Who we are

Aker BP explores for and produces oil and gas on the Norwegian continental shelf. In production we are one of the largest independent listed oil companies in Europe.

The company operates the field centres Valhall, Ula, Edvard Grieg/Ivar Aasen, Alvheim and Skarv, and is a partner in the Johan Sverdrup field.

Our headquarters is in Fornebu, outside Oslo, and we have offices in Stavanger, Trondheim, Harstad and Sandnessjøen.

Aker BP is listed on the Oslo Stock Exchange with the ticker AKRBP.

We produce energy that the world needs, and create value for the Norwegian society and our shareholders.​

Key information (2022)

CEO
Karl Johnny Hersvik

Ownership
Aker ASA (21,2 %)
BP (15,9 %)
Other (63 %)

Employees
2,441

Production
~400 thousand barrels
per day

Licenses
183

Earnings
8,291 USD
million (EBITDA) 

Aker BP shall be among the most carbon-efficient operators in the world.

Values

Our values are seekers, accountable, foreseeable, enthusiastic and respectful.

We are curious and seek out new and better solutions. We put safety first and strive to create value for our owners and for society. We have high ethical standards. We value diversity and respect our colleagues and those we cooperate with.

Ethics and compliance

Our Code of Conduct is our main governing document that sets out requirements and expectations for ethical business conduct. The code of conduct applies for Aker BP’s employees and those acting for or on behalf of Aker BP.

Aker BP has zero tolerance for corruption and our anti-corruption policy provides a detailed guidance to employees and those acting on behalf of Aker BP to identify and prevent corruption in their day to day work.

We support and acknowledge fundamental human and labour rights principles as reflected in our Human Rights Policy.

In Aker BP we encourage employees to speak up about negative conditions which are in breach of Aker BP’s Code of Conduct, policies, procedures and any applicable rules. We also welcome concerns raised by external parties who work for or with Aker BP.

We are committed to living up to our values and reputation. Robust, fair and ethically responsible business practices are crucial for our success.

Strategy


Our vision is to be the exploration and production company of the future

Our strategic beliefs

Our vision is based on the belief that the world needs affordable, sustainable and reliable energy, and that oil and gas will remain a crucial part of the energy mix for decades to come. As a reliable energy producer, we are dedicated to supplying low-cost oil and gas produced with low greenhouse gas emission intensity.

The world needs affordable, sustainable and reliable energy

Oil and gas will remain a crucial part of the energy mix

New investments will be needed for decades to come

Low-cost barrels from Norway, produced with low greenhouse gas intensity, are well-positioned

Our strategic priorities

Our strategy defines how we will achieve our vision to be the exploration and production company of the future. We have identified six strategic priorities to realise this vision, and these are backed up by concrete action plans. Below follows a summary of the six priorities:

Operate safely and efficiently

Operating safely and efficiently is the basis of our company. We prioritise the safety of our people and integrity of our operations. Our goal is to be the best in safety and uptime, with industry-leading production costs.

Decarbonise our business

We are reducing greenhouse gas emissions from our own operations (scope 1 and 2) while contributing to meet the energy demands of Europe and the world. We aim to minimise the environmental footprint of our activities by actively seeking and implementing advanced technologies and innovative practices.

Deliver growth on quality, cost and time

We sanctioned a diversified portfolio of highly attractive development projects at the end of 2022. Delivering this portfolio on quality, cost and time is one of our top priorities and is critical to maximising value creation and growing our production.

Establish the next wave of profitable growth options

We aim to maintain a strong portfolio of new development opportunities through active exploration, leveraging advanced technologies and innovation to enhance our resource potential, and pursuing strategic business development opportunities that drive value.

Lead the transformation of exploration and production

We believe that the exploration and production company of the future is the one that best adapts to a new reality with increasingly higher demands for safe operations, low emissions and cost efficiency. As the Norwegian continental shelf becomes more complex, our goal is to develop smaller, more complex discoveries faster and at lower costs. To achieve this, we must transform Aker BP by leveraging technology, artificial intelligence and digitalisation. We will lead the transformation of exploration and production.

Create the most attractive place to work

Our people are our most important asset to deliver on our ambitious agenda.

Strategic goals

Zero
serious incidents

Uptime
over 95%

Production cost
below 7 USD/boe

Equity share scope
1 and 2 GHG
intensity below
 4 kg CO2e/boe

Our purpose is to return maximum value to our shareholders and our society

Alliances

Aker BP restructures the value chain. Working in alliances with strategic partners changes the way we work. The partnerships work as a separate organisation, and carry out the projects faster and better.

The purpose of the alliance model is to create value for the alliance partners through long-term collaboration.

Aker BP works with strategic partners in seven alliances. The objective is to plan and carry out the field developments and drilling operations in a safe and cost-effective manner, and set a new standard for deliveries on the Norwegian shelf.

Each alliance is assembled to solve specific tasks, and to make better use of the project potential of the project. As a result we spend fewer engineering hours and reduce both costs and construction hours in the projects.

Building strong, long-term relationships with alliance partners breeds trust, continuous learning and shared success. We improve quality while reducing time and cost. This creates value for all Alliance partners.

Ragnhild Abercrombie
VP D&W – Operations Intervention Alliance

Aker BP’s alliances

  • The Subsea Alliance: Aker BP, Subsea 7 and OneSubsea
  • The Fixed Facility Alliance: Aker BP, Siemens and Aker Solutions
  • The Fixed Facility Alliance: Aker BP, ABB and Aker Solutions
  • The Modification Alliance: Aker BP and Aker Solutions
  • The Jack-Up Alliance: Aker BP, Noble and Halliburton
  • The Semi Alliance: Aker BP, Odfjell Drilling and Halliburton
  • The Intervention and Stimulation Alliance: Aker BP, SLB and Stimwell

Technology and digitalisation

Digitalisation is a key to improvement. The digital program Eureka is Aker BP’s hub for transformation and business optimisation, where cross-functional teams work to solve specific tasks. Through Eureka, Aker BP has taken a leading role in the digitalisation of the oil and gas industry.

The Cognite Data Fusion platform has been essential in Eureka’s success. Cognite was established in 2017 by Aker BP in collaboration with Aker ASA and IT innovator John Markus Lervik. The goal was to develop a new industrial data platform that could make all Aker BP data available to authorised users inside and outside the company, at any time, on all devices, and with extremely low latency.

The software organises data in ways that make sense to both algorithms and humans. Thus, Aker BP can develop applications, analyses and create models on the basis of data obtained from sensors, work orders, piping and instrumentation diagrams, subsea installations and wells.

Aker BP approaches digitalisation by focusing on the transformation of five core end-to-end processes . It will continue to co-develop products with large value creation potential following a few strategic requirements:     

  • No cyber-attacks having a significant impact on business or operations
  • Aker BP work in an integrated and seamless manner in a fully digital and Cloud-native eco-system
  • All strategic and operational data is made available to the user at the right quality and time
  • Agile workforce capable of quickly adapting to and utilising digital solutions

Integrated operations

Development of new digital tools, improvement of processes and new ways of working. These are important elements in the work to achieve our goals of lower emissions, better safety, increased efficiency and lower costs.

Aker BP has established a competence centre for integrated operations that works across the organisation. The centre provides support in process improvement and digital development throughout the value chain – from field development to implementation of maintenance and operations offshore.

The goal is to create a shared operating model and digital operations support for all our fields, which will reduce costs and emissions, and increase production.

Data-driven decisions

Access to data, across departments and functions, enables us to make better decisions. The department for integrated operations is responsible for ensuring that decisions are supported with data-driven insights and analyses based on facts.

Aker BP collaborates with suppliers to develop new technology and better ways to execute tasks, based on shared data. We place great emphasis on developing methods where we can safely solve a great number of tasks from shore.

Hege Fjell Urdahl

VP Integrated Operations