Aker BP has found an oil and fuel reservoir whereas drilling close to its Alvheim area within the North Sea, the Norwegian agency mentioned on Monday.

Known as Froskelaar (Frog’s Leg) Main, the reservoir is estimated to carry between 45 million and 153 million barrels of oil equivalents, and will straddle Norway’s maritime border with Britain, the corporate added.

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“The drilling operation will proceed, and a complete information assortment program will likely be carried out to find out the scale and high quality of the invention,” Aker BP mentioned in a press release.

When reserves are discovered to stretch throughout the British-Norwegian offshore border, the 2 nations share the income from manufacturing based mostly on estimates of how a lot oil and fuel is positioned on either side.

Aker BP is operator of the licence with a 60 % stake, whereas Sweden’s Lundin Petroleum and Eni’s Vaar Energi every maintain 20 %.

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Aker BP is 40 % owned by Norway’s Aker ASA and 30 % by BP Plc. 

Source: uk.reuters.com

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