Aker BP has reached an agreement to acquire working interest in eight licenses from Tullow Norge.
The transaction will see Aker BP strengthen its position in areas surrounding the Ula, North of Alvheim, Skarv and the Krafla/Askja areas.
Furthermore, the transaction includes 15 percent in the Oda (previously known as Butch) discovery in PL 405.
Oda field was discovered in 2011 and is located in the southern part of the North Sea, approximately 13 kilometers east of the Ula field. Recoverable reserves are estimated to be between 31 and 69 million barrels of oil equivalent, of which 95 percent is oil.
Oda field is developed with a subsea template, tied to the Ula field. From Ula oil will be exported to Ekofisk and into Norpipe to Teesside terminal in England. The produced gas from Oda is to be injected into the Ula reservoir to increase oil recovery.
Centrica is operator of Oda and has a 40 percent stake. Partners are Suncor (30 percent), Aker BP (15 percent) and Faroe Petroleum (15 percent).
According to the operator, Oda is scheduled to start production in 2019, with peak production of about 35,000 barrels of oil equivalent per day.