Norwegian firm getting a stake in North Sea prospect ahead of drill-or-drop decision

Norwegian oil and gas players, OKEA and Aker BP, have struck a deal, which enables the former to get an interest in a prospect the latter is contemplating to drill in a bid to find more hydrocarbons in the North Sea off the coast of Norway.

The agreement with Aker BP enables OKEA to acquire a 35% working interest in the southern part of PL1102/PL1102B, containing the Tverrdal prospect. The effective date of the transaction is January 1, 2025.

The company claims that this farm-in deal strengthens its position in the greater Brage area, as Tverrdal is located approximately 13 kilometers north of the Brage platform. The prospect, operated by Aker BP, is scheduled for a drill-or-drop decision in May 2025. 

According to OKEA, the PL1102/1102B licensees are applying for a division of the licenses in the northern and southern parts; thus, the agreement with Aker BP is related to the southern part, subject to governmental approval of the division.

Following the transaction, partners in the licenses will be Aker BP (20%), DNO Norge (30%), Equinor (15%), and OKEA (35%). This acquisition is still subject to government approval.

The deal with Aker BP comes only months after OKEA and DNO agreed to exchange partial stakes in two prospects off the coast of Norway.