Aker BP (AKRBP)

[TekBot]

Aker BP ASA announces launch of offering of five and/or ten year U.S. dollar-denominated Senior Notes

Aker BP ASA (the “Company”) announced today that it has launched an offering
(the “Offering”) of five year and/or ten year U.S. Dollar-denominated Rule
144A/Regulation S senior unsecured notes (the “Notes”). The interest rate,
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offering price and certain other terms will be determined at the time of pricing
of the Notes, subject to market conditions. The Company intends to use the net
proceeds of the Offering to redeem all the outstanding the $400,000,000 in
aggregate principal amount of the Company’s 6% Senior Notes due 2022, issued
pursuant to an indenture dated July 5, 2017 and to pay related redemption
premia, repay outstanding amounts under the Company’s revolving credit facility
(without reducing commitments) and for general corporate purposes.

For further information, please contact:
Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889
John Ole Hægeland, VP Corporate Finance, tel.: +47 906 06 169

Cautionary Statements

This press release is for information purposes only and does not constitute a
prospectus or any offer to sell or the solicitation of an offer to buy any
security in the United States of America or in any other jurisdiction. This
announcement is not for public release, publication or distribution, directly or
indirectly, in or into the United States (including its territories and
possessions, any state of the United States and the District of Columbia),
except to “qualified institutional buyers” (“QIBs”) as defined in Rule 144A
under the U.S. Securities Act of 1933, as amended (the “Securities Act”). This
announcement does not constitute or form a part of any offer of, or solicitation
to purchase or subscribe for, any securities in the United States. Any such
securities have not been, and will not be, registered under the Securities Act.
Any such securities may not be offered or sold in the United States, except that
the securities may be offered for sale in the United States to QIBs in reliance
on the exemption from registration under Rule 144A. No public offering of
securities will be made in the United States or in any other jurisdiction where
such an offering is restricted or prohibited.

This announcement is directed only at persons (i) outside the United Kingdom;
(ii) that have professional experience in matters relating to investments
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the “Order”); (iii) falling within Article
49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”)
of the Order or (iv) to whom this announcement may otherwise be directed without
contravention of Section 21 of the Financial Services and Markets Act 2000 (all
such persons together being referred to as “relevant persons”). This
announcement must not be acted on or relied on by persons who are not relevant
persons. Any investment or investment activity to which this announcement
relates is available only to relevant persons and will be engaged in only with
relevant persons.

In member states of the European Economic Area (“EEA”) or the United Kingdom,
this announcement is directed only at persons who are “qualified investors”
under Regulation (EU) 2017/1129, as amended.

MiFID II professionals/ECPs-only / No PRIIPs KID - Manufacturer target market
(MIFID II product governance) is eligible counterparties and professional
clients only (all distribution channels). No PRIIPs key information document
(KID) has been prepared as not available to retail in the EEA or the United
Kingdom.

This press release may include projections and other “forward-looking”
statements within the meaning of applicable securities laws. Any such
projections or statements reflect the current views of the Company about further
events and financial performance. No assurances can be given that such events or
performance will occur as projected and actual results may differ materially
from these projections.

Neither the content of the Company’s website nor any website accessible by
hyperlinks on the Company’s website is incorporated in, or forms part of, this
announcement. The distribution of this announcement into certain jurisdictions
may be restricted by law. Persons into whose possession this announcement comes
should inform themselves about and observe any such restrictions. Any failure to
comply with these restrictions may constitute a violation of the securities laws
of any such jurisdiction.

About Aker BP:
Aker BP is a fully-fledged E&P company with exploration, development and
production activities on the Norwegian Continental Shelf. Aker BP is the
operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The
company is also a partner in the Johan Sverdrup field. Aker BP is headquartered
at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker
‘AKERBP’. More about Aker BP at www.akerbp.com.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Aker BP ASA announces pricing of Senior Notes Offering

Aker BP ASA (the “Company”) is pleased to announce that it has priced its
offering (the “Offering”) of $500 million aggregate principal amount of 2.875%
Senior Notes due 2026 (the “2026 Notes”) at a price equal to 99.778% of the
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aggregate principal amount thereof and $750 million aggregate principal amount
of its 4.000% Senior Notes due 2031 (the “2031 Notes”) at a price equal to
99.371% of the aggregate principal amount thereof (the 2026 Notes and 2031 Notes
together, the “Notes”). Interest will be payable semi-annually. The Offering is
expected to close on or about September 30, 2020, subject to customary
conditions precedent for similar transactions. In connection with the Offering,
the initial purchasers may engage in stabilizing transactions with a view to
supporting the market price of the Notes at a level higher than that which might
otherwise prevail. Any stabilization action must be conducted in accordance with
all applicable laws and rules.

The Company intends to use the net proceeds of the Offering to redeem all the
outstanding the $400,000,000 in aggregate principal amount of the Company’s 6%
Senior Notes due 2022, issued pursuant to an indenture dated July 5, 2017 and to
pay related redemption premia, repay outstanding amounts under the Company’s
revolving credit facility (without reducing commitments) and for general
corporate purposes.

For further information, please contact:
Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889
John Ole Hægeland, VP Corporate Finance, tel.: +47 906 06 169

Cautionary Statements

This press release is for information purposes only and does not constitute a
prospectus or any offer to sell or the solicitation of an offer to buy any
security in the United States of America or in any other jurisdiction. This
announcement is not for public release, publication or distribution, directly or
indirectly, in or into the United States (including its territories and
possessions, any state of the United States and the District of Columbia),
except to “qualified institutional buyers” (“QIBs”) as defined in Rule 144A
under the U.S. Securities Act of 1933, as amended (the “Securities Act”). This
announcement does not constitute or form a part of any offer of, or solicitation
to purchase or subscribe for, any securities in the United States. Any such
securities have not been, and will not be, registered under the Securities Act.
Any such securities may not be offered or sold in the United States, except that
the securities may be offered for sale in the United States to QIBs in reliance
on the exemption from registration under Rule 144A. No public offering of
securities will be made in the United States or in any other jurisdiction where
such an offering is restricted or prohibited.

This announcement is directed only at persons (i) outside the United Kingdom;
(ii) that have professional experience in matters relating to investments
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the “Order”); (iii) falling within Article
49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”)
of the Order or (iv) to whom this announcement may otherwise be directed without
contravention of Section 21 of the Financial Services and Markets Act 2000 (all
such persons together being referred to as “relevant persons”). This
announcement must not be acted on or relied on by persons who are not relevant
persons. Any investment or investment activity to which this announcement
relates is available only to relevant persons and will be engaged in only with
relevant persons.

In member states of the European Economic Area (“EEA”) or the United Kingdom,
this announcement is directed only at persons who are “qualified investors”
under Regulation (EU) 2017/1129, as amended.

MiFID II professionals/ECPs-only / No PRIIPs KID - Manufacturer target market
(MIFID II product governance) is eligible counterparties and professional
clients only (all distribution channels). No PRIIPs key information document
(KID) has been prepared as not available to retail in the EEA or the United
Kingdom.

This press release may include projections and other “forward-looking”
statements within the meaning of applicable securities laws. Any such
projections or statements reflect the current views of the Company about further
events and financial performance. No assurances can be given that such events or
performance will occur as projected and actual results may differ materially
from these projections.

Neither the content of the Company’s website nor any website accessible by
hyperlinks on the Company’s website is incorporated in, or forms part of, this
announcement. The distribution of this announcement into certain jurisdictions
may be restricted by law. Persons into whose possession this announcement comes
should inform themselves about and observe any such restrictions. Any failure to
comply with these restrictions may constitute a violation of the securities laws
of any such jurisdiction.

About Aker BP:
Aker BP is a fully-fledged E&P company with exploration, development and
production activities on the Norwegian Continental Shelf. Aker BP is the
operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The
company is also a partner in the Johan Sverdrup field. Aker BP is headquartered
at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker
‘AKERBP’. More about Aker BP at www.akerbp.com.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Financial calendar

Financial calendar for Aker BP ASA

FINANCIAL YEAR 2020
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29.10.2020 - Quarterly Report - Q3
05.02.2021 - Quarterly Report - Q4

FINANCIAL YEAR 2021

15.07.2021 - Half-yearly Report

06.05.2021 - Quarterly Report - Q1
28.10.2021 - Quarterly Report - Q3

The results will be published through the company’s homepage, www.akerbp.com, Oslo Børs News site www.newsweb.no and other newswires at about 07:00 CET.

Please note that the dates are subject to change. Changes will be communicated through Stock Exchange announcements and the company’s homepage.

This information is published pursuant to the requirements set out in the Continuing obligations.

Kilde

[TekBot]

Financial calendar

Financial calendar for Aker BP ASA

FINANCIAL YEAR 2020
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29.10.2020 - Quarterly Report - Q3
04.02.2021 - Quarterly Report - Q4

FINANCIAL YEAR 2021

15.07.2021 - Half-yearly Report
25.03.2021 - Annual Report
15.04.2021 - Annual General Meeting

28.04.2021 - Quarterly Report - Q1
28.10.2021 - Quarterly Report - Q3

The dates have been changed for Q4-2020 and Q1-2021.

This information is published pursuant to the requirements set out in the Continuing obligations.

Kilde

[TekBot]

Sale of shares to employees

As part of Aker BP’s annual share saving plan, the company has today sold 940,783 Aker BP shares to employees at a price of NOK 117.86 per share. The shares are subject to a three-year lockup. Following this, the company holds 76,668 own shares.

For an overview of the participation in this share saving plan by the primary insiders of Aker BP, see the company’s stock exchange notice dated 14 September 2020.
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This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Extended strike could close the Johan Sverdrup field

There is an ongoing strike on the Norwegian continental shelf, and the union
Lederne has taken out 43 members at the Johan Sverdrup field, where Aker BP is a
partner with 11.6 percent working interest. So far, production from the Johan
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Sverdrup field has not been affected by the strike.

Equinor, the operator of Johan Sverdrup, has today announced that this situation
would change if the strike continues into 14 October. This is due to the
scheduled rotation of personnel as there would not be sufficient capacity and
competence in key operational functions at Johan Sverdrup.

Aker BP hopes that in the intervening period a solution may be found to avoid
this outcome.

None of Aker BP’s other producing fields have been affected by the ongoing
strike.

Contacts:
Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

About Aker BP:
Aker BP is a fully-fledged E&P company with exploration, development and
production activities on the Norwegian Continental Shelf. Aker BP is the
operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The
company is also a partner in the Johan Sverdrup field. Aker BP is headquartered
at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker
‘AKERBP’. More about Aker BP at www.akerbp.com.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

Kilde

[Kaisovski]

Oooof

[rayman]

Vi er mitt i en pandemi og lave oljepriser… La oss streike i tillegg for å gjøre det enda verre, rett tidspunkt å stille krav på…

[Kaisovski]

Stålbull for mitt BWE. La de streike og stenge hele sokkelen.

Så kan MDG få en smakebit på sitt Utopia😎

[TekBot]

Sale of shares to employees

As part of Aker BP’s annual share saving plan, the company has sold 73,372 Aker BP shares to employees at a price of NOK 117.86 per share. The shares are subject to a three-year lockup. Following this, the company holds 3,296 own shares.

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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Kilde

[TekBot]

Third quarter 2020 trading update

Aker BP produced 201.6 thousand barrels of oil equivalents per day (mboepd) in
the third quarter, and remains on track to deliver on its full-year production
guidance of 205-220 mboepd. The change from the previous quarter was mainly
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driven by planned maintenance and drilling activities.

Total petroleum revenues increased compared to previous quarter as higher oil
and gas prices more than compensated for lower sold volume.

Volume (mboepd) Q3-20 Q2-20 Q1-20 Q4-19
Net production 201.6 209.8 208.1 191.1
Overlift/(underlift) (13.9) 22.2 (0.6) (6.6)
Net sold volume 187.7 232.0 207.5 184.5
Of which liquids 157.5 198.2 174.3 151.4
Of which natural gas 30.2 33.8 33.2 33.1

Realised prices Q3-20 Q2-20 Q1-20 Q4-19
Liquids (USD/boe) 42.7 29.9 44.7 64.2
Natural gas (USD/scm) 0.12 0.08 0.14 0.17

Conference call and webcast

The company will host a conference call to present its third quarter 2020
results on 29 October 2020 at 08:30 CEST. The conference call will be available
as a webcast on the company’s website www.akerbp.com/en.

To participate in the conference call, please contact the conference call
operator at the telephone numbers listed below. Please join the event 10 minutes
prior to scheduled start time and provide the confirmation code or ask for Aker
BP’s quarterly presentation.

Phone number Norway: +47 2100 2610
Phone number UK: +44 (0) 330 336 9125
Confirmation code: 2134794

Disclaimer

The information in this statement is based on a preliminary assessment of the
company’s third quarter 2020 financial results. The company has not completed
its financial reporting and related review and control procedures. The estimates
provided may therefore be subject to change and the financial statements finally
approved and released by the company may deviate from the information herein.

Contacts:
Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

About Aker BP:
Aker BP is a fully-fledged E&P company with exploration, development and
production activities on the Norwegian Continental Shelf. Aker BP is the
operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The
company is also a partner in the Johan Sverdrup field. Aker BP is headquartered
at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker
‘AKERBP’. More about Aker BP at www.akerbp.com.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Release of third quarter results 2020

Aker BP will publish its financial results for the third quarter
2020 on Thursday 29 October 2020 at 07:00 (CET). A conference call will
be hosted at 08:30 (CET).
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The conference call will be available as a webcast on the company’s website
www.akerbp.com/en. To participate in the conference call, please contact the
conference call operator at the telephone numbers listed below. Please join the
event 10 minutes prior to scheduled start time and provide the confirmation code
or ask for Aker BP’s quarterly presentation.

±---------------------------±-------------------+
|Phone number Norway |+47 2100 2610? |
±---------------------------±-------------------+
|Phone number United Kingdom |+44 (0)330 336 9125 |
±---------------------------±-------------------+
|Confirmation code |2134794 |
±---------------------------±-------------------+

Investor contact:

Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889

Lars Mattis Hanssen, Senior IR Professional, tel.: +47 994 59 460

Media contact:

Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

About Aker BP:

Aker BP is a fully-fledged E&P company with exploration, development and
production activities on the Norwegian Continental Shelf. Aker BP is the
operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The
company is also a partner in the Johan Sverdrup field. Aker BP is headquartered
at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker
‘AKERBP’. More about Aker BP at www.akerbp.com.

Kilde

[TekBot]

Third quarter 2020 results

Highlights

· Total income increased to USD 684 million, positively impacted by higher oil
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and gas prices
· Net profit of USD 80 million and free cash flow of USD 195 million
· On track to deliver on 2020 production guidance
· All field developments progressing according to plan, production start from
Ærfugl phase 1 expected during Q4-2020
· Further reducing 2020 capital spend by USD 100 million
· Uniquely positioned to benefit from tax changes, aiming to make final
investment decisions for projects with more than 500 mmboe of net resources by
2022
· New long-dated bonds issued during the quarter, in total USD 1,250 million,
further strengthening financial flexibility

Karl Johnny Hersvik, CEO of Aker BP, comments:

“Third quarter 2020 was a strong quarter for Aker BP. We are well on track to
deliver on our production guidance for the year, our development projects are
progressing as planned, and we are keeping cost and emissions under control.”

“The recent tax changes provides improved investment conditions in Norway and
Aker BP is uniquely positioned to benefit from this opportunity through our
large project hopper with low breakevens.”

Third quarter 2020 summary

Aker BP reported total income of USD 684 (590) million and operating profit of
USD 242 (178) million for the third quarter 2020, positively impacted by higher
oil and gas prices. Net profit was USD 80 (170) million. All field development
projects are on track, and the company is working to mature more projects from
its large resource base towards final investment decision.

The company’s net production in the third quarter was 201.6 (209.8) thousand
barrels of oil equivalents per day (mboepd), down four percent from the previous
quarter due to planned maintenance, drilling operations and project activities
at several fields. Due to underlift in the quarter, net sold volume was 187.7
(232.0) mboepd. The company maintains its full-year production estimate and has
narrowed the guiding range to 210-215 mboepd.

Average realised liquids price was USD 42.7 (29.9) per barrel, while the
realised price for natural gas averaged USD 0.12 (0.08) per standard cubic metre
(scm), hence total income increased despite the lower volumes being sold during
the third quarter compared to the second quarter.
Production costs for the oil and gas sold in the quarter amounted to USD 134
(196) million. Production cost per produced unit in the quarter amounted to USD
7.3 (9.1) per boe. The company has updated its guidance to approximately USD 8
per boe on average for the full year, representing a reduction of 20 percent
compared to the original guidance at the Capital Markets Update in February this
year, as all non-critical activities have been postponed and the weaker NOK
favourably impacts the cost level.

Exploration expenses amounted to USD 32 (50) million and included costs of the
Sørvesten well which was dry. Total cash spend on exploration was USD 54 (59)
million. The company’s expected exploration spend is around USD 300 million for
the full year, down USD 50 million compared to the previous guidance.

Depreciation was USD 269 (286) million, equivalent to USD 14.5 (15.0) per boe.
Net financial expenses were USD 51 (27) million in the quarter. Profit before
taxes amounted to USD 191 (151) million. Tax expense was USD 111 million,
compared to a tax credit of USD 19 million in the previous quarter. The company
reported a net profit of USD 80 (170) million for the third quarter.

Capital expenditure for the development of fixed assets amounted to USD 275
(372) million in the third quarter. All field development projects progressed
according to plan. Full-year guidance for capital expenditure has been adjusted
down with USD 50 million to USD 1,300 million. Abandonment expenditures were USD
35 (16) million. The company’s full-year estimate for abandonment spend remain
unchanged.

Aker BP has implemented a wide range of measures to minimise the risk to people
and operations from the COVID-19 pandemic, including reduced offshore manning,
mandatory testing for all offshore personnel, social distancing, travel
restrictions and working from home. The company has so far avoided any virus
-related disruptions to its operations. The relevant policies and procedures
will remain in place for as long as necessary.

Strengthened financial position
During the third quarter the company issued USD 1,250 million in new long-dated
bonds, USD 500 million Senior Notes with a coupon of 2.875 percent due in 2026
and USD 750 million Senior Notes with a coupon of 4 percent due in 2031. The
company also initiated the early redemption of the USD 400 million Senior Notes
due in 2022. This has further strengthened Aker BP’s liquidity, extended its
maturity profile and reduced the average interest rate on the company’s debt.

Following the temporary changes in the Petroleum Tax Law enacted in June 2020,
the tax value of any losses incurred in 2020 and 2021 can be refunded from the
state. During the third quarter, Aker BP received tax refunds of USD 109
million.

At the end of the third quarter Aker BP had total available liquidity of USD 4.8
(3.7) billion. Net interest-bearing debt was USD 3.8 (3.8) billion, including
0.2 (0.2) billion in lease debt. The redemption of the USD 400 million Senior
Notes was completed after the end of the quarter.

In August, the company disbursed dividends of USD 70.8 million, equivalent to
USD 0.1967 per share. So far in 2020, USD 354.2 million in dividends have been
distributed. The Board has resolved to pay a quarterly dividend of USD 70.8
million (USD 0.1967 per share) in November 2020, which will result in total
dividend payments of USD 425 million for the full year.

Webcast and conference call details
The full report and presentation can be found on www.akerbp.com.
AkerBP Q3 2020
Presentation (https://mb.cision.com/Public/1629/3227386/bab652cd35dc9543.pdf)
AkerBP Q3 2020
Report (https://mb.cision.com/Public/1629/3227386/aa9f01f1af932245.pdf)

A conference call will be hosted at 08:30 (CET). The conference call will be
available as a webcast on the company’s website www.akerbp.com/en.

To participate in the conference call, please contact the conference call
operator at the telephone numbers listed below. Please join the event 10 minutes
prior to scheduled start time and provide the confirmation code or ask for Aker
BP’s quarterly presentation.

Phone number Norway +47 2100 2610
Phone number United Kingdom +44 (0)330 336 9125
Confirmation code 2134794

Investor contact:

Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889
Lars Mattis Hanssen, Senior IR Professional, tel.: +47 994 59 460

Media contact:
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

About Aker BP:
Aker BP is a fully-fledged E&P company with exploration, development and
production activities on the Norwegian Continental Shelf. Aker BP is the
operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The
company is also a partner in the Johan Sverdrup field. Aker BP is headquartered
at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker
‘AKERBP’. More about Aker BP at www.akerbp.com.

Kilde

[TekBot]

Key information relating to the cash dividend to be paid by Aker BP ASA

Dividend amount: USD 0.1967 per share (NOK 1,83989 per share)
Declared currency: USD
Last day of trading including right: 30 October 2020
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Ex-date: 2 November 2020
Record date: 3 November 2020
Payment date: 12 November 2020
Date of approval: 28 October 2020

About Aker BP:
Aker BP is a fully-fledged E&P company with exploration, development and
production activities on the Norwegian Continental Shelf. Aker BP is the
operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The
company is also a partner in the Johan Sverdrup field. Aker BP is headquartered
at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker
‘AKERBP’. More about Aker BP at www.akerbp.com.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Ex dividend USD 0.1967 today

The shares in Aker BP ASA will be traded ex dividend USD 0.1967 (NOK 1,83989 )
as from today, 2 November 2020. The pay-out date will be on or about
12 November 2020.
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About Aker BP:
Aker BP is a fully-fledged E&P company with exploration, development and
production activities on the Norwegian Continental Shelf. Aker BP is the
operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The
company is also a partner in the Johan Sverdrup field. Aker BP is headquartered
at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker
‘AKERBP’. More about Aker BP at www.akerbp.com.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Ærfugl phase 1 project starts production

Operator Aker BP and partners Equinor, Wintershall Dea and PGNiG report that
production has started from Ærfugl phase 1 in the Norwegian Sea.

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• I am very proud of the excellent performance shown by the Aker BP project team
  and our alliance partners to deliver this profitable project safely and
  efficiently on time and cost. This truly is One Team at its best, says CEO in
  Aker BP, Karl Johnny Hersvik.
  Ærfugl is one of the most profitable development projects on the Norwegian
  continental shelf. The initial estimated break-even oil price was USD 18.5 per
  barrel (converted from gas). Due to increased reserves, earlier production,
  stronger dollar and accelerated tax depreciation, the break-even price
  has improved to below USD 15 per barrel.

• Aker BP’s goal is to produce oil and gas as efficiently as possible to return
  greater value from our oil and gas resources to investors and the society. The
  successful start-up of production from Ærfugl phase 1 demonstrates our ability
  to deliver on this strategy, Hersvik adds.

300 million barrels

The Ærfugl development is a major subsea project in two phases. Both phases are
tied into the existing production vessel (FPSO) on the Skarv field, which is
located approx. 210 km west of Sandnessjøen.

The Plan for Development and Operation (PDO) for Ærfugl was approved by the
Ministry of Petroleum and Energy in April 2018.

The reservoir holds a total of around 300 million barrels of producible oil
equivalents.

Total investment costs for the Ærfugl project (phase 1 and 2) are around NOK 8
billion.

Improvements

Reorganizing the value chain through strategic partnerships and alliances is an
important part of Aker BP’s strategy.

-The subsea alliance, semi alliance and modification alliance have all been
vital in this project. The alliances have not only been delivering on cost and
schedule, despite Covid-19 related challenges; they have as well achieved major
improvements since the PDO was approved, including significantly accelerated
development of phase 2 and better economics, says SVP Projects, Knut Sandvik.

Development of Ærfugl is enabled in particular by two new technologies:

· More efficient drainage of reservoir through new vertical valve trees.
· Long distance, electrically heated flow lines to avoid hydrates in the gas
pipelines. This technology significantly improves heat efficiency compared with
regular technology and enables longer tie-backs.

Reserves have as well increased since PDO due to continuous work to better
understand the elongated reservoir.

Strengthening the Skarv area

The Ærfugl field development is adding five years lifetime extension to the
Skarv FPSO.

-Ærfugl is an important part of the area development and value creation in the
area. When both phases of Ærfugl come on stream, we will significantly increase
our utilization at the Skarv FPSO, representing roughly a doubling of production
compared to current levels, says Sverre Isak Bjørn, VP Operations & Asset
Development, Skarv area.

-Production from the Ærfugl reservoir will also improve the energy efficiency.
Consequently it will bring down CO2 emissions by 30-40% per barrel produced from
Skarv FPSO, Bjørn adds.

Exploration success in the area in 2019 gave fresh perspectives on the geology
around Skarv, generating new ideas on drilling prospects in the coming years.

-We are collaborating closely with our license partners. Together we have
developed a solid strategic foundation to bring Skarv into the future, Bjørn
adds.

Full speed for Phase 2

Phase 1, which develops the southern part of the Ærfugl field, consists of three
new wells. Phase 2 consists of an additional three wells in the northern part of
the field.

-The successful start-up of production from Phase 1 is a major milestone and a
great achievement. However, there is no time to relax; we will keep momentum to
safely deliver phase 2 on time and cost by the end of next year. Then we will
celebrate, says Project manager for the Ærfugl development project, Tom
Storvik.

He points at the close and efficient collaboration in- and between the involved
alliances as a key success factor for the successful execution.

-The Subsea alliance between Aker BP, Subsea 7 and Aker Solutions has
demonstrated substantial improvements and increased value creation over several
years. The performance by the rig alliance with Odfjell and Halliburton and the
Modification alliance with Aker Solutions in collaboration with Kongsberg
Maritime, has been key to these achievements. The production start-up of from
Phase 1 shows how the alliances enable us to increase the value creation and to
deliver in line with our ambitious improvement agenda, Storvik adds.

FACTS ABOUT THE ÆRFUGL FIELD

· The more than 60 km long and 2-3 km wide Ærfugl reservoir is a gas
reservoir.
· It holds a total of around 300 million barrels of producible oil
equivalents.
· Total investment costs for the Ærfugl project (phase 1 and 2) are around NOK
8 billion.
· The total ‘life of field’ project has a break-even-price of below USD 15 per
barrel (converted from gas). This makes the field development one of the most
profitable being implemented on the Norwegian shelf.
· Ærfugl was first put on stream with the test producer A-1H in 2013 and has
since produced via Skarv FPSO.
· In April this year, production started from the first Ærfugl phase 2 well -
more than three years ahead of the original plan.
· The remaining two “phase 2 wells” will come on stream in 2021.The Ærfugl
field produces via Skarv FPSO approximately 210 km west of Sandnessjøen.
· The subsea modules have been completed in Sandnessjøen and then transported
offshore. The Ærfugl project has brought significant local ripple effects for
local suppliers in the Helgeland region.

Contacts:
Investor contact: Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889
Media contact: Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

About Aker BP:
Aker BP is a fully-fledged E&P company with exploration, development and
production activities on the Norwegian Continental Shelf. Aker BP is the
operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The
company is also a partner in the Johan Sverdrup field. Aker BP is headquartered
at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker
‘AKERBP’. More about Aker BP at www.akerbp.com.

Kilde

[pleximus83]

Ditta `e da ongdommen likar

Aker BP åpner superlønnsomt gassfelt

[TekBot]

Mandatory notification of trade

Primary insider in Aker BP, Anniken Maurseth (VP Legal), has today sold 2,300 shares in Aker BP at a price of NOK 182.58 per share. New holding is 10,307 shares.
…

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Kilde

[TekBot]

Johan Sverdrup production capacity further increased

The production capacity of the Johan Sverdrup field, where Aker BP holds 11.5733
percent working interest, is set to increase to around 500,000 barrels of oil
per day by the end of this year, according to an announcement from the field’s
…

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operator Equinor. This is around 60,000 barrels more than the original basis
when the field came on stream last year.

In November, the plant capacity of the Johan Sverdrup field has been tested to
verify a possible production rise. The test results have been positive, paving
the way for a production increase from today’s 470,000 barrels to around 500,000
barrels of oil per day by the end of this year.

Phase 2 of the Johan Sverdrup field development is on schedule, and production
start is scheduled for the fourth quarter of 2022. The capacity increase means
that the full-field plateau production is expected to rise from 690,000 to
around 720,000 barrels per day.

The Johan Sverdrup field is using water injection to secure high recovery of
reserves and maintain production at a high level. Based on the positive results
of the capacity test, an upgrade of the water injection capacity is being
planned which should allow for a further increase in daily production by mid
-2021.

Link to Equinor’s announcement: https://www.equinor.com/en/news/20201118-johan
-sverdrup.html

Contacts:
Investor contact: Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889
Media contact: Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

About Aker BP:
Aker BP is a fully-fledged E&P company with exploration, development and
production activities on the Norwegian Continental Shelf. Aker BP is the
operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The
company is also a partner in the Johan Sverdrup field. Aker BP is headquartered
at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker
‘AKERBP’. More about Aker BP at www.akerbp.com.

Kilde

[tjoff]

har denne dævva @pdx ? kursen er ikke oppdatert og tekbot har vært stille lenge