Aker BP Bolsters Offshore Presence through Deals with Apache and ConocoPhillips

Aker BP has strengthened its position on the Norwegian Continental Shelf through two separate deals with Apache and ConocoPhillips.

The company will acquire Apache's operated interest in the UK section of the Losgann discovery, a single cross-border accumulation along the UK-Norway median line. This deal will give Aker BP operatorship on both sides of the accumulation, supporting potential development near its Alvheim facilities offshore Norway.

Aker BP's CEO Karl Johnny Hersvik said, 'Losgann and Froskelar 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.'

In a separate transaction, Aker BP will acquire from ConocoPhillips Skandinavia AS operatorship and a 51% working interest in the Slagugle area in the Norwegian Sea. The Slagugle area contains an estimated 50 million gross barrels of recoverable oil.