Aker BP has entered into two separate agreements to strengthen its position around existing infrastructure on the Norwegian Continental Shelf. The transactions involve the Losgann/Froskelår discovery in the North Sea and the Slagugle area in the Norwegian Sea.
The agreements are part of Aker BP’s strategy of developing resources close to established production hubs. The company expects the transactions to provide opportunities to progress discoveries towards potential development while making use of existing infrastructure.
In the North Sea, Aker BP has agreed to acquire Apache’s operated interest in the UK part of the Losgann discovery. Together with the Froskelår discovery on the Norwegian Continental Shelf, Losgann forms a single cross-border accumulation located along the UK-Norway median line.
The discovery has not yet been developed. Following completion of the transaction and receipt of required approvals, Aker BP expects to establish operatorship on both sides of the accumulation. The company believes bringing ownership, operatorship and development responsibility together could improve the prospects of developing the resource.
“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,” said Karl Johnny Hersvik, CEO of Aker BP.
The Losgann/Froskelår discovery is considered a potential tie-back opportunity to the Alvheim area, supporting Aker BP’s infrastructure-led development strategy. In the Norwegian Sea, Aker BP has agreed to acquire operatorship and a 51% working interest in the Slagugle area from ConocoPhillips Skandinavia AS. Following completion, ConocoPhillips will retain a 29% non-operated interest, while INPEX Idemitsu Norge AS will hold the remaining 20%.
The transaction marks Aker BP’s return to the licence after seven years. During this period, ConocoPhillips and its partners carried out exploration and appraisal work to advance understanding of the area. The Slagugle area comprises PL891, PL891B and PL891C and includes the main Slagugle oil discovery. It is located about 20 kilometres north of the Heidrun field and around 270 kilometres north of Kristiansund.
Three wells were drilled between 2020 and 2025, comprising one discovery well and two appraisal wells. These wells have established around 50 million barrels of gross recoverable oil from the main Slagugle structure. A subsea development concept has also been partly developed, while additional exploration is being considered to increase the resource base.
“The Slagugle area is located close to our Skarv field, and we see attractive potential to add resources through further exploration in the licence,” Mr Hersvik said. Both transactions remain subject to regulatory approvals and other customary completion conditions.
Aker BP is engaged in exploration, field development and production of oil and gas on the Norwegian Continental Shelf. The company operates the Alvheim, Eiga, Skarv, Ula and Valhall field centres and is also developing Yggdrasil. It is headquartered at Fornebu and listed on the Oslo Stock Exchange under the ticker AKRBP.
