mboepd (Q3-23)

Unit cost


$/boe (Q3-23)



$/share (2023)

Key figures

Key figuresQ3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023
Production volume (mboepd)210.0207.0208.2181.3411.7432.0452.7480.7449.8
Net sold volume (mboepd)224.8205.1216.2172.6406.7428.3449.6477.4450.0
Avg. realised price (USD/boe)75.296.4115.5126.7129.696.481.474.984.0
Production cost (USD/boe)
Total income1,5631,8492,2912,0264,8663,8263,3103,2913,513
Net profit/loss202355522206763112187397558
Earnings per share (USD)0.560.991.450.571.210.180.300.630.93
Dividend per share (USD)0.310.420.480.480.530.530.550.550.55
Net interest-bearing debt2,3321,7428773,8352,2942,6582,3703,5652,833
All numbers are stated in USD millions unless otherwise specified.


Aker BP is a leading oil and gas producer on the Norwegian Continental Shelf. The company operates the field centres at Alvheim, Edvard Grieg/Ivar Aasen, Skarv, Valhall and Ula, and is a partner in the Johan Sverdrup field.

Aker BP’s oil and gas production

Producing assets

Reserves and resources

Aker BP’s reserve and contingent resource volumes are classified in accordance with the Society of Petroleum Engineer’s (SPE’s) Petroleum Resources Management System, and reported in accordance with Oslo Børs’ Listing and disclosure requirements for oil and natural gas companies.

Aker BP’s reserves and resources

2P reserves
Reserves start of year498711914917906842802
Net additions/revisions241261614613361,169
Reserves end of year7119149179068428021,859
Key ratios
Reserve life1)25161616111117
Reserve replacement ratio2)861%450%105%81%17%47%1,044%
2C resources
Resources end of year6007859469318951,022744
1) Reserves end of year / Production (same year)
2) Net additions/revisions / Production (including acquisitions)


Aker BP has been building a significant portfolio of discoveries over many years. In 2022, the company and its partners took the final investment decisions for projects aiming to develop approximately 700 mmboe of new oil and gas resources net to Aker BP.

Overview of Aker BP’s field development projects

AreaProjectAker BP shareGross/net volume Net capex estimate PDO submittedProduction startAlvheimFrosk80.0%10/8 mmboeUSD 0.2bn20212023Kobra East & Gekko80.0%50/40 mmboeUSD 0.9bn20212023Tyrving61.3%25/15 mmboeUSD 0.4bn20222025Grieg/Aasen Hanz35.0%20/7 mmboeUSD 0.2bn20212024Symra50.0%87/49 mmboeUSD 1.3bnDec222027Solveig Phase II65.0%2026SkarvAlveNorth68.1%119/51 mmboeUSD 1.0bnDec222027IdunNorth23.8%2027Ørn30.0%2027ValhallValhallPWP90.0%230/187 mmboeUSD 5.5bnDec222027Fenris77.8%2027YggdrasilHugin87.7%650/413 mmboeUSD 10.7bnDec222027Munin50.0%2027Fulla47.7%2027


Aker BP is one of the most active exploration companies on the NCS, which is considered as a highly attractive petroleum region with significant potential for new discoveries.

The company’s exploration strategy has two primary goals:

  1. Discover commercial resources near existing infrastructure, resulting in short lead times, attractive economics, improved capacity utilisation and lower unit costs.
  2. Discover resources substantial to support new stand-alone field developments.

While the level of activity in each category may vary from year to year, our long-term aim is to allocate 80 percent of our exploration efforts to the first category.

2023 exploration programme

ProspectLicenceOperatorAker BP sharePre-drill mmboeTimeStatusNPD release
GjegnalundenPL867BAker BP80%3-124Q13-9 mmboeLINK
StyggehøePL1141Aker BP70%10-41Q1DryLINK
VePL919Aker BP80%6-14Q13-5 mmboeLINK
Øst Frigg Beta/EpsilonPL873/442Aker BP48/88%18-45Q253-90 mmboeLINK
CarmenPL1148Wellesley10%22-172Q256-289 mmboeLINK
RondeslottetPL1005Aker BP40%Suspended
Krafla Mid StatfjordPL272BAker BP50%10-59Q3DryLINK
Ofelia appraisalPL929Neptune10%28-45Q4Drilling
SurtseyPL272Aker BP50%2-16Q4Drilling
Frigg Gamma Delta / YpsilonPL442Aker BP88%9-22Q4
Adriana appraisal (Dvalin N)PL211CSWintershall Dea15%29-66Q4
Ringhornet TyPL956Vår20%7-39Q4
Storjo WestPL261Aker BP70%10-20Q4
FerdinandPL1170Aker BP35%49-1172024
Rumpetroll SouthPL869Aker BP80%10-452024
KaldafjellPL932Aker BP40%19-1452024
Click on the licence numbers to view additional information on the NPD Factpages.

Mergers & Acquisitions

M&A is an integrated part of Aker BP’s strategy, and the company has undertaken several transforming transactions through the years. The most significant of these transactions are described below.

2022 | Lundin

  • Aker BP acquired Lundin Energy’s oil and gas business, including significant interests in the Johan Sverdrup, Edvard Grieg and Alvheim fields, with 2P reserves per end-2021 totaling 639 mmboe.
    Original press release >>
  • As consideration, the Lundin shareholders received 0.95098 Aker BP shares and USD 7.76 in cash for each share held in Lundin Energy. In total, Aker BP issued 271.9 million new shares, and the cash consideration amounted to USD 2.22 billion.
  • The transaction was completed on 30 June 2022.

2018 | King Lear

  • Aker BP acquired Equinor’s 77.8 percent interest in the King Lear gas/condensate discovery in the Norwegian North Sea for a cash consideration of USD 250 million.
    Original press release >>
  • Net recoverable resources were estimated to more than 100 mmboe. The original plan was to develop King Lear as a satellite to Ula.
  • The discovery has since been renamed to Fenris, and is currently being developed as a satellite to Valhall.

2018 | Total portfolio

  • Aker BP acquired Total E&P Norge’s interests in a portfolio of 11 licences on the Norwegian Continental Shelf for a cash consideration of USD 205 million. The portfolio included four discoveries with net recoverable resources of 83 mmboe.
    Original press release >>
  • The portfolio included the Trell and Trine discoveries (now renamed to Tyrving) near the Alvheim field, the Alve Nord discovery north of the Skarv field, and the Rind discovery in the Yggdrasil area. All these discoveries are currently under development.

2017 | Hess

  • Aker BP acquired Hess Norge AS and became the sole owner of the Valhall and Hod fields, adding 150 mmboe in 2P reserves, and a tax loss carry forward valued at USD 1.5 billion, for a cash consideration of USD 2 billion.
    Original press release >>
  • The company raised USD 500 million in new equity to fund the transaction. Aker ASA and BP plc. participated with 40 and 30 percent respectively.
  • Subsequently, Aker BP sold 10 percent of Valhall and Hod to Pandion Energy.

2016 | BP

  • Det norske oljeselskap ASA entered into an agreement to merge with BP Norge AS through a share purchase transaction, with the Aker BP ASA as the new company name. With this, the company became the operator of Skarv, Ula and Valhall, with 2P reserves of 225 mmboe.
    Original press release >>
  • The transaction was financed by issuing 135.1 million new shares, and was effective from October 2016.
  • After the transaction, Aker ASA and BP plc. held 40 and 30 percent of the share capital in Aker BP, respectively.

2014 | Marathon

  • Det norske oljeselskap ASA acquired Marathon Oil Norge AS and became the operator and largest owner of the Alvheim area with 136 mmboe in 2P reserves for a cash consideration was USD 2.1 billion.
    Original press release >>
  • The transaction was financed with bank facilities and USD 500 million in new equity, and was completed in October 2014.