Norwegian oil exploration and development company Aker BP has signed an agreement to purchase interests in a portfolio of 11 offshore licences on the Norwegian Continental Shelf (NCS) from Total E&P Norge for $205m in cash.

According to the Norwegian Petroleum Directorate, the portfolio contains four discoveries, including Trell, Trine, Alve Nord, and Rind, with net recoverable reserves of 83 million barrels of oil.

Trell and Trine are located near the company’s Alvheim field in the North Sea, which will start production through the Alvheim FPSO.

Located north of the company’s Skarv field, Alve Nord discovery will start production through the Skarv FPSO.

“This requires continuous development and optimisation of the existing reserves and resources, as well as adding new resources through exploration and acquisitions of existing discoveries.”

The Rind discovery is part of the Noaka area, which has an estimated total recoverable reserves of more than 500 million barrels of oil equivalent. The company is currently working towards a new development in the area.

Aker BP CEO Karl Johnny Hersvik said: “We see a huge value creation potential in maximising production through our operated production hubs.

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“This requires continuous development and optimisation of the existing reserves and resources, as well as adding new resources through exploration and acquisitions of existing discoveries.

“With this transaction, we get access to new tie-back opportunities in the Alvheim and Skarv areas, we strengthen our resource base in the Noaka area, and we increase our interest in exploration acreage near the Ula field.”

The acquisition of the 11 offshore licences allows Aker BP to gain increased interest in exploration acreage near its Ula field. It is currently subject to approval by Norwegian authorities.