Asset A&D

Aker BP Acquires a 50% Interest in License P2511 in the UK North Sea

By Isha Makkar
March 24, 2021
a minute read

OSE-listed Aker BP ASA, through its newly-established subsidiary Aker BP UK Ltd., has entered into an agreement with integrated energy company Eni SpA to acquire a 50% interest in production license P2511 in the UK North Sea. Upon completion, Eni’s subsidiary Eni UK Ltd. will hold a 50% operated interest in the license, with Aker BP UK holding the remaining 50% interest.

P2511 (Blocks 9/23c, 9/24a, 9/27a, 9/28c, and 9/29b) covers an area of approximately 340 sq. km in the Alvheim area of the central UK North Sea, situated approximately 250 sq. km offshore UK in water depths ranging between 100-130 m. The license was awarded to Eni as part of the 32nd UK Offshore Licensing Round in 2020, with an initial exploration term of six years.

The partnership between Eni UK and Aker BP UK is aimed at exploring the resource potential across the UK border in the greater Alvheim area. Following a successful exploration campaign in 2019, Aker BP as operator has made several discoveries in the Alvheim area on the Norwegian side

Norway-based Aker BP is focused on exploration, development, and production activities on the Norwegian Continental Shelf.

Headquartered in Rome, Eni is engaged in exploration & production, gas & power, and refining & marketing operations in 67 countries.

The transaction is subject to customary closing conditions, including the approval of the UK Oil & Gas Authority.

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