Aker BP has agreed to acquire Equinor Energy’s 77.8% interest in the King Lear gas-condensate discovery in the Norwegian North Sea for $250 million with plans to develop it as a satellite to Ula field (OGJ Online, July 2, 2012).
Net recoverable resources in the King Lear discovery, 50 km south of Ula field on Blocks PL146 and PL333, are estimated at 77 million boe, according to data from the Norwegian Petroleum Directorate. The King Lear discovery was made in 1989 in the Ekofisk area of the Norwegian Continental Shelf.
Including the increased oil recovery potential from Ula, Aker BP estimates a total resource addition of more than 100 million boe net to the company.
Total E&P Norge holds the remaining 22.2% interest. The transaction is subject to approval by Norwegian authorities.
