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.

We operate five assets: Alvheim, Ivar Aasen, Skarv, Ula and Valhall. We are a partner in Johan Sverdrup.

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 (2020)

CEO
Karl Johnny Hersvik

Ownership
Aker ASA (37,14 %)
BP (27,85 %)
Other (35,01 %)

Employees
1,735

Production
223.1 thousand barrels
per day

Licenses
135

Earnings
2,128 USD
million (EBITDA) 

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

Values

Our values are enquiring, responsible, predictable, committed 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.

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

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 shall be able to unlock the maximum value inherent in our assets.

Strategy

Strategic goals

Uptime
over 95 %

CO2 intensity
below 5 kg/boe

Production cost
below 7 USD/boe

Zero
unwanted incidents

Operational excellence

Operational excellence is the cornerstone of everything we do. A solid operating model creates the basis for further growth.

Strategic goals

Efficient operations result in reduced costs, increased production and better safety.

We work to improve processes and develop digital tools throughout the company.

The Aker BP model

We will realise the maximum value of our fields through the five building blocks of the Aker BP model

Aker BP model

Aker BP contributes to the transition in the oil and gas industry through digitalisation and work in alliances. We constantly work to increase value creation from our fields. The Aker BP model consists of five elements:

  • Value-driven mergers and acquisitions
  • Curious and competent teams with a culture for value creation
  • Applying technology and digital solutions, willingness to invest in asset development
  • A standardised, highly effective operating model
  • Supply chain approach: alliances, strategic partnerships and flexible business models

Financial robustness

We shall secure financial flexibility and maintain a high investment-grade credit rating.

Financial balance

Net debt < 1,5 x EBITDAX

Financial capacity

Minimum $ 2 billion in liquidity reserves

Value driven growth

We will increase production from the project portfolio with a break-even lower than USD 30 per barrel.

We will develop our portfolio of early phase projects, making Final Investment Decisions for many of them by 2022, while maintaining our resilience in the face of fluctuating oil and gas prices. We plan to increase our daily production significantly over the next ten years.

Develop a solid growth portfolio

>500 mmboe of non-sanctioned resources

Large portfolio of growth options ranging from IOR opportunities to greenfield developments.

Maintain resilience

Sanction projects < 30 USD/bbl

We use investment criteria that ensure resilience through price cycles.

Contribute to the green energy transition

Aker BP is an oil and gas company. We cannot influence the consumption of fossil fuels, but we have an important role to play in the energy transition.

Aker BPs climate strategy is integrated in our business decisions, and we contribute through:

Reducing emissions

Our emissions intensity shall continue to be substantially lower than the global industry average.

Generating revenue

Our owners and the authorities can use these funds to invest in the
green energy transition.

Supporting development of green technologies

We will help shape solutions and support the establishment of new industries.

Sharing knowledge and solutions

We will share data, our experience and solutions with the rest of the industry and other sectors.

We will change the oil and gas industry

Aker BP is a pure play upstream oil and gas company.

We produce energy that the world depends on, and we contribute raw materials to a wide range of products used in our daily lives.

The work we do creates workplaces and value for our owners and society.

We are proud of who we are and what we do.

Access to energy is essential for our modern way of life.

A global upheaval in the energy chain affects us all.

It is a shift that will require massive financial resources.

As will the creation of new industries and workplaces.
Through it all, we want to ensure the continuation of our welfare state.
This is a challenge of unprecedented scale.

Oil and gas are natural resources that have helped create Norway’s national wealth and built the foundation for our welfare state, but the oil and gas industry is obliged to address the seriousness in today’s situation. Our shared resources must be managed in a way that returns more to society.

That is why we intend to change the oil and gas industry.

We want the industry to work closer together and share more.

We will build the foundation for new industries to emerge.

We will reduce emissions from our own operations.

And we will increase our profitability.

We create

Managing shared natural resources means at the same time managing the trust that has been placed in us.

We take this responsibility seriously.

That is why we will maximize value by utilizing available resources in the best possible manner, keeping costs low and emissions at a minimum.

To reach these goals, we always strive to outperform ourselves: Always do our very best. Always seek improvement.

This approach makes us an investment opportunity, with an attractive return for shareholders and access to capital for the company, preparing the ground for further growth.

In the coming years, we will increase our production and maximize profitability.

Our projects remain profitable even when oil prices are low.

We know that the most valuable and cleanest barrels are those that can be produced using infrastructure that is already in place. That is why our exploration activities are mainly concentrated around existing fields.

This enables our model for increased value creation to be expanded. In addition to developing new fields we are acquiring new quality assets.

This is how we will continue to grow and make the Aker BP model the best-in-class method for future oil and gas production.

We learn

Aker BP’s roots reach back to the very beginning of Norway’s oil exploration era.

Our two main owners, Aker and BP, have been drivers of industrial development for more than a century.

Managing this proud history is a responsibility we take seriously.

Accordingly, our value creation will take place in a sustainable and safe manner.

Whenever we plan for the future, we base it on past learnings. Our history and expertise provide us with insight into the solutions of tomorrow.

Looking to the future, we expect rapid and fundamental change.

We prepare ourselves for the new dynamic by remaining flexible and willing to embrace change.

Our successes as well as mistakes that we have learned from, have not only driven company development, but have resulted in individual growth and growth for the community of which we are a part.  
Our day-to-day work life is not just about “doing a job,” it is a continuous education.

We cooperate

We tackle major challenges by combining a willingness to invest with technological and digital innovation, and the expertise of creative problem solvers.

Data and solutions are shared across the business ecosystem we are a part of.

This is how we optimize our value chain, new working methods arise, and value creation improves.

Our long-term close integration of alliance partners has received international appreciation.

It is an approach that has resulted in start-up companies able to spread and share global solutions.
We work in a uniform way across our Assets, setting the standard for safe and cost-effective operations.

At Aker BP, programmers work with petroleum engineers and robotics experts team up with our maintenance crews.

Together we challenge commonly held «truths». As a result, we grow as individuals, and we advance our company and our industry.

It is never “them” and “us”. It is always “we”.

We contribute

We are proud of our achievements, and it is with pride that we pursue new goals and challenges.

We recognize that the world is facing serious climate change.

We are not afraid to acknowledge that we are part of the problem, however, we are equally unafraid to say that we are part of the solution.

The world undoubtedly will become less fossil-fuel dependent.

Nevertheless, oil and gas and renewable energy will continue to co-exist for several decades.

In all relevant scenarios in the Paris Agreement, petroleum will play a part.  

It is our belief that oil and gas producers with the lowest emissions and lowest costs will be tomorrow’s winners.

Being a winner is what we aim for, and we begin by reducing our own emissions.

Our value creation provides our owners with capital. In turn they can invest in alternative energy sources and new industries. 

These start-up companies cooperate with us.

We share our expertise and experience, helping new industries grow.
In return, we get access to forward looking solutions and new technology.
This is empowering us to improve our profitability and reduce our emissions.  

Tax revenues from our operations are not only important for maintaining the welfare state but vital to a successful transition to the renewable energy society.

This way, the oil and gas industry contribute in financing the energy transition.

We will become the leading E&P company on the Norwegian continental shelf through efficient teamwork in alliances, use of new technology and continuous improvement.

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 eight alliances. The objective is to plan and carry out the field developments and operation of our assets 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.

“We believe that long-term collaboration with our alliance partners in the alliance model will create value for all parties and ensure delivery of world-class projects.”

Camilla Leon
VP Projects – Subsea Alliance

Aker BP’s alliances

  • The Subsea Alliance: Aker BP, Subsea 7 and Aker Solutions
  • The Fixed Facility Alliance: Aker BP, Siemens, Aker Solutions and ABB
  • The Modification Alliance: Aker BP and Aker Solutions
  • The Jack-Up Alliance: Aker BP, Maersk Drilling and Halliburton
  • The Semi Alliance: Aker BP, Odfjell Drilling and Halliburton
  • The Asset Integrity Alliance: Aker BP, KAEFER, and FORCE Technology
  • The Intervention and Stimulation Alliance: Aker BP, Schlumberger and Stimwell

The alliance model

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