Aker BP Q1 Swings to Record Operating Profit
and tax (EBIT) of $591 million contrasted with a loss of $266 million a year earlier and was close to the $596 million expected by analysts in a Refinitiv poll."This is a strong quarter with good production and on-track oilfield developments, and the cash flow is record high," CEO Karl Johnny Hersvik told reporters."The cost measures we've been working on for a while are really starting to gain traction," he said.Production rose 7% to 222,200 barrels of oil equivalent per day (boepd), a new high, while the price per barrel of crude increased to $60.10 from $44.20.Aker shares
Aker Bets on Software Engineers for Its Oil Business
getting more real-time production data from a rival in a similar geological area could help it improve its own oil output."Aker BP's view is that, unlike seismic data interpretation for oil exploration, operational data is not a strategic know-how to be protected," said its chief Karl Johnny Hersvik.For Aker ASA, the biggest shareholder in Aker BP and Cognite, the Lundin Petroleum deal is part of its plan to create software for an industry that can be improved and refined the more it gets used by different clients - rather than just focusing on an in-house model for Aker BP."The
Aker BP CEO Predicts Fast Johan Sverdrup Ramp-up
Aker BP, a partner in Norway's giant Johan Sverdrup oilfield, expects a fast ramp-up of production when the initial development phase ends in late 2019, its chief executive said on Thursday."I think it will be done in a few months, because the production per well is so high," Karl Johnny Hersvik told Reuters on the sidelines of an energy conference.Johan Sverdrup Phase 1 will have capacity to produce 440,000 barrels of oil equivalents per day (boed), while the second phase, starting production in 2022, is expected to further boost output to 660,000 boed.Sweden's Lundin Petroleum
Aker BP Adds More Acreage off Norway
Directorate (NPD), it added."With this transaction, we get access to new tie-back opportunities in the Alvheim and Skarv areas, we strengthen our resource base in the NOAKA area, and we increase our interest in exploration acreage near the Ula field," Aker BP's Chief Executive Karl Johnny Hersvik said."These new resources will further strengthen our long term production profile and contribute positively to future earnings," he added.Aker BP, 40 percent owned by Norwegian billionaire Kjell Inge Roekke and 30 percent by BP, has grown quickly through a series of mergers and
Aker BP Registers Strong Growth
Aker BP ASA increased reserves and maintained 'very good' results in exploration, drilling and wells, projects and production. The company has a view to a continued strong cash flow, and has a robust balance sheet give us freedom. - We are rigged for further growth, says CEO of Aker BP, Karl Johnny Hersvik. Aker BP's production in 2016 was 118,200 barrels of oil equivalent per day (boepd); 80 percent oil and 20 percent gas. The company expects production in 2017 will increase to between 128,000 and 135,000 boepd, with $ 11 in average production cost per barrel. With the current portfolio
Aker Solutions, Det norske and Subsea 7 Form Development Alliance
Det norske's Norwegian subsea field portfolio. Before now, field developments have typically been managed on a project-by-project basis that curtails reuse of technology and solutions. "Our industry needs to find new, more sustainable ways of working on oil and gas developments," said Karl Johnny Hersvik, chief executive officer of Det norske. "This alliance enables a holistic approach to our subsea developments that will promote an effective reuse of solutions and best practices across the portfolio to significantly save time and reduce costs." The companies will form an integrated
Statoil, ABB Enter Subsea Technology Agreement
needed to provide electrical power to subsea pumps, electrical submersible pumps and subsea gas compressors for projects on the Norwegian continental shelf, in the Gulf of Mexico and other places around the world,” said Statoil senior vice president for research, development and innovation Karl Johnny Hersvik. Subsea pumping and gas compression contribute to improved utilization of the oil and gas resources through higher recovery rates, reduced production costs, as well as enabling deep water production. “A cost-efficient and reliable power supply system is a key element for Statoil&rsquo
February 2024
