LYSAKER, Norway – Aker BP is preparing for final investment decisions for 10-12 new field development projects offshore Norway by the end of 2022, the company revealed in its latest results statements.
The largest of these is the coordinated development of the NOAKA area in the northern Norwegian North Sea. Combined net resources of these projects to the company are more than 500 MMboe, with break-even oil prices said to be below $30/bbl.
Once they are completed, the company expects to increase its production by 70% percent to more than 350,000 boe/d by 2028.
Aker BP’s full-year 2020 production averaged 210,700 boe/d, 35% higher than in 2019. Its total capital spend was $1.73 billion, around $500 million less than originally planned due to COVID-19/oil price response measures.
Production costs fell to $8.3/boe and a work is under way on a new operating model to drive further improvements in efficiency, cost, and safety, with a long-term cost level target of below $7/boe.
In addition, the company is working on a new digital execution model to further improve the cost, speed and quality of new projects.