By Dominic Chopping

Aker BP UK, a newly established unit of Norway's Aker BP ASA, said Wednesday that it has agreed with Eni UK to take over a 50% interest in licence P2511 on the U.K. Continental Shelf.

Licence P2511 is located on the borderline of the Norwegian continental shelf and Aker BP said it has made several discoveries in the Alvheim area on the Norwegian side, following a successful exploration campaign in 2019.

"The key objective for the newly established partnership between Eni UK and Aker BP UK is to explore the resource potential across the U.K. border in the greater Alvheim area," Aker BP said.

Eni UK will remain operator.

The assignment transaction is to be formally approved by the U.K. Oil & Gas Authority.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

March 24, 2021 08:02 ET (12:02 GMT)

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