Aker BP advanced its strategic growth agenda in the second quarter, combining strong operational delivery with continued maturation of new resources and important milestones across its major development projects. The quarter underlined the quality and resilience of the portfolio, with high-performing producing hubs, a deep pipeline of near-field opportunities and major projects moving towards start-up in 2027.
Highlights
- Net production averaged 383.6 mboepd, and full-year production guidance has been narrowed to 380–400 mboepd by raising the lower end of the range.
- Strong financial results, supported by higher realised oil prices, with operating cash flow of USD 3.1 billion and net profit of USD 521 million.
- The major development projects continued to progress through key execution milestones and remain on track for first production next year. At Yggdrasil, the Hugin B topside was installed offshore in early July, and the power-from-shore system was commissioned in June. At Valhall PWP–Fenris, offshore hook-up of the Fenris topside commenced, and the Valhall PWP topside is scheduled for sailaway in August. Updated investment estimates reflect higher activity levels and targeted measures to strengthen execution through the final project phase.
- Continued progress was made on other key development projects. Skarv Satellites remains on track towards accelerated start-up in August, and the two Johan Sverdrup Phase 3 subsea templates were installed ahead of planned production start-up in 2027.
- A strategic collaboration with Equinor was established, including transactions in the Ringvei Vest, Yggdrasil and Wisting areas, to improve portfolio alignment and support long-term value creation on the Norwegian continental shelf.
- A robust financial position was maintained, with USD 6.0 billion in available liquidity and a quarterly dividend of USD 0.6615 per share.
Commenting on the results, CEO Karl Johnny Hersvik said:
'Aker BP delivered strong operational performance in the second quarter, demonstrating the quality, resilience and efficiency of our portfolio. Combined with higher realised oil prices, this resulted in operating cash flow of USD 3.1 billion – the highest quarterly operating cash flow in Aker BP’s history. We remain focused on what we can control: safe operations, high efficiency, low costs and continuous improvement across the value chain.'
'Our major development projects are moving steadily towards start-up in 2027, and the execution teams have reached important milestones. At Yggdrasil, the commissioning of the power-from-shore system and the offshore installation of the Hugin B topside mark significant progress. The Hugin B sailaway also concludes our project period at Verdal, where teams and suppliers have delivered high-quality work over several years. At Valhall PWP–Fenris, we are preparing for the next major offshore phase, with the Valhall PWP topside planned to sail away in August.'
'Alongside the delivery of our current project portfolio, we are laying the foundation for Aker BP’s next phase of growth. Our core areas offer significant opportunities for near-field exploration, tie-backs, infill drilling and improved recovery. The strategic collaboration with Equinor, including the transactions in Ringvei Vest, Yggdrasil and Wisting, is an important step in shaping a portfolio with stronger alignment, higher recovery potential and continued long-term value creation.'
Source: Aker BP
