Fourth quarter 2022 marked the end of a transformational year for Aker BP. Following the successful Lundin integration, the company has doubled its production, reduced its unit costs, and consolidated its position as a global leader within low carbon oil and gas production.

Highlights for the quarter (Numbers in brackets represent the previous quarter)

• Johan Sverdrup Phase 2 started production – contributing to new record production for Aker BP of 432 (412) mboepd
• Electrification of Edvard Grieg & Ivar Aasen completed – contributing to further reduction of the company’s CO2 emissions to 3.1 kg CO2 per boe
• Plans for Development and Operations (PDOs) for projects with 730 mmboe in net resources submitted to Norwegian authorities
• Operating profit of USD 2,214 (3,887) million and Net profit of USD 112 (763) million, impacted by lower oil and gas prices
• Dividend per share increased to USD 2.2 (2.0) per share for 2023, equivalent to USD 0.55 per quarter

Comment from Karl Johnny Hersvik, CEO of Aker BP:  
"Fourth quarter marked the end of another remarkable year for Aker BP. Through the Lundin acquisition, we have doubled in size and created a stronger and more financially robust platform for future growth.

"Our operations have been safer and more efficient than ever, and we are a global leader when it comes to low CO2 intensity in our industry.

"And we have prepared and submitted PDOs for a large investment program which will contribute to new profitable growth and value creation both for Aker BP and its stakeholders.

"In sum, I am very pleased with these achievements, and I believe we are well on our way to building the E&P company of the future."

Guidance for 2023

Aker BP today also provides guidance for 2023, based on the company’s business plan, consisting of the following key parameters:

• Production of 430-460 mboepd 
• Capex of USD 3.0-3.5 billion 
• Exploration spend of USD 400-500 million 
• Abandonment spend of USD 100-200 million 
• Production cost of USD 7-8 per boe 
• Dividend of USD 2.2 per share (USD 0.55 per quarter)

Production

Aker BP’s net production was 39.7 (37.9) mmboe in the fourth quarter 2022, corresponding to 432.0 (411.7) mboepd. Net sold volume was 428.3 (406.7) mboepd. 

Exploration

Total exploration spend in the fourth quarter was USD 60 (122) million, while USD 32 (85) million was recognised as exploration expenses in the period, relating to dry well costs, seismic, area fees, field evaluation and G&G costs.

Drilling of the Lupa prospect, in production license 229 E in the Barents Sea was completed in the fourth quarter. The well resulted in a gas discovery with preliminary estimates of between 57-132 million barrels of oil equivalent. Aker BP has 50 percent interest in the licence which is operated by Vår Energi.

The Uer well in production licence 943 (20 percent interest) was drilled in the quarter and concluded as dry.

KeyFacts Energy Industry Directory: Aker bp Norway country profile