Aker BP's top shareholder claims that the company has opportunities for acquisition.
Aker BP is a Norwegian oil exploration and production firm that was formed through a series mergers and purchases in the past decade. Its top shareholder stated on Friday that there are opportunities to consolidate further on Norway's Continental Shelf. Aker BP is aiming to increase its production to over 500,000 barrels of oil-equivalent per day by 2028. This will be a significant improvement from the few thousand barrels produced daily in 2013.
Aker BP and Total are seeking to increase their stakes in the giant Equinor oilfield
Aker BP announced on Wednesday that TotalEnergies, Aker BP and Equinor are seeking a review of their shares in Equinor’s Johan Sverdrup field in order to increase their holdings. Sverdrup, which is built across several offshore oil-and-gas licences, is owned by Equinor 42.63%, Aker BP 31.57%, Norwegian oil company Petoro 17,36%, and France's TotalEnergies 8.44%. Owners of a field that began producing oil in 2019 have the right of requesting a review of their stakes…
Aker BP and Total are seeking to increase their stake in the giant Equinor oilfield
Aker BP announced on Wednesday that TotalEnergies, Aker BP and Equinor are seeking an independent assessment of their stakes within Equinor’s Johan Sverdrup field in order to increase their holdings. Sverdrup, which is built across a number of offshore oil and gas licenses, is owned by Equinor 42.63%, Aker BP 31.57%, Norwegian oil company Petoro 17.36%, and France's TotalEnergies 8.44%. Owners…
Aker BP Q3 profits fall short of forecasts, but output guidance is raised
Aker BP, a Norwegian oil company owned in part by BP, reported a larger-than-expected drop in operating profit for the third quarter. It also said that full-year production would be at or above its guidance. A poll of analysts conducted by the company showed that an average of $1.89 billion was expected. The company reported a third-quarter output of 414.700 boed, down from the 449.800 boed it had a year ago, due to maintenance planned at several fields.
Norway court rejects environmental order against oil and gas field
The Norwegian Court of Appeal ruled on Monday in favor of the Government in an appeal brought by environmentalists who wanted to stop the development of three gas and oil fields. Greenpeace, among others, sued the Norwegian Government to stop the development of new oil and natural gas resources. This is the latest dispute related to climate change. In January, a lower court found that Norway's…
Equinor, Aker BP, Vaar face rising project costs, Norway budget shows
The Norwegian government announced on Monday that Aker BP, Equinor and Vaar Energi had raised their estimates of costs for major oil and natural gas development projects in the Norwegian continental shelf. The government's fiscal budget documents revealed that the cost of Equinor Johan Castberg is expected to rise from 80.3 billion crowns, which was estimated a year ago. Aker BP’s Yggdrasil will likely cost 134.4 billion crowns compared to 120.2 billion crowns a year ago…
Aker BP begins production at Tyrving Oilfield amid legal battle between the government and Aker BP over approval
Aker BP, a Norwegian oil company, has begun production at its Tyrving off-shore oilfield. The Norwegian government is trying to overturn the court's ruling that the project approval was invalid due to the failure to evaluate the climate impact. The Oslo District Court in January ruled that the Norwegian energy ministry failed to assess fully the climate impact of the production and use of oil…
Digitalization is Drawing CCS a New Learning Curve
Digital solutions are accelerating the progress required to ensure CCS earns its place in climate change mitigation history.Carbon capture has been around since the 90s, but the behavior of CO2 in pipelines is still not that well understood. A lack of suitable multiphase flow assurance models has meant that past CCS projects have had to apply large, costly safety margins to transport and injection systems.
Lundin Energy Chief Schneiter: Output Trending Upward at Sverdrup
Norway's Johan Sverdrup oilfield, the largest in western Europe, is ramping up production in the fourth quarter after the government increased its production permit, Lundin Energy, a partner in the field, said on Friday.Equinor-operated Sverdrup increased its production capacity to 470,000 barrels of oil equivalent per day (boed) in March from an original 440,000 boed, but output was soon after capped by government-imposed limits.Norway in May joined OPEC and other producers in volunta
Robotics: Autobots Transform in the Offshore Energy Sector
Robots and robotics have slowly been entering our lives, in various shapes and forms (and fictional characters), from self-driving household vacuum cleaners to highly automated manufacturing systems. Now they’re heading for the offshore world – in just as many shapes and forms.There could be a lot to gain from robotics, but platforms and offshore wind turbine structures are also very challenging places to put them on. For oil and gas, key drivers are around safety and cost .
Poland's PGNiG Expects Over 100,000 Tons of Oil from Skogul in 2020
Polish oil company PGNiG said Monday it expects to produce about 115 tons of oil from the Skogul field offshore Norway in 2020.First oil from Skogul, located in the North Sea, offshore Norway was achieved in March, 2020. was achieved during the quarter. The field is operated by the Norwegian oil company Aker BP, with a 65% stake, while the Polish firm owns the remaining interest.Jerzy Kwieciński…
Price Drop Triggers Haggling Over Oil and Gas Deals
The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.At a time when most oil companies are slashing budgets, dividends, and headcounts to preserve cash, sellers are facing a difficult choice between sweetening the deal or risking…
Lundin Cuts 2020 Oil Output Goal, Raises Long-term Target
Lundin Energy has cut its 2020 oil and gas output target after Norway's decision to reduce production along with OPEC+ producers, the Swedish company said on Monday.The company has a 20% stake in the Equinor-operated Johan Sverdrup field, which reached phase-one plateau output of 470,000 barrels of oil equivalent per day (boepd) in April. It also operates the Edvard Grieg oilfield.Lundin is now targeting daily volumes of 157…
Aker Braces for Oil Price to Stay Low for Long
Aker ASA, a major investor in Norway's oil and oil service industries, is preparing its businesses for an extended period of low crude prices, its chief executive said on Friday"I don't expect the oil market to come into balance during the next couple of years... due to the underlying supply and demand mechanics being impacted by storage (overhang)," Oeyvind Eriksen told Reuters.Aker, the largest shareholder of oil and gas producer Aker BP as well as Aker Solutions and Kvaerner…
New Round of Layoffs at Maersk Drilling
Offshore drilling company Maersk Drilling has announced a new wave of layoffs and has revised its financial guidance for 2020, citing oil and gas companies' budget cuts and delays and cancellations in offshore drilling tenders.As previously reported, Maersk Drilling in April said it would lay off around 250-300 people in its North Sea crew pool, and mothball several drilling rigs due to the…
Aker BP Cuts Dividend by Two-thirds on Oil Price Slump
Aker BP will cut its quarterly dividend payments by two-thirds due to the COVID-19 pandemic and the plunge in crude prices, the Norwegian oil firm said on Wednesday after reporting a better-than-expected first-quarter core profit.Earnings before interest, tax, depreciation and amortization (EBITDA) came in at $666 million, compared with $539 million a year ago, outperforming a $617 million…
Maersk Drilling Loses Two Offshore Rig Deals
Danish offshore drilling company Maersk Drilling has said it has received early contract termination notices for two of its drilling rigs.Maersk Drilling said Friday that Shell had the contract for the semi-submersible Mærsk Developer "with immediate effect." The original end of the contract for the Maersk Developer was expected to be in August 2020.Further, Aker BP has terminated the contract for the jack-up rig Maersk Reacher.
Key Offshore Wildcat Wells At Risk of Being Suspended
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the blended impact of COVID-19 on oil and gas activities and the oil price war, Rystad Energy said Tuesday.These wells, the Norwegian energy intelligence firm said, located in Norway, Brazil, the Bahamas, Guyana, the US, Gambia, and Namibia would target a combined 7 billion barrels…
Norwegian PM Opens Johan Sverdrup Field
Norway's prime minister Erna Solberg has opened the Johan Sverdrup field center, and the Minister of Petroleum and Energy, Sylvi Listhaug, also attended the opening.Since Equinor and the Johan Sverdrup partners Lundin Norway, Petoro, Aker BP and Total started the field on 5 October last year, production has increased to a level well above 300,000 barrels per day.Johan Sverdrup is expected to…
Russia Leads E&P Race in Arctic Region
Russian and Norwegian exploration and production (E&P) operators have been expanding their operations in the Arctic continental shelf, which is estimated to hold vast deposits of hydrocarbons and rare earth minerals.Warming temperatures in the Barents Sea and northern coastline of Russia are giving an added impetus to resource development in this region, according to GlobalData.GlobalData's report…
