Aker BP announced on Monday that it has completed the $205 million acquisition of Total E&P Norge's Norwegian continental shelf portfolio. Aker BP first announced the deal in July, and this week said all closing conditions have been fulfilled, and the closing of the transaction has now taken place.

The portfolio of 11 licenses includes four discoveries with net recoverable resources of 83 million barrels oil equivalents (mmboe), based on estimates from the Norwegian Petroleum Directorate.

Two of the discoveries, Trell and Trine, are located near the Aker BP-operated Alvheim field and are expected to be produced through the Alvheim FPSO. The Alve Nord discovery is located north of the Aker BP-operated Skarv field, and can be produced through the Skarv FPSO. The Rind discovery is part of the NOAKA area where the total recoverable resources are estimated to more than 500 mmboe, and where Aker BP is working towards a new area development. In addition to these discoveries, the transaction also provides the company with increased interest in exploration acreage near the Aker BP-operated Ula field. The transaction is subject to approval by Norwegian authorities.

"We see a huge value creation potential in maximizing production through our operated production hubs, said Karl Johnny Hersvik, CEO of Aker BP, at the time that the deal was first announced in July. "This requires continuous development and optimization of the existing reserves and resources, as well as adding new resources through exploration and acquisitions of existing discoveries.

"With this transaction, we get access to new tie-back opportunities in the Alvheim and Skarv areas, we strengthen our resource base in the NOAKA area, and we increase our interest in exploration acreage near the Ula field. These new resources will further strengthen our long term production profile and contribute positively to future earnings."

The following table sets out the license interests covered by the transaction: