Presentation

Aker BP is the largest listed independent oil producer on the Norwegian Continental Shelf (NCS) with a guided 2021 production of 210-220,000 boepd. The company has 842 mill boe of 2P reserves and 895 mill boe in 2C resources. Aker BP is listed on the Oslo Stock Exchange, with the largest shareholders being Aker ASA and BP with a 40% and 30% stake, respectively.

Aker BP has transformed itself from being an exploration company to a production and development focused company. This has been driven by the Sverdrup discovery (2010), the operated Ivar Aasen development, as well as the acquisitions of the production portfolios of Marathon Norway (2014), BP Norway (2016) and Hess Norway (2017). The company’s main producing assets are Johan Sverdrup, the Alvheim fields (Alvheim, Bøyla, Vilje, Volund), Valhall, Skarv and Ivar Aasen.

Ongoing projects include Hod (production start in Q1’22), Ærfugl phase 2 (production to start in Q4’22), Johan Sverdrup Phase 2 (production start in Q4’22), and the NOAKA project where concept selection is planned for Q3’21. Aker BP plans to sanction new projects with total of ~550 mill boe within year-end 2022, with an average IRR >30% (at USD 50/bbl) and portfolio breakeven of less than USD 27/bbl. Over the next decade, Aker BP aims to contribute to the global energy transition by maintaining an emission intensity of less than 5 kg CO2 per bbl, while simultaneously keep production costs below USD 7/bbl.