Aker BP targeting more than 500,000 bbl/d offshore Norway in 2028

Aug. 29, 2022
Aker BP plans to commit NOK150 billion (US$15.34 billion) to field development projects offshore Norway over the next five to six years.

Offshore staff

STAVANGER, Norway  Aker BP plans to commit NOK150 billion (US$15.34 billion) to field development projects offshore Norway over the next five to six years.

Following its recent merger with Lundin Energy, the company is now working on 15 new projects. The largest is in the NOAKA area in the northern Norwegian North Sea, involving a coordinated development of multiple fields with total estimated investments of about NOK80 billion (US$10 billion).

Construction of a new platform on the Valhall Field in the southern Norwegian North Sea, and hookup of the Fenris Field (ex-King Lear) to this new facility, could cost up to NOK50 billion (US$5.12 billion).

The third largest investment, at up to NOK20 billion (US$2.04 billion), is the development of satellite fields close to the Skarv FPSO in the Norwegian Sea.

Elsewhere in the North Sea, the company is working on subsea tie-ins to facilities at the Alvheim, Edvard Grieg and Ivar Aasen fields.

In addition, Aker BP is participating in the Wisting development in the Barents Sea, operated by Equinor.

CEO Karl Johnny Hersvik said, “When we were in the midst of the crisis [of 2020], the authorities, the political parties in the parliament, employers’ and employees’ organizations and the industry all talked together and sought a solution to a dramatic situation for the supplier companies across the country.

“The result was a package of measures adopted by a broad majority in the parliament (Stortinget) in June 2020. This package of measures made the oil companies able to invest again. The wheels started turning. And now the suppliers are receiving large and important assignments…

“Now we are standing here a little over two years later and see the direct result of the package of measures that was adopted,” such as the contract awarded late last week to Rosenberg Worley in Stavanger to build parts of the new central platform on the Valhall Field.

This will ensure full activity at the Stavanger yard for two years, from the second half of 2023.

Hersvik said, “In addition, together with Cognite, Aize and Aker Solutions, among others, we are building up new digital knowledge and setting new standards in the planning and implementation of major development projects. This increase in expertise gives Norwegian supplier companies a competitive advantage when they are competing for renewable projects in the future globally."

With these investments, Aker BP expects to raise its production from the current 400,000 bbl/d to about 525,000 bbl/d in 2028.

Last week, Aker BP said it extended Semco Maritime’s contract to provide offshore personnel for its Norwegian offshore operations through 2027.