Aker BP completed the sale of 10% of the Valhall and Hod fields to Pandion Energy on 22 December 2017, after completing the acquisition of Hess Norge on the same date. The deal was first announced on 4 December 2017 for an undisclosed consideration. Valhall and Hod are located in the SW corner of block 2/8 and the NW corner of block 2/11, proximate to the Danish maritime boundary, and licensed via PL006 B, PL033 and PL033 B. Valhall came online in October 1982 and has produced 746 MMbo and 933 Bcfg from Late Cretaceous Hod and Tor formations, to end September 2017. Hod Field production commenced in September 1990, with cumulative output (to September 2017) of 62 MMbo and 65 Bcfg from Hod & Tor formations and the Early Paleocene Ekofisk Formation. Valhall and Hod had combined average output of 32,100 bo/d and 38.8 MMcfg/d (39 MMboe/d) for the 12 months to September 2017, with an estimated 232 MMboe combined remaining recoverable reserves (77% oil), however Aker BP is targeting 500 MMboe further production from the fields. Aker BP first agreed to acquire Valhall & Hod partner Hess Norge in October 2017 for US$ 2 billion cash, with Aker BP to gain Hess' US$ 1.5 billion tax loss carry forward. Revised PL006 B, PL033, PL033 B, Valhall Field and Hod Field participants Aker BP ASA (90% + Op) and Pandion Energy (10%).
Aker BP (->90%) completed the sale of 10% of the Valhall and Hod fields (PL 006 B, PL 033 and PL 033 B blocks) to Pandion Energy.