Aker BP ASA Stock

Aker BP ASA operates as a pure play oil and gas company.

The company engages in the exploration, field development and production of oil and gas on the Norwegian continental shelf. The company is a partner in the Johan Sverdrup field. The production comes predominantly from six major hubs: Alvheim, Edvard Grieg/ Ivar Aasen, Johan Sverdrup, Skarv, Ula, and Valhall.

Johan Sverdrup

The Johan Sverdrup field is operated by Equinor and came on stream in October 2019 after a successful construction and installation phase. Phase 1 of the project consisted of four large bridge-linked platforms (the field centre), Norway’s largest oil export pipeline, a gas export pipeline, three subsea water injection templates, 20 pre-drilled production and water injection wells, and 100 megawatts power from shore.

Alvheim Area

The Alvheim area consists of the fields Alvheim, Volund, Vilje, Bøyla and Skogul, which are all being produced through the Alvheim FPSO and operated by the company. The oil is exported by shuttle tankers, and the produced gas is exported through the Scottish Area Gas Evacuation (SAGE) system. There are three field development projects underway in the Alvheim area: Frosk, Kobra East & Gekko and Tyrving.

Valhall

The Valhall area consists of the Valhall and Hod fields in the southern part of the Norwegian North Sea and is operated by the company. The infrastructure consists of a field centre with three separate bridge-connected platforms, in addition to five unmanned flank platforms. The produced oil is exported via pipeline to Ekofisk and further to Teesside, while the gas is exported via Norpipe to Emden in Germany.

Skarv Area

The Skarv area in the northern part of the Norwegian Sea consists of several fields, including Skarv, Idun, Tilje, Ærfugl, Gråsel and Idun Tunge, which are all produced through the Skarv FPSO, and is operated by the company. The oil is offloaded to shuttle tankers, while the gas is transported to the Kårstø terminal in a pipeline connected to the Åsgard Transport System.

Edvard Grieg/Ivar Aasen

The Edvard Grieg and Ivar Aasen fields are operated by the company and located on the Utsira High. Both fields are developed with a production and quarters (PDQ) platform with a steel jacket and require a separate jack-up rig for drilling and completion. For Ivar Aasen, the first stage processing is carried out on the Ivar Aasen platform, and then partly processed fluids are transported to the Edvard Grieg platform for final processing and export. The Ivar Aasen field is powered with electricity supplied from Edvard Grieg. The power generation on Edvard Grieg was replaced with power from shore towards the end of 2022.

Ula Area

The Ula field is operated by the company. The Ula area consists of the fields Ula, Tambar, Blane and Oda, which are all being produced through the Ula field centre. The oil is exported via Ekofisk to Teesside, while the gas is reinjected into the Ula reservoir to enhance oil recovery.

Yggdrasil

The Yggdrasil area is located between Oseberg and Alvheim in the Norwegian North Sea. The area holds several oil and gas discoveries with gross recoverable resources estimated at around 650 million barrels of oil equivalents, with further exploration and appraisal potential. Yggdrasil consist of the licence groups Hugin, Fulla and Munin. The company is operator and will develop and operate the full area. Equinor ASA and LOTOS Exploration & Production Norge AS are licence partners.

Wisting

The company holds 35 percent interest in the Equinor-operated Wisting discovery in licences PL537 and PL537B in the Barents Sea.

Research and Development

For 2022, the company’s research and development expenses were around NOK 500 million.

History

The company was founded in 2001. It was incorporated in 2006. The company was formerly known as Det norske oljeselskap ASA and changed its name to Aker BP ASA in October 2016.