The agreement will give BP, the operator of the two fields, a 43.8 per cent interest in Valhall and 50 per cent in Hod, subject to third party consents and government approval. The deal has an effective date of 1 January, 2010.
“This acquisition strengthens our existing business in Norway and in the North Sea, through access to price-leveraged barrels in a giant resource. By applying technology and the use of improved oil recovery techniques, we intend to significantly increase the recovery of oil from the fields and hope to extend the life of Valhall for decades to come,” said Rebecca Wiles, Managing Director of BP Norge AS.
“As the operator of Valhall and Hod, we know the fields well, and with a new field centre platform being installed later this year, we are confident that Valhall can produce until at least 2050. This investment demonstrates our confidence in our business in Norway,” said Wiles.
BP press office, London: +44 (0)20 7496 4076, email@example.com
Olav Fjellsa, BP Norge: +47 52 01 34 90