891B and PL891C around 20km north of the Heidrun field.
Three wells drilled in the Slagugle area since 2020 have proven approximately 50 million barrels gross of recoverable oil in the main structure.
A subsea development concept has been partially advanced and further exploration is planned to increase potential resources.
The completion of both transactions will require approval from the relevant authorities and fulfilment of standard conditions.
Aker BP and Equinor recently concluded drilling operations at the Svarteknippa site in the Norwegian North Sea, without discovering any hydrocarbons.
