Norwegian Oil and Gas Players OKEA and Aker BP Strike Deal for North Sea Exploration
Norwegian oil and gas players, OKEA and Aker BP, have struck a deal that will see OKEA acquiring a 35% working interest in the southern part of PL1102/PL1102B, which includes the Tverrdal prospect. This agreement enables OKEA to strengthen its position in the greater Brage area, located in the North Sea off the coast of Norway.
The Tverrdal prospect, situated approximately 13 kilometers north of the Brage platform, is operated by Aker BP and is slated for a drill-or-drop decision in May 2025. The effective date of the transaction is set for January 1, 2025.
OKEA has disclosed that the PL1102/1102B licensees are in the process of applying for a division of the licenses into northern and southern parts. The deal with Aker BP pertains to the southern part of the license and is contingent upon governmental approval of the division.
Upon completion of the transaction, the partners in the licenses will consist of Aker BP (20%), DNO Norge (30%), Equinor (15%), and OKEA (35%). This acquisition is subject to government approval before finalization.
This collaboration between OKEA and Aker BP follows closely on the heels of a previous agreement between OKEA and DNO to exchange partial stakes in two prospects located off the coast of Norway.