Best performance everThe Vallhall field. Photo: Aker BP

Best performance ever

Aker BP reports its strongest performance despite the challenging times.

On Wednesday, May 6, Aker BP presented its Q1 2020 Report. Despite the Covid-19 and low oil price, the results are the best in the company’s history with a production of 208 000 barrels of oil per day (mboepd).

However, postponement of investments in new projects may affect the production on longer term, the company reports.

Aker BP started producing oil on the Valhall Flank West late December 2019, Skogul saw production start in March and Ærfugl in April. Hence, all three operated PDO projects are now on stream.

According to Aker BP’s updated exploration programme 2020, four wells will be postponed:

PL858 Stangnestind (where Aker BP holds 40 %), PL722 Shenzhou (20%, operated by Equinor), PL554 Garantiana W (30%, operated by Equinor), PL442 Liatårnet appraisal well (Aker BP 90 %).

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Postponing these wells implies a reduction of spending of USD 150 million (from USD 500 to 350 million).

The Q1 report states further improvement of the company’s financial capacity thanks to reduced operating expenses and exploration activities, postponement of investments and adjustments within the organisation.