Proceeding with Phase 2 of the Johan Sverdrup development

The Johan Sverdrup partnership has decided to proceed with (DG2) Phase 2 of the Johan Sverdrup development.

Phase 1 of Johan Sverdrup is under development, with first oil scheduled for late 2019. The partners will now proceed with maturing Phase 2 for the investment decision and submission of the plan for development and operation (PDO) in the second half of 2018. Phase 2 is scheduled to come on stream in 2022.

Phase 1 of the development establishes a field centre consisting of four platforms on the field. Phase 2 builds on this infrastructure, adding another processing platform to the field centre. Overall this will result in a processing capacity of 660 000 barrels of oil per day.

Capital expenditures for Phase 2 are now estimated at between NOK 40 – 55 billion (NOK billion nominal, fixed currency and excluding IOR), halving the estimate since the PDO was submitted for Phase 1 of Johan Sverdrup.

For further information and contract awards please refer to the Statoil press release dated 21 March 2017.

The Johan Sverdrup partnership:

  • Statoil (operator): 40.0267%
  • Lundin Norway: 22.6%
  • Petoro: 17.36%
  • Aker BP: 11.5733%
  • Maersk Oil: 8.44%

Facts about Johan Sverdrup:

Johan Sverdrup Phase 1:

  • Includes the development of four platforms, three subsea installations for water injection, power from shore, export pipeline for oil (Mongstad) and gas (Kårstø).
  • Under development. Approx. 40 % of the development is completed.
  • More than NOK 60 billion worth of contracts awarded. More than 70 % of the suppliers with a Norwegian billing address.
  • CAPEX estimate: NOK 97 billion.
  • Break-even Phase 1: Below USD 20 per barrel.
  • Production start: late 2019.

Johan Sverdrup Phase 2:

  • Includes development of another processing platform for the field centre + the Avaldsnes, Kvitsøy and Geitungen satellite areas, in addition to power from shore to the Utsira High in 2022.
  • Made the DG2 decision to proceed with the development
  • Investment decision (DG3) and submission of the plan for development and operation: Second half of 2018.
  • Investment estimate: NOK 40 – 55 billion.
  • Break-even price: Below USD 30 per barrel.
  • Production start: 2022.

Full field (Phase 1 + Phase 2):

  • Includes both Phase 1 and Phase 2 of the Johan Sverdrup development.
  • Resource estimate: 2.0 – 3.0 billion barrels of oil equivalent.
  • Break-even price: Below USD 25 per barrel.

Aker BP’s Board of Directors re-elected

The Corporate Assembly in Aker BP ASA was held yesterday and two board members were up for election. Anne Marie Cannon and Kjell Inge Røkke were re-elected as board members with a term of office of up to two years.

In addition, Murray Auchincloss, Upstream Chief Financial Officer (CFO) and Head of Business Development at BP, was elected as a deputy member of the board of directors in Aker BP ASA.

Aker BP og matematikk.org

(Norwegian text only) Aker BP fortsetter samarbeidet som BP Norge startet med matematikk.org. Nettstedet ble startet av Matematisk Institutt ved universitetet i Oslo. I dag er nettstedet er et samarbeid mellom de matematiske instituttene ved flere universiteter i Norge. (mer…)

Minister Søviknes opens Ivar Aasen field

13 February, the Ivar Aasen field in the North Sea was officially opened by Minister of Petroleum and Energy Terje Søviknes.   (mer…)

Development costs goes down on Johan Sverdrup

Aker BP ASA («Aker BP») along with the partners in the Johan Sverdrup, reports updated key figures for the Johan Sverdrup project. (mer…)

Offered 21 new licenses in APA award

Aker BP is offered interests in 21 new production licenses (licenses), including 13 new operatorships, at the Awards in pre-defined areas (APA) 2016. (mer…)

Capital Markets Day 2017

Karl Johnny Hersvik, Chief Executive Officer in Aker BP
Karl Johnny Hersvik,
Chief Executive Officer in Aker BP

Aker BP experiences strong growth.

Aker BP ASA (“AKER BP”) increases reserves and maintains very good results in exploration, drilling and wells, projects and production. The company has a strong cash flow outlook and its robust balance sheet means freedom to manoeuvre. «We are positioned for further growth,» says Aker BP CEO Karl Johnny Hersvik.

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1 billion barrels produced at Valhall

Valhall and Hod have passed one billion barrels of oil equivalents (oil, gas and NGL) produced – thus more than three times what was expected at the opening of the field in 1982.

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See the video: Production started at the Ivar Aasen field

Through the Storm – Aker 175 years

Aker is celebrating its 175 year anniversary. Its history is filled with ups and downs. A story of never giving up. #nevergiveup #aker175