Over 250 Norwegian suppliers are building the oil and gas fields of the future

Aker BP is in the middle of a major investment portfolio on the Norwegian continental shelf. Together with license partners, the company is investing NOK 200 billion. Over 250 Norwegian suppliers are directly contributing to the development projects.

“At Aker BP, we are creating the oil and gas company of the future with low costs, low emissions, profitable growth, and attractive returns. The project portfolio gives us an outstanding opportunity to lead the transformation of the oil and gas industry. None of this would have been possible without the best suppliers involved,” says CEO Karl Johnny Hersvik of Aker BP.

At ONS, Aker BP gathers Norwegian suppliers contributing to the project portfolio for a grand celebration at the stand. Watch the broadcast (in Norwegian) live on Tuesday, August 27, from 10:30-11:00:  Rebels United: Storstilt feiring av norske leverandører til Aker BPs prosjekter (youtube.com)

Preparing the Industry for a future in new value chains

Aker BP started the execution of the projects Yggdrasil, Valhall PWP-Fenris, Skarv satellites, and Utsira High a year and a half ago. The Norwegian share in the projects is approximately 65 percent. The projects provide 150,000 man-years in Norway over the lifetime of the fields. About half of this is in the development phase. Hundreds of apprentices are completing their vocational training through the project portfolio. Over 250 Norwegian suppliers are directly involved, and these suppliers place thousands of purchase orders, with a significant portion going to Norwegian companies.

“We have promised Norwegian politicians to ensure activity, develop competence, and prepare the industry for a future in new value chains. For the industry to transition, we need activity. We see many good examples of our suppliers using these projects to increase competitiveness through better productivity, upgrades, technology investments, digitalization, and automation. Many are also positioning for work in new value chains. We are proud of this,” says Hersvik.

Projects are on track

Aker BP is among the oil and gas companies in the world with the lowest emissions and is uniquely positioned for further growth. Due to the project portfolio, along with a range of measures for increased recovery and efficiency, Aker BP expects to increase production to around 525,000 barrels in 2028.

“All our projects are on track. In the major developments Yggdrasil and Valhall PWP-Fenris, work is ongoing at all involved yards and locations in Norway and worldwide. Installation and drilling have started at offshore. We have reached this stage because we work closely integrated with alliance partners, strategic partners, and suppliers, and because we standardise to reduce costs and complexity across projects,” concludes Hersvik.