Norwegian operator Aker BP will strengthen its presence in the North Sea through an asset swap agreement with DNO ASA. This strategic move will allow it to take over the operation of the Kjøttkake field during its development phase and consolidate its position in the Alvheim area.
Key assets in the North Sea under new allocation
With this move, Aker BP enhances its position in several key licenses, including the producing Vilje field and the Kveikje discovery. In turn, the company will take over management of the Kjøttkake field, a decision that reflects its ability to execute projects nimbly and efficiently. The integration of Kjøttkake into its portfolio opens up the possibility of connecting with existing infrastructure in the region.
The agreement provides for Aker BP to divest its interest in the Verdande field to DNO. In exchange, the operator increases its participation in licenses such as PL036D (Vilje), PL293B and PL293CS (Kveikje), as well as in other explorations such as PL1171, PL1175 and PL1204.
DNO strengthens its presence in Verdande
For its part, DNO strengthens its position in the Verdande fieldfield, increasing its stake from 10.5% to 14%, in line with its strategy of concentrating on key assets following the acquisition of Sval Energi. The company reduces its exposure to non-core assets such as Vilje and certain exploration permits.
Both companies stress that collaboration is key to maximizing resource recovery and generating value. The transfer of the Kjøttkake operation to Aker BP enables a clear path to faster and more efficient development, which could translate into earlier production of hydrocarbons.
This strategic exchange reconfigures the participation of both companies in the North Sea. North Seaoptimizing their portfolios to better suit their long-term objectives.
Source and photo: Aker BP
