Norwegian oil and gas firm Pandion Energy has agreed to acquire a stake of 10% in the Valhall oilfield in the southern Norwegian North Sea from Aker BP for an undisclosed price.

Included in the transaction are the three licenses PL006B, PL033 and PL033B.

Aker BP is the operator of the oilfield, which would reduce its stake to 90% after the completion of the transaction.

Until late October, Aker BP was partnered by Hess Norge, which held a stake of around 64% in the giant oilfield. However, Aker BP acquired Hess Norge, the Norwegian operations of US-based oil company Hess in a $2bn deal to take its stakes in the Valhall and Hod fields to 100%.

The Valhall oilfield, which was discovered in 1975, has been in production since 1982. Along with Hod field, the Valhall field has delivered more than a billion barrels of oil equivalent.

After a new combined production and hotel platform was commissioned in 2013, the oilfield has taken its production to 37.5 kboepd and is likely to continue to produce for several years.

Aker BP is looking to see a production of another 500 million barrels of oil equivalent from the Valhall field whose license period will be expiring in 2028.

Pandion Energy CEO Jan Christian Ellefsen said: “We are pleased and proud to be chosen by Aker BP to partner on such a high quality asset.

“By acquiring a 10 percent interest in Valhall, Pandion Energy gains exposure to a material production base with significant value-creation potential through near-term growth projects and substantial resource upside from field redevelopment, appraisal and exploration opportunities.”

The transaction would be subject to an approval from the Norwegian Ministry of Petroleum and Energy among other customary conditions.

Established in November 2016, Pandion Energy has a stake of 20% in the Cara discovery located on the Norwegian Continental Shelf, which is operated by Engie E&P.