Aker’s aim is to reinforce Aker BP as a key operator on the Norwegian Continental Shelf. The company operates almost 100 per cent of the fields in its production portfolio. This provides a robust foundation for further development and value creation. Moreover, Aker BP’s ownership interest in the Johan Sverdrup field will further boost production from the end of 2019 onwards. In 2018, the company’s growth basis was reinforced by the acquisition of attractive licences in the company’s core areas on the Norwegian Continental Shelf, new licence awards and the Frosk oil discovery in the North Sea (in which Aker BP has a 65 per cent interest).
Aker supports Aker BP’s ambitious targets for growth in its organic portfolio and through value-generating transactions. The company’s strong operational performance and improvement programme for operational safety and efficiency are reducing the costs per produced barrel of oil. Aker BP’s positive development in 2018 has enabled the company to raise its growth ambitions. Based on the potential in its exisiting portfolio, Aker BP aims to treble production to approximately 450,000 barrels per day by 2025 and to reduce its production costs from USD 12 to USD 7 per barrel. These measures will give Aker BP a solid foundation for the payment of stable dividends. Aker BP paid a dividend of USD 450 million in 2018. In January 2019, the company announced that its annual dividend would increase to USD 750 million in 2019. The ambition is to further increase the dividend by USD 100 million per year until 2023. Akerhas a 40 per cent share in the oil company’s dividends.
Aker BP aims to be a benchmark for safe, effective and profitable oil and gas activity that is as environmentally friendly as possible. Key tools in this regard include LEAN, digitalisation and models for alliances and cooperation with suppliers, as well as electrification using onshore power and technologies to reduce emissions from production. Aker BP is collaborating with the digitalisation company Cognite. Aker BP’s data platform provides access to historical data and real-time information from the oil fields the company operates.
For more information, please visit www.akerbp.com .