The toughest job in the world

The energy transition is “the toughest job in the world”. Aker BP has already gotten started, alongside the other companies in Aker.

Energy is inextricably linked to the lives people lead all around the world. That’s why a global upheaval in the energy chain affects each and every one of us. These changes require a massive financing effort. The same can be said for new industries and jobs. At the same time, we want to secure the welfare state. This poses an enormous challenge.

No one can do this job alone. That’s why we are now calling for cooperation with the rest of the business community and the public authorities.

The Aker companies are fully engaged in contributing to cutting emissions, producing renewable energy and creating new jobs. We solve major challenges by combining a willingness to invest and new digital technology with the expertise of creative problem-solvers.

Part of the solutions

We in Aker BP will produce oil and gas in the cleanest and least expensive way possible. Our goal is to achieve a 50 per cent reduction in emissions in the 2030s and near-zero emissions in 2050. At the same time, Aker BP plays a crucial role for Aker’s opportunities to invest in new companies that contribute to the energy transition.

The value creation achieved by Aker BP provides capital for our owners. They invest in renewable energy and new industries. New start-up companies cooperate with us. We share knowledge and experience so that new industry can flourish. In return, we gain access to future-oriented solutions and technology. This enables us to improve profitability and reduce emissions.

Aker Horizons has launched 2025 ambitions to contribute:

  • At least 100 billion kroner in investments in renewable energy and green technology.
  • Emission cuts of 25 million tonnes of CO2 per year, equivalent to half Norway’s annual emissions.
  • Ten gigawatts of renewable energy capacity, equivalent to 25 per cent of Norway’s total power consumption.

These investments would be unthinkable without dividends from Aker BP, and the foundation is our expertise and experience as a supplier and operating company in the oil industry.

Aker is a miniature version of Norway. Income from the oil and gas activity is now laying the groundwork for new industries. This is why we are pursuing at least two thoughts simultaneously, so that new sectors can grow from existing industry. Tax revenues from us are therefore not just important for the welfare society, but are also crucial for the transition to a renewable society.

There is no doubt that the world will become less dependent on fossil energy. Even so, oil and gas production and the low-emission society will have to live side by side for several decades to come.

Although we have seen strong growth in renewable energy in recent years, the reality is that more than two-thirds of global energy consumption comes from fossil sources. At the same time, the global population is growing rapidly. Access to more energy is essential to safeguard fundamental energy needs such as lighting, heating and cooking – and necessary to create jobs and welfare.

So, while more and more of the energy we use will become renewable, there will be a need for oil and gas for a long time to come. This includes oil and gas that is not just used for energy, but also as raw materials for products we surround ourselves with in our day-to-day lives.

We believe that those who produce oil and gas with the lowest emissions and lowest costs will be the winners of tomorrow. That’s what we are aiming for, and we’re starting by reducing our own emissions.

But Aker BP won’t stop there. Being stewards of a shared natural resource means that we are also stewards of the trust placed in us. We embrace this responsibility. The entire oil and gas industry must therefore understand the gravity of the current situation. Our shared assets must be managed in a way that gives more back to society.

We will actively contribute to transforming the oil and gas industry:

  • We will lead the way and promote cooperation for those who are managing our shared resources.
  • We will lay the foundation so new activities can flourish.
  • We will reduce our own emissions.
  • And we will enhance profitability.