Aker BP has strengthened its position in the North Sea following a strategic asset swap with JAPEX Norge, the Norwegian subsidiary of Japan Petroleum Exploration Co., Ltd. (JAPEX). The deal marks a key development in Aker BP’s ongoing expansion in Norway’s offshore oil and gas sector.
Under the agreement, Aker BP will acquire JAPEX’s Northern North Sea portfolio in exchange for a 10% interest in the Alve Nord development and a 3.5% stake in the Verdande development. In addition to the asset swap, Aker BP will receive $14 million in cash.
The transaction follows JAPEX’s recent purchase of a 50.1% interest in Longboat JAPEX Norge (LJN) from its former partner, Longboat Energy, for $2.5 million. Longboat exited Norway to refocus its exploration and production activities on Southeast Asia, citing stronger growth prospects in the region for smaller operators.
The asset package Aker BP is acquiring includes a 15% interest in the Kjøttkake discovery (PL1182S), increasing its total stake to 45%, a 10% interest in the Kveikje discovery (PL293B/PL293CS), and a 20% stake in the PL1212S license. The effective date of the transaction is set for January 1, 2025, and remains subject to regulatory approval by Norwegian authorities.
“With this deal, Aker BP strengthens its position in a high-potential cluster of discoveries by boosting its stake in Kjøttkake and entering the promising Kveikje prospect,” the company stated.
On the other side of the swap, the Alve Nord and Verdande developments are considered strategic assets. Verdande, operated by Equinor, received final approval in late 2022 and is expected to come online in the fourth quarter of 2025. The project comprises the Cape Vulture and Alve North-East discoveries, proven in 2017 and 2020, respectively.
Equinor and its partners believe Verdande will extend the operational life of the Norne FPSO, with the potential to deliver an additional 11 million barrels of oil equivalent by 2035.
JAPEX’s divestment of its Northern North Sea holdings comes shortly after the company offloaded its UK operations to Ithaca Energy, further signaling a strategic pivot.
Meanwhile, Aker BP continues to advance its North Sea activities, including a major oil and gas development where a new offshore jacket structure was recently installed along the Norwegian coast.
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