Aker BP: Low cost - low carbon

Aker BP is the largest privately owned oil and gas exploration and production company on the Norwegian continental shelf. Its focus is to operate with lowest possible costs and emission per produced barrel.

Measured by production, Aker BP is one of the largest independent, listed oil companies in Europe. Aker BP operates six field centers: Valhall, Ula, Ivar Aasen, Alvheim, Skarv, and Edvard Grieg. In addition, Aker BP is partner in the Johan Sverdrup field.

Oslo Børs
Share of Aker’s total assets (4Q23):
Geographic Market:
Norwegian Continental Shelf (NCS)
Karl Johnny Hersvik
Oil and Gas
Øyvind Eriksen
Exploration and Production Company
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Aker’s ownership agenda

Aker’s ownership agenda is about continuing to develop Aker BP as a pure play oil and gas company on the Norwegian continental shelf. The focus is that Aker BP continues to operate with business model built on the lowest possible production costs, the lowest possible carbon emissions, and safe and efficient operations. The company shall have a strong focus on technological expertise, digitalization and industrial  collaboration. A key priority for the company going forward will be to create value by  delivering on its large portfolio of field development projects, on time, within budget and in a safe manner. Investments in these projects are estimated at more than USD 19 billion, with total resources estimated to be more than 750 million barrels of oil equivalents. Financially, it is important for Aker that Aker BP maintains an attractive and predictable dividend policy. In 2023, the company paid a total of USD 1.4 billion in dividends, up from USD 1.0 billion the year before.

Aker owns 21.2 percent of the company's shares. Øyvind Eriksen and Kjell Inge Røkke represent Aker on Aker BP’s Board of Directors. 

Production areas:

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Unlocking the potential of Valhall

Valhall is considered a giant on the Norwegian Continental Shelf and has produced more than a billion barrels of oil equivalents since its start in 1982. Since 2013, the Valhall field has been powered with electricity from shore. During normal operations, there is zero CO2 production emissions. The production start of Valhall Flank in late 2019 was an important step towards achieving Aker BP’s ambition of another billion barrels from Valhall over the next 40 years.

Ula square
The Ula area: updated for an extended lifetime

The Ula-field started production in 1986, and is a field center for the Tambar, Blane, and Oda fields – and a production hub for further exploration and possible new discoveries in the area. The ambition is to further develop the Ula area and to extend the economic lifetime of the Ula hub.

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The Ivar Aasen-area: world-class performance

The Ivar Aasen field started production in 2016, and in 2019, it became the first manned platform on the Norwegian shelf to be operated from an onshore control room. The result is increased recovery and high production efficiency. Ivar Aasen is Aker BPs digital pilot, equipped with new technology, which further contributes to more efficient and safer operations.

Alvheim square
The Alvheim area: solving challenges, good results

Alvheim started production in 2008, and has larger recoverable oil and gas resources than originally estimated, very good uptime and production results. The Alvheim area also consists of the Boa, Vilje, Volund, Bøyla, and Skogul fields, which are produced via Alvheim FPSO. Its development is based on the history of an organization and partners focusing on opportunities, implementing new technology while staying focused on delivering safe, reliable, and cost-effective operations. Aker BP’s ambition is to produce one billion barrels through the Alvheim FPSO. New wells and tie-ins of other fields in the area are important steps towards achieving the goal.

Skarv square
The Skarv area: from decline towards increased production

Skarv had production start-up on New Year’s Eve in 2012. The field has been developed with a floating production, storage and offloading vessel (FPSO) and has one of the world’s largest offshore gas processing plants on this type of facility. Several deposits and fields are connected to the Skarv POSO, including Skarv, Idun, Ærfugl and Gråsel. 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. Several energy optimization projects resulted in reduced costs and lower CO2 emissions. In December 2022, Aker BP (operator) and partners submitted plans for development and operations for three separate developments in the Skarv area to the Norwegian Ministry of Petroleum and Energy. The ambition for the Skarv area extends to 2040 and beyond.

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Johan Sverdrup: The North Sea giant is on stream

On 5 October 2019, the Johan Sverdrup field came on stream more than two months ahead of schedule and NOK 40 billion below budget. This giant oil field will be a major contributor to Aker BP’s production and earnings growth in the years to come.

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Aker BP has good access to licenses and operatorships on the NCS and is an active explorer. In recent years, about two thirds of the Aker BP’s exploration budget has been invested in the mature areas in the North Sea, where the infrastructure is good and the discovery rate still high.

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Aker BP continues to be an operator with low carbon emission intensity. Its emissions are less than half the global industry average, and below the average for operators on the Norwegian continental shelf.

Click here to access Aker BP's sustainability reports.

Development of the NOAKA area

Following the announced changes to the Norwegian petroleum tax system in June 2020, Aker BP and Equinor entered into an agreement in principle on commercial terms for a coordinated development of the licenses Krafla, Fulla and North of Alvheim (NOAKA) on the NCS and have started preparations for submitting Plans for Development and Operation (PDO) in 2022.

The development of the area will have significant effects on the Norwegian supply industry. Total investments are expected to be more than NOK 50 billion.

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