Aker BP ASA https://akerbp.com/en Aker BP ASA Tue, 19 Jan 2021 08:55:13 +0000 ENH hourly 1 https://wordpress.org/?v=5.5.3 Aker BP awarded 10 licenses in APA 2020 https://akerbp.com/en/aker-bp-awarded-10-licenses-in-apa-2020/ Tue, 19 Jan 2021 08:48:45 +0000 https://akerbp.com/?p=25101/
Aker BP has been offered interests in 10 new production licenses in Norway, of which 8 as operator, through the Awards in pre-defined areas (APA 2020) licensing round. Of the 10 production licenses awarded to […]
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Aker BP has been offered interests in 10 new production licenses in Norway, of which 8 as operator, through the Awards in pre-defined areas (APA 2020) licensing round.

Of the 10 production licenses awarded to Aker BP, 7 are located in the North Sea (all as operator) and 3 in the Norwegian Sea (1 as operator). 

  • We are very pleased with these awards. There are several interesting growth and new play opportunities in the licenses awarded to Aker BP today, says Evy Glørstad, Senior Vice President Exploration and Reservoir in Aker BP.
  • The annual APA awards continuous to be very important to Aker BP in order to maintain a high exploration activity in mature areas on the Norwegian shelf. These awards strengthen Aker BP’s position on the NCS and is a basis for continued exploration activity and value creation both in core areas and new grow opportunities, says Glørstad.

The APA 2020 awards were announced by the Ministry of Petroleum and Energy on Tuesday 19 January 2021. In total, 61 licenses were offered to a total of 30 companies. 

For more details on the awards, please see the announcement from the Ministry of Petroleum and Energy at http://oed.dep.no

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Aker BP ASA
Decision to develop the Gråsel discovery in 2021 https://akerbp.com/en/aker-bp-and-partners-make-gold-out-of-the-grasel-discovery/ Fri, 18 Dec 2020 05:56:12 +0000 https://akerbp.com/?p=25020/
Operator Aker BP and the Skarv partners (Equinor, Wintershall Dea and PGNiG) have decided to develop the Gråsel discovery in 2021.   The partners approved the final investment decision (DG3) for the Gråsel development on 17 December.  The Gråsel reservoir, which […]
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Operator Aker BP and the Skarv partners (Equinor, Wintershall Dea and PGNiG) have decided to develop the Gråsel discovery in 2021.  

The partners approved the final investment decision (DG3) for the Gråsel development on 17 December. 

The Gråsel reservoir, which extends over seven kilometers and is two kilometers wide, is situated above the Skarv reservoir in the Norwegian Sea, approx. 210 kilometers west of Sandnessjøen.  

Gråsel holds a total of around 13 million barrels of oil equivalent. The oil and gas production will utilize available capacity on the existing production vessel (FPSO) on the Skarv field. Total investment costs for the Gråsel project are around NOK 1.2 billion.  

– Based on a development solution with reuse of existing infrastructure, this project has become very profitable. The break-even-price is around USD 15 per barrel, says Mette Nygård, project manager for Gråsel. The tax measures adopted by the Storting in June, which entails faster tax depreciation, has made the project even more robust and accelerated the development.

The development consists of a new producer drilled from an existing well slot on the Skarv field, and injection support from a joint injector for Gråsel and Tilje. 

The successful early-phase work with Gråsel will be used as a model for future developments of smaller discoveries, which is one of Aker BP’s prioritized areas. Gråsel will also contribute to lifetime extension for the Skarv FPSO. 

The first oil from Gråsel is planned for the fourth quarter of 2021, in the same period as Ærfugl phase 2 will come on stream. 

– This will be the first time Aker BP links two projects to the same field center in the same year. This will be a milestone for the company. It also showcases how the excellent alliance collaboration with our suppliers contributes to safe and efficient project implementation, says Ine Dolve, SVP Operations and Asset Development at Aker BP. 

PS: Gråsel = grey seal in English 

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Aker BP ASA
Approved development plan for the Hod field https://akerbp.com/en/approved-development-plan-for-the-hod-field/ Tue, 08 Dec 2020 11:20:04 +0000 https://akerbp.com/?p=24972/
Link to MPE’s press release: Ny utbygging av Hod godkjent – regjeringen.no The approved PDO for the HOD development was personally handed over by the Minister of Petroleum and Energy […]
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The Minister of Petroleum and Energy Tina Bru (right) handed down the PDO for the development of the Hod field to the robot dog Spot, accompanied by Lene Landøy, SVP Strategy and Business Development at Aker BP.
The Minister of Petroleum and Energy Tina Bru (right) handed down the PDO for the development of the Hod field to the robot dog Spot, accompanied by Lene Landøy, SVP Strategy and Business Development at Aker BP.

The approved PDO for the HOD development was personally handed over by the Minister of Petroleum and Energy Tina Bru, to the robot dog Spot, to catch up from their last meeting; In June, it was Spot who, on behalf of operator Aker BP and partner Pandion Energy, submitted the Plan for development and operation to the Minister.

Hod is one of the first projects to be realized during the temporary changes in Norwegian petroleum taxation that the Storting approved in June.

The Hod development provides activity and jobs for suppliers located in all parts of Norway; Aker BP has already awarded 100 contracts above one million NOK to suppliers in 23 municipalities in nine counties around the country.

The Hod field will be developed in collaboration with Aker BP’s alliance partners with a normally unmanned installation remotely controlled from the Valhall field centre, with very low CO2 emissions due to power from shore.

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Aker BP ASA
100 Hod contracts awarded https://akerbp.com/en/100-hod-contracts-awarded/ Tue, 08 Dec 2020 11:20:02 +0000 https://akerbp.com/?p=24971/
The Hod development, which was kicked off in June as a direct consequence of the Storting’s stimulus package for the petroleum sector, is providing activity and jobs for supplier companies […]
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The Hod development, which was kicked off in June as a direct consequence of the Storting’s stimulus package for the petroleum sector, is providing activity and jobs for supplier companies all across Norway: To date, Aker BP has awarded one hundred contracts worth over one million kroner for construction of the Hod B platform.

The Hod development is the first in a series of development projects that will be realised during the temporary changes in Norwegian petroleum taxation that were adopted in June. The development plan (PDO) was approved by the Ministry of Petroleum and Energy on 8 December.

Contracts signed in nine counties

Three-quarters (75 per cent) of the contract values for construction of the Hod B platform and subsea installations have gone to Norwegian supplier companies.

The million-kroner contracts have been awarded to companies in a total of 23 municipalities in nine counties around the country – from cornerstone firms along the coast of Southern Norway, Western Norway and northward to Sandnessjøen – and also to a diverse range of companies in Eastern Norway. Many smaller orders come in addition to this.

So far, 100 contracts with a face value of more than one million kroner have been awarded to supplier companies.

“Marking the award of the 100th Hod contract confirms that projects like this create substantial values for the greater society, industry and our owners. The Hod development alone provides thousands of full-time equivalents for a Norwegian supplier industry that leads the world in a great many areas,” says Aker BP CEO Karl Johnny Hersvik.

The Hod field is being developed in cooperation with Aker BP’s alliance partners. The steel jacket and topsides are currently under construction at Kværner’s yard in Verdal, and will be transported to the field as early as summer 2021.

The majority of the 100 awarded contracts over one million kroner are partial deliveries to Aker BP’s alliances.

Quality deliveries

Examples of companies that contribute some of the world’s best knowledge, technology and equipment to Hod include:

  • Leirvik AS on Stord (emergency quarters & helideck),
  • National Oilwell Varco in Kristiansand (platform crane),
  • Beerenberg in Bergen (surface protection),
  • Parker Hannifin in Asker (hoses & couplings),
  • Autek AS in Drammen (instruments),
  • PG Flow Solutions in Holmestrand (pumps),
  • Tratec Halvorsen in Kvinesdal (tanks & filters),
  • Covent AS in Bjerkreim (air treatment facility),
  • Subsea 7 in Stavanger (seabed equipment/SURF),
  • Cre8 Systems in Sola (electrical and hydraulic systems),
  • Westcon Yards in Vindafjord (deck hatches),
  • Karmøy Trading in Karmøy (platform furnishing and fixtures, etc.),
  • ABB in Bergen and Oslo (control system),
  • Mare Safety in Ulsteinvik (MOB boat),
  • Aker Solutions in Moss (umbilicals) and in Sandnessjøen (prefabrication and steel components for the deck).

 “The Hod development consists of many high-quality deliveries from a large number of supplier firms spread across large parts of Norway,” says project manager for the Hod development, Rannveig Storebø.

“The diversity of the signed contracts demonstrates how many expert communities are involved in a project like this,” she adds.

About Hod

The Hod field is being developed with a normally unmanned installation that will be remotely operated from Valhall. The Hod field will have extremely low CO2 emissions due to power from shore.

The field is operated by Aker BP, which owns 90 per cent. Pandion Energy is the partner with a 10 per cent ownership interest.

Total investments in the Hod project are estimated at around NOK 5.7 billion.

Planned production start is in the first quarter of 2022.

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Aker BP ASA
Aker BP and Cognite Pioneer Robotics Deployment Offshore to Transform Oil and Gas Industry with Autonomous Mission https://akerbp.com/en/aker-bp-and-cognite-pioneer-robotics-deployment-offshore-to-transform-oil-and-gas-industry-with-autonomous-mission/ Tue, 24 Nov 2020 08:00:18 +0000 https://akerbp.com/?p=24886/
Cognite Data Fusion powers Spot, the Boston Dynamics quadruped robot dog, as it completes autonomous mission onboard Aker BP Skarv installation in the Norwegian Sea Nov. 24, 2020 // OSLO, […]
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Cognite Data Fusion powers Spot, the Boston Dynamics quadruped robot dog, as it completes autonomous mission onboard Aker BP Skarv installation in the Norwegian Sea

Foto: Øyvind Gravås, Woldcam AS

Nov. 24, 2020 // OSLO, Norway Cognite a global industrial AI software-as-a-service (SaaS) company supporting the full-scale digital transformation of heavy-asset industries around the world, has partnered with fully-fledged exploration and production company Aker BP to deploy Spot, the quadruped robotic dog, to pioneer the remote controlled offshore mission on the Skarv installation, 210 kilometers offshore in the Norwegian Sea.

The effort continues to build upon Aker BP and Cognite’s bold digital agenda to transform the industry through digitalization, which will result in improved efficiency, safety, and sustainability offshore.  This recent endeavor signals a significant opportunity to transform the oil and gas industry worldwide.

Aker BP is committed to affordable, reliable, sustainable, and modern energy for all, and using robotics is a strong part of this vision.  Spot’s work offshore is the next step in his journey as he was issued his official employee number in February at the Aker BP Capital Markets Day.  In addition Aker BP has a number of other projects involving drones and additional mobile robots to deliver on their vision of optimized remote operations using Cognite’s data driven technology.

Cognite’s main software product, Cognite Data Fusion (CDF), served as the data infrastructure for the offshore test which collected images, scans, sensors from robotics systems and then shared the data across Aker BP via a dashboard to make it actionable.  Tasks included: autonomous inspection, high-quality data capture, and automatic report generation.  These data insights provide onshore operators with telepresence on offshore installations allowing them complete realtime mission planning and help drive crucial activities.

The mobility of Spot offshore, and the communication between Spot, Cognite Data Fusion and Aker BP was both verified and tested.  Data from Spot was available and sorted in Cognite Data Fusion in milliseconds, and Spot was remote controlled from a Cognite home office onshore demonstrating how robots and digital twins can have synergies and enhance each other. In addition, data from an operator round was collected to analyze if the sensor-stack on Spot was sufficient to comply with the proposed task.

“We are eager to explore how robotics systems can make offshore operations safer, more efficient and more sustainable. The Spot’s offshore visit at Skarv FPSO is one small step towards Aker BP’s vision to digitalize all our operations from cradle to grave in order to increase productivity, enhance quality and improve the safety of our employees”, said Karl Johnny Hersvik, CEO of Aker BP.

Foto: Øyvind Gravås, Woldcam AS

“We can use missions like these to advance Spot’s capabilities and Cognite continues to lead the way in testing and validating Spot’s ability to reduce risk to humans and provide value in the energy industry,” said Michael Perry, Vice President of Business Development at Boston Dynamics.

“This historic pairing of minds and machines working together to solve industry problems demonstrates that data driven decisions can change industry now.”  said Dr. John Markus Lervik, CEO of Cognite. “This ability to guide Spot by remote control is a huge step forward for the industry and something we will continue to work closely with our partners on as we continue to innovate and provide data driven solutions.”

Cognite Data Fusion (CDF) is a cloud-based industrial data operations and intelligence platform, and it integrates seamlessly with existing IT and OT applications in the cloud, edge, and on-premise. CDF contextually enriches industrial data, providing an open, unified industrial data model that is easily accessible for humans and applications, enabling better analytical operations and data-driven decisions.

The video of the quadruped robot dog Spot being tested at Aker Solutions facilities in Sandnessjøen has been viewed more than 100 000 times at YouTube.

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Aker BP ASA Øyvind Gravås, Woldcam AS
Ærfugl phase 1 project starts production https://akerbp.com/en/aerfugl-phase-1-project-starts-production/ Fri, 13 Nov 2020 06:01:27 +0000 https://akerbp.com/?p=24854/
Operator Aker BP and partners Equinor, Wintershall Dea and PGNiG report that production has started from Ærfugl phase 1 in the Norwegian Sea. “I am very proud of the excellent […]
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Operator Aker BP and partners Equinor, Wintershall Dea and PGNiG report that production has started from Ærfugl phase 1 in the Norwegian Sea.

“I am very proud of the excellent performance shown by the Aker BP project team and our alliance partners to deliver this profitable project safely and efficiently on time and cost. This truly is One Team at its best,” says CEO in Aker BP, Karl Johnny Hersvik.

Ærfugl is one of the most profitable development projects on the Norwegian continental shelf. The initial estimated break-even oil price was USD 18.5 per barrel (converted from gas). Due to increased reserves, earlier production, stronger dollar and accelerated tax depreciation, the break-even price has improved to below USD 15 per barrel.

Aker BP’s goal is to produce oil and gas as efficiently as possible to return greater value from our oil and gas resources to investors and the society. The successful start-up of production from Ærfugl phase 1 demonstrates our ability to deliver on this strategy, Hersvik adds.

300 million barrels

The Ærfugl development is a major subsea project in two phases. Both phases are tied into the existing production vessel (FPSO) on the Skarv field, which is located approx. 210 km west of Sandnessjøen.

The Plan for Development and Operation (PDO) for Ærfugl was approved by the Ministry of Petroleum and Energy in April 2018.

The reservoir holds a total of around 300 million barrels of producible oil equivalents.

Total investment costs for the Ærfugl project (phase 1 and 2) are around NOK 8 billion.

Improvements

Reorganizing the value chain through strategic partnerships and alliances is an important part of Aker BP’s strategy.

“The subsea alliance, semi alliance and modification alliance have all been vital in this project. The alliances have not only been delivering on cost and schedule, despite Covid-19 related challenges; they have as well achieved major improvements since the PDO was approved, including significantly accelerated development of phase 2 and better economics,” says SVP Projects, Knut Sandvik.

Development of Ærfugl is enabled in particular by two new technologies:

  • More efficient drainage of reservoir through new vertical valve trees.
  • Long distance, electrically heated flow lines to avoid hydrates in the gas pipelines. This technology significantly improves heat efficiency compared with regular technology and enables longer tie-backs.

Reserves have as well increased since PDO due to continuous work to better understand the elongated reservoir.

Strengthening the Skarv area

“The Ærfugl field development is adding five years lifetime extension to the Skarv FPSO. Ærfugl is an important part of the area development and value creation in the area. When both phases of Ærfugl come on stream, we will significantly increase our utilization at the Skarv FPSO, representing roughly a doubling of production compared to current levels,” says Sverre Isak Bjørn, VP Operations & Asset Development, Skarv area.

“Production from the Ærfugl reservoir will also improve the energy efficiency. Consequently it will bring down CO2 emissions by 30-40% per barrel produced from Skarv FPSO,” Bjørn adds.

Exploration success in the area in 2019 gave fresh perspectives on the geology around Skarv, generating new ideas on drilling prospects in the coming years.

“We are collaborating closely with our license partners. Together we have developed a solid strategic foundation to bring Skarv into the future,” Bjørn adds.

Load out of Ærfugl subsea structures in Sandnessjøen in the autumn of 2019. The work was carried out by the Subsea Alliance.

Full speed for Phase 2

Phase 1, which develops the southern part of the Ærfugl field, consists of three new wells. Phase 2 consists of an additional three wells in the northern part of the field.

“The successful start-up of production from Phase 1 is a major milestone and a great achievement. However, there is no time to relax; we will keep momentum to safely deliver phase 2 on time and cost by the end of next year. Then we will celebrate,” says Project manager for the Ærfugl development project, Tom Storvik.

He points at the close and efficient collaboration in- and between the involved alliances as a key success factor for the successful execution.

“The Subsea alliance between Aker BP, Subsea 7 and Aker Solutions has demonstrated substantial improvements and increased value creation over several years. The performance by the rig alliance with Odfjell and Halliburton and the Modification alliance with Aker Solutions in collaboration with Kongsberg Maritime, has been key to these achievements. The production start-up of from Phase 1 shows how the alliances enable us to increase the value creation and to deliver in line with our ambitious improvement agenda,” Storvik adds.

FACTS ABOUT THE ÆRFUGL FIELD

  • The more than 60 km long and 2-3 km wide Ærfugl reservoir is a gas reservoir.
  • It holds a total of around 300 million barrels of producible oil equivalents.
  • Total investment costs for the Ærfugl project (phase 1 and 2) are around NOK 8 billion.
  • The total ‘life of field’ project has a break-even-price of below USD 15 per barrel (converted from gas). This makes the field development one of the most profitable being implemented on the Norwegian shelf.
  • Ærfugl was first put on stream with the test producer A-1H in 2013 and has since produced via Skarv FPSO.
  • In April this year, production started from the first Ærfugl phase 2 well – more than three years ahead of the original plan.
  • The remaining two “phase 2 wells” will come on stream in 2021.
  • The Ærfugl field produces via Skarv FPSO approximately 210 km west of Sandnessjøen.
  • The subsea modules have been completed in Sandnessjøen and then transported offshore.
  • The Ærfugl project has brought significant local ripple effects for local suppliers in the Helgeland region.
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Aker BP ASA Skarv FPSO, Aker BP
Third quarter 2020 results https://akerbp.com/en/third-quarter-2020-results-2/ Thu, 29 Oct 2020 05:21:41 +0000 https://akerbp.com/?p=24817/
Aker BP reported total income of USD 684 (590) million and operating profit of USD 242 (178) million for the third quarter 2020, positively impacted by higher oil and gas […]
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Aker BP reported total income of USD 684 (590) million and operating profit of USD 242 (178) million for the third quarter 2020, positively impacted by higher oil and gas prices. Net profit was USD 80 (170) million. All field development projects are on track, and the company is working to mature more projects from its large resource base towards final investment decision.

To participate in the conference call, please contact the conference call operator at the telephone numbers listed below. Please join the event 10 minutes prior to scheduled start time and provide the confirmation code or ask for Aker BP’s quarterly presentation.

Phone number Norway+47 2100 2610 
Phone number United Kingdom+44 (0)330 336 9125
Confirmation code2134794

Highlights

  • Total income increased to USD 684 million, positively impacted by higher oil and gas prices
  • Net profit of USD 80 million and free cash flow of USD 195 million
  • On track to deliver on 2020 production guidance
  • All field developments progressing according to plan, production start from Ærfugl phase 1 expected during Q4-2020
  • Further reducing 2020 capital spend by USD 100 million
  • Uniquely positioned to benefit from tax changes, aiming to make final investment decisions for projects with more than 500 mmboe of net resources by 2022
  • New long-dated bonds issued during the quarter, in total USD 1,250 million, further strengthening financial flexibility

“Third quarter 2020 was a strong quarter for Aker BP. We are well on track to deliver on our production guidance for the year, our development projects are progressing as planned, and we are keeping cost and emissions under control.”

“The recent tax changes provides improved investment conditions in Norway and Aker BP is uniquely  positioned to benefit from this opportunity through our large project hopper with low breakevens.”

Karl Johnny Hersvik, CEO of Aker BP

Third quarter 2020 summary

The company’s net production in the third quarter was 201.6 (209.8) thousand barrels of oil equivalents per day (mboepd), down four percent from the previous quarter due to planned maintenance, drilling operations and project activities at several fields. Due to underlift in the quarter, net sold volume was 187.7 (232.0) mboepd. The company maintains its full-year production estimate and has narrowed the guiding range to 210-215 mboepd.

Average realised liquids price was USD 42.7 (29.9) per barrel, while the realised price for natural gas averaged USD 0.12 (0.08) per standard cubic metre (scm), hence total income increased despite  the lower volumes being sold during the third quarter compared to the second quarter.  

Production costs for the oil and gas sold in the quarter amounted to USD 134 (196) million. Production cost per produced unit in the quarter amounted to USD 7.3 (9.1) per boe. The company has updated its guidance to approximately USD 8 per boe on average for the full year, representing a reduction of 20 percent compared to the original guidance at the Capital Markets Update in February this year, as all non-critical activities have been postponed and the weaker NOK favourably impacts the cost level.

Exploration expenses amounted to USD 32 (50) million and included costs of the Sørvesten well which was dry. Total cash spend on exploration was USD 54 (59) million. The company’s expected exploration spend is around USD 300 million for the full year, down USD 50 million compared to the previous guidance.

Depreciation was USD 269 (286) million, equivalent to USD 14.5 (15.0) per boe. Net financial expenses were USD 51 (27) million in the quarter. Profit before taxes amounted to USD 191 (151) million. Tax expense was USD 111 million, compared to a tax credit of USD 19 million in the previous quarter. The company reported a net profit of USD 80 (170) million for the third quarter.

Capital expenditure for the development of fixed assets amounted to USD 275 (372) million in the third quarter. All field development projects progressed according to plan. Full-year guidance for capital expenditure has been adjusted down with USD 50 million to USD 1,300 million. Abandonment expenditures were USD 35 (16) million. The company’s full-year estimate for abandonment spend remain unchanged.

Aker BP has implemented a wide range of measures to minimise the risk to people and operations from the COVID-19 pandemic, including reduced offshore manning, mandatory testing for all offshore personnel, social distancing, travel restrictions and working from home. The company has so far avoided any virus-related disruptions to its operations. The relevant policies and procedures will remain in place for as long as necessary.

Strengthened financial position

During the third quarter the company issued USD 1,250 million in new long-dated bonds, USD 500 million Senior Notes with a coupon of 2.875 percent due in 2026 and USD 750 million Senior Notes with a coupon of 4 percent due in 2031.  The company also initiated the early redemption of the USD 400 million Senior Notes due in 2022. This has further strengthened Aker BP’s liquidity, extended its maturity profile and reduced the average interest rate on the company’s debt.

Following the temporary changes in the Petroleum Tax Law enacted in June 2020, the tax value of any losses incurred in 2020 and 2021 can be refunded from the state. During the third quarter, Aker BP received tax refunds of USD 109 million.

At the end of the third quarter Aker BP had total available liquidity of USD 4.8 (3.7) billion. Net interest-bearing debt was USD 3.8 (3.8) billion, including 0.2 (0.2) billion in lease debt. The redemption of the USD 400 million Senior Notes was completed after the end of the quarter.

In August, the company disbursed dividends of USD 70.8 million, equivalent to USD 0.1967 per share. So far in 2020, USD 354.2 million in dividends have been distributed. The Board has resolved to pay a quarterly dividend of USD 70.8 million (USD 0.1967 per share) in November 2020, which will result in total dividend payments of USD 425 million for the full year.

Investor contact
Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889
Lars Mattis Hanssen, Senior IR Professional, tel.: +47 994 59 460

Media contact
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

Report
Presentation
Pressrelease

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Aker BP ASA
Release of third quarter results 2020 https://akerbp.com/en/release-of-third-quarter-results-2020/ Tue, 27 Oct 2020 10:52:54 +0000 https://akerbp.com/?p=24794/ Aker BP will publish its financial results for the third quarter 2020 on Thursday 29 October 2020 at 07:00 (CET). A conference call will be hosted at 08:30 (CET). ]]> Aker BP will publish its financial results for the third quarter 2020 on Thursday 29 October 2020 at 07:00 (CET). A conference call will be hosted at 08:30 (CET).  

The conference call will be available as a webcast on the company’s website www.akerbp.com/en.

To participate in the conference call, please contact the conference call operator at the telephone numbers listed below. Please join the event 10 minutes prior to scheduled start time and provide the confirmation code or ask for Aker BP’s quarterly presentation. 

Phone number Norway +47 2100 2610  
Phone number United Kingdom +44 (0)330 336 9125 
Confirmation code 2134794 

Investor contact: 
Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889  
Lars Mattis Hanssen, Senior IR Professional, tel.: +47 994 59 460 

Media contact: 
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217 

About Aker BP: 
Aker BP is a fully-fledged E&P company with exploration, development and production activities on the Norwegian Continental Shelf. Aker BP is the operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The company is also a partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker ‘AKERBP’. More about Aker BP at www.akerbp.com.

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Aker Offshore Wind and Aker BP collaborate to drive down CO2 emissions on the Norwegian Continental Shelf https://akerbp.com/en/aker-offshore-wind-and-aker-bp-collaborate-to-drive-down-co2-emissions-on-the-norwegian-continental-shelf/ Tue, 27 Oct 2020 07:00:48 +0000 https://akerbp.com/?p=24782/ Aker Offshore Wind and Aker BP have agreed to a cooperation agreement aimed at accelerating the process of decarbonizing oil and gas assets and realizing offshore wind in Norway at large scale.]]> Aker Offshore Wind and Aker BP have agreed to a cooperation agreement aimed at accelerating the process of decarbonizing oil and gas assets and realizing offshore wind in Norway at large scale.

“We look forward to the opening of offshore wind acreage on the Norwegian Continental Shelf (NCS) in 2021. Together with partners, suppliers and yards, we would like to realize technology-driven commercial scale projects and support the development of an offshore wind industry in Norway,” said Astrid Skarheim Onsum, Chief Executive Officer of Aker Offshore Wind.

The two companies intend to collaborate on concepts for efficient development of large offshore wind parks to enable effective offtake to oil and gas producing assets on the NCS. Aker Offshore Wind is taking a role to develop and operate the wind parks. Aker BP will contribute with industry and technology competence and be a potential customer of electricity from offshore wind along with other operators. 

“Electrifying assets using power from offshore wind could be a key enabler to achieve the next step-change in driving down emissions from operations,” said Karl Johnny Hersvik, Chief Executive Officer of Aker BP.

“We are excited about working with Aker BP, as well as other NCS operators, and leveraging the experience from the existing offshore industry on the NCS. Offshore wind is a global growth industry and we aim to use offshore wind on the NCS to drive down industry cost, introduce innovative technologies and digital solutions,” said Skarheim Onsum.

Press release

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Third quarter 2020 trading update https://akerbp.com/en/third-quarter-2020-trading-update/ Thu, 15 Oct 2020 07:33:51 +0000 https://akerbp.com/?p=24765/ Aker BP produced 201.6 thousand barrels of oil equivalents per day (mboepd) in the third quarter, and remains on track to deliver on its full-year production guidance of 205-220 mboepd. The change from the previous quarter was mainly driven by planned maintenance and drilling activities.]]> Aker BP produced 201.6 thousand barrels of oil equivalents per day (mboepd) in the third quarter, and remains on track to deliver on its full-year production guidance of 205-220 mboepd. The change from the previous quarter was mainly driven by planned maintenance and drilling activities.

Total petroleum revenues increased compared to previous quarter as higher oil and gas prices more than compensated for lower sold volume.
 

Volume (mboepd)Q3-20Q2-20Q1-20Q4-19
Net production201.6209.8208.1191.1
Overlift/(underlift)(13.9)22.2(0.6)(6.6)
Net sold volume187.7232.0207.5184.5
Of which liquids157.5198.2174.3151.4
Of which natural gas30.233.833.233.1
Realised pricesQ3-20Q2-20Q1-20Q4-19
Liquids (USD/boe)42.729.944.764.2
Natural gas (USD/scm)0.120.080.140.17

Conference call and webcast

The company will host a conference call to present its third quarter 2020 results on 29 October 2020 at 08:30 CEST. The conference call will be available as a webcast on the company’s website www.akerbp.com/en

To participate in the conference call, please contact the conference call operator at the telephone numbers listed below. Please join the event 10 minutes prior to scheduled start time and provide the confirmation code or ask for Aker BP’s quarterly presentation. 

Phone number Norway:  +47 2100 2610 
Phone number UK:         +44 (0) 330 336 9125
Confirmation code:         2134794

Disclaimer

The information in this statement is based on a preliminary assessment of the company’s third quarter 2020 financial results. The company has not completed its financial reporting and related review and control procedures. The estimates provided may therefore be subject to change and the financial statements finally approved and released by the company may deviate from the information herein.

Contacts:
Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

About Aker BP:
Aker BP is a fully-fledged E&P company with exploration, development and production activities on the Norwegian Continental Shelf. Aker BP is the operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The company is also a partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker ‘AKERBP’. More about Aker BP at www.akerbp.com.

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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