Aker BP ASA produced 131.9 thousand barrels of oil equivalents per day (mboepd) in the third quarter 2017.

Production per field for Q3 2017 was (previous quarter in brackets):

Production volumes are subject to final re-allocation. Numbers may not add due to rounding.

Aker BP ASA (“Aker BP”) has entered into an agreement to acquire Hess Norge AS (“Hess Norge”). Through the transaction, Aker BP strengthens its production and resource base, and becomes the sole owner of the Valhall and Hod fields, where the company sees a great value creation potential through increased oil recovery and flank developments. The company intends to increase shareholder dividends following the transaction.

A recording of the conference call is available here:

Please see enclosed a presentation describing the transaction, and Hess Norge AS accounts.

The cash consideration of the transaction is USD 2.0 billion. The transaction includes Hess Norge’s interests in the Valhall (64.05 per cent) and Hod (62.5 per cent) fields. Aker BP will also assume Hess Norge’s tax positions, which include a tax loss carry forward with a net nominal after–tax value of USD 1.5 billion, as booked in Hess Norge’s 2016 annual accounts. The transaction will be financed through Aker BP’s existing long-term Reserve Based Lending bank facility, and by the issuance of USD 500 million in new equity. The issue price will be determined through a book building process. Aker ASA (“Aker”) and BP plc (“BP”) will subscribe for 40 per cent and 30 per cent of the shares to be issued, respectively, at the price determined through the bookbuilding process, or minimum NOK 155 per share. In addition, Aker and BP will underwrite the remaining shares to be issued at NOK 155 per share.

This acquisition will strengthen Aker BP’s position on the Norwegian Continental Shelf. Both production and reserves will increase significantly. Aker BP’s Chairman, Øyvind Eriksen comments: “The acquisition of Hess Norge is another move as a part of our ambition to grow the company. This investment allows Aker BP to raise the dividend level to USD 350 million per year with first uplift planned for fourth quarter of 2017. Through the equity issue, we are enabling Aker BP to grow further on the Norwegian Continental Shelf.”

CEO of Aker BP, Karl Johnny Hersvik states in a comment: “Aker BP has a clear ambition to be the leading independent offshore E&P company. This transaction is an important step in that direction. Acquiring this portfolio gives Aker BP a deeper exposure to one of our core areas. Taking full ownership and control allows Aker BP to pursue upsides more aggressively. As the operator of the Valhall/Hod field, Aker BP knows the area very well.”

Following the transaction, Aker BP will own 100 per cent of the Valhall and Hod fields. Aker BP will subsequently seek to sell or swap a minority interest in the fields to partners who want to work together with Aker BP to proactively target the upside potential in the area.

Details of the transaction

Aker BP has agreed with Hess Corporation to acquire all the shares in Hess Norge for a cash consideration of USD 2.0 billion. Hess Norge’s assets includes a 64.05 per cent share of the Valhall field and a 62.5 per cent share of the Hod field, and a tax loss carry forward with a net nominal after –tax value of USD 1.5 billion. The cash consideration will be financed through Aker BP’s existing long-term Reserve Based Lending bank facility, and by new equity of USD 500 million. The issue price will be determined through a bookbuilding process. Aker ASA (“Aker”) and BP plc (“BP”) will subscribe for 40 per cent and 30 per cent of the shares to be issued, respectively, at the price determined through the bookbuilding process, or minimum NOK 155 per share. In addition, Aker and BP will underwrite the remaining shares to be issued at NOK 155 per share.

Included in the transaction are proven and probable (2P) reserves of 150 million barrels of oil equivalent (mmboe) and best estimate 2C contingent resources of 195 mmboe, based on Aker BP’s own assessment per year-end 2016, of which 85 per cent is liquid. During the first nine months of 2017, Hess Norge’s share of production from the Valhall and Hod fields was approximately 24,000 barrels of oil equivalent per day (boepd).

As per today Hess Norge AS has 19 employees. The board of Hess Norge AS consists of Johan Nic Vold (chair), Anders Nymann, Brian Truelove, Martin Edwards, Helena Deal and Gerbert Schoonman. Martin Edwards is managing director.

The transaction is subject to customary conditions for completion, including approval by the Ministry of Oil and Energy, Ministry of Finance and relevant competition clearance. The effective date of the transaction will be 1 January 2017, and closing is expected by the end of 2017. A general meeting in Aker BP will be called to approve the issuance of new equity.

This agreement meets the requirement of the Oslo Stock Exchange to prepare an information document.

About Valhall and Hod

The Valhall field centre consists of six separate steel platforms for living quarters, drilling, production, water injection, and a combined process- and hotel platform. Two unmanned and remotely operated flank platforms (North and South) are located about 6 km north and south of the field centre. The Hod field is developed with an unmanned wellhead platform, located 13 km south of Valhall, and is remotely operated from the Valhall field centre. All wells on the Hod platform are currently shut-in and awaiting plugging and abandonment. The Hod reservoir is now being produced from wells drilled from the Valhall South Flank platform.

Aker BP is planning to submit a Plan for Development and Operation for the Valhall Flank West project in late 2017, with estimated first oil in 2020. In addition, Aker BP is maturing a number of additional projects in the area, including the North and South Flank projects.

Early January 2017, Valhall and Hod passed one billion barrels of oil equivalents produced, which is more than three times the volume expected at the opening of the field in 1982. The ambition is to produce a further 500 mmboe.

http://www.norskpetroleum.no/fakta/felt/valhall/

https://www.akerbp.com/produksjon/valhall/

Contacts:

Investor contact: Jonas Gamre, VP Investor Relations, tel.: +47 971 18 292

Media contact: Tore Langballe, VP Communications, tel.: +47 907 77 841

Aker BP ASA har signert en kontrakt til DeepOcean for undervanns inspeksjon- vedlikehold- og reparasjonsaktiviteter (Subsea IMR).

Kontraktsverdien er anslått til minimum 300 millioner kroner totalt over tre år, med opsjon på videreføre aktivitetene i ytterligere seks år. (2+2+2).

Kontrakten omfatter arbeid med ROV knyttet til inspeksjoner, vedlikehold og reparasjoner på Aker BP-opererte felt (Valhall, Hod, Ula, Tambar, Ivar Aasen, Alvheim og Skarv).

Aker BP og DeepOcean har inngått en kombinert rammeavtale med forpliktende «minimumsnivå».

–    Dette er en viktig kontrakt for Aker BP. Vi inviterte flere selskap til å delta i anbudet. DeepOcean vant kontrakten fordi selskapet leverte et godt tilbud basert på bruk av ny teknologi og sikre, kostnadseffektive løsninger, sier Olav Henriksen, direktør for prosjekter i Aker BP.

Direktør for prosjekter Olav Henriksen i Aker BP (foran til venstre) og Rolf Ivar Sørdal, Commercial Director GNS Deep Ocean (foran til høyre), signerte kontrakten onsdag 25. oktober. Her sammen med teamet.

Aker BP ASA reported total income of USD 596 (248) million in the third quarter of 2017. Production in the period was 131.9 (59.8) thousand barrels of oil equivalent per day (“mboepd”), realising an average oil price of USD 55 (47) per barrel, while gas revenues were recognized at market value of USD 0.20 (0.15) per standard cubic metre (scm). Production cost per barrel of oil equivalents (“boe”) was USD 11.1 (5.8).

A recording of the webcast is available here:

EBITDA amounted to USD 395 (179) million in the quarter and EBIT was USD 219 (56) million. Net profit for the quarter was USD 112 (63) million, translating into an EPS of USD 0.33 (0.31). Net interest-bearing debt amounted to USD 1,941 (2,380) million per 30 September 2017.

Karl Johnny Hersvik
CEO

«Aker BP continued to deliver a solid performance in the third quarter with stable, safe and efficient operations. An important strategic milestone was reached in October, when we announced the agreement to acquire Hess Norge AS. The transaction will strengthen Aker BP’s production and resource base, and we will increase shareholder dividends following the transaction.» CEO Karl Johnny Hersvik says.

Production and drilling
Two new wells commenced production at the Volund field during the quarter, resulting in a reallocation of production capacity from the Alvheim field. The Transocean Arctic drilling rig is currently drilling infill wells at Boa.

Production from the Skarv and Valhall areas was impacted by planned maintenance in the third quarter. Drilling from the Valhall injection platform continued and P&A activity commenced with the Maersk Invincible drilling rig.

Production at Ivar Aasen has remained stable in the third quarter. The Johan Sverdrup project is progressing according to plan with the first steel jacket installed on the field during the quarter. The partners in the Johan Sverdrup development reported further project improvements, including a NOK 5 billion reduction in Phase 1 investment costs.

Drilling of the Delta appraisal well in the NOAKA area was completed in the quarter and the Hyrokkin and Nordfjellet exploration wells in the North Sea were completed in the quarter, both dry.

Financing and dividend
Following a successful placement of a new USD 400 million bond in June, the company in the third quarter redeemed its USD 300 million subordinated bond and cancelled its USD 550 million revolving credit facility.

In August, the company paid a quarterly dividend of USD 0.185 per share.

Events after the end of the period
After the end of the third quarter, Aker BP entered into an agreement to acquire Hess Norge AS (“Hess Norge”) for a cash consideration of USD 2.0 billion. The transaction includes Hess Norge’s interests in the Valhall and Hod field, and a tax loss carry forward with a nominal after tax value of USD 1.5 billion.

(Figures in brackets apply to the corresponding period in the previous year, and is for 2016 not directly comparable as they represent Aker BP prior to the merger with BP Norge AS.)

Aker BP Q3-2017 Report

Aker BP Q3-2017 Presentation

Contacts:

Investor contact: Jonas Gamre, VP Investor Relations, tel.: +47 971 18 292
Investor contact: Kjetil Bakken, Investor Relations Manager, tel.: +47 918 89 889
Media contact: Tore Langballe, VP Communication, tel.: +47 934 82 060

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

Dividend amount: USD 0.185 per share
Declared currency: USD
Last day of trading including right: October 31, 2017
Ex-date: November 1, 2017
Record date: November 2, 2017
Payment date: November 9, 2017
Date of approval:  October 27, 2017

As per the updated loan agreement in the DETNOR02 bond loan (ISIN: NO 001068414.5), clause 12.4, bondholders have an option to put bonds at 107% of the dividend distribution amount. A distribution event notice will be sent to bondholders on the dividend payment date.

This information is published in accordance with the requirements of the Continuing Obligations.

Styret i Aker BP ASA innkaller med dette til ekstraordinær generalforsamling.

Tid: 21. november 2017 kl. 09.00
Sted: Aker BP ASA, Akerkvartalet, Oksenøyveien 10,  1366 Lysaker

Vedlegg:
Innkalling til ekstraordinær generalforsamling
Møteseddel/forhåndsstemme

Aker BP ASA (Aker BP) har inngått to separate allianseavtaler, én med Mærsk Drilling og Halliburton for oppjekkbare rigger (jack-up rigs) og en med Odfjell Drilling og Halliburton for halvt nedsenkbare rigger (semi-submersibles)

Les pressemeldingen (kun på engelsk)

Aker BP har valgt «Ærfugl» som nytt feltnavn på det 60 kilometer lange gassfunnet like vest for Skarvfeltet.

Det er klart etter en navnekonkurranse arrangert i samarbeid med Helgelands blad, hvor totalt 88 ulike navneforslag kom inn.

Olje- og energidepartementet godkjente det nye navnet denne uken, med forbehold om at partnerskapet leverer inn PUDPlan for utbygging og drift som leveres myndighetene for godkjenning..

PUD for feltet, som ligger i Norskehavet ca 210 kilometer fra Sandnessjøen, skal etter planen leveres Departementet i desember i år.

I dag er det ett år siden Aker BP ble fullt sammenslått. Og det har vært litt av et år.

– Aktivitetsnivået er enormt. Vi har seks kontinuerlige boreoperasjoner. Vi drifter fem assets, har 13 supplybåter i kontinuerlig drift. Prosjektporteføljen har over 80 modifikasjonsprosjekter og tre PUDPlan for utbygging og drift som leveres myndighetene for godkjenning.-prosjekter, sier administrerende direktør Karl Johnny Hersvik i Aker BP.

Dagen blir feiret på tvers av Aker BP. En jubileumsfilm er laget for anledningen. Sjekk den ut her:

Reference is made to the stock exchange notices on 24 October 2017 regarding the acquisition of Hess Norge AS (the “Transaction”).

The Company has today published an information memorandum in this regard. The Transaction is subject to customary conditions for completion, including approval by the Ministry of Oil and Energy, Ministry of Finance and relevant competition clearance. The effective date of the transaction will be 1 January 2017, and closing is expected by the end of 2017. For further information see the information memorandum.

The information memorandum is also available at the Company’s headquarters in Fornebu.

Contacts:
Investor Contact: Jonas Gamre, VP Investor Relations, tel: +4797118292
Media Contact: Tore Langballe, VP Communications, tel: +4790777841

Aker BP ASA has entered into an agreement with Pandion Energy AS to divest 10 percent interest in the Valhall and Hod fields for an undisclosed cash consideration.

Aker BP is the operator of the Valhall and Hod fields. In October 2017, Aker BP entered into an agreement to acquire Hess Norge AS*, making Aker BP the sole owner in the fields.

CEO of Aker BP, Karl Johnny Hersvik states in a comment: “After we announced the Hess transaction, we have seen strong interest to partner with Aker BP in the Valhall area. Through this transaction, we get a partner that shares our ambition of developing the upside potential in these fields”.

The transaction is subject to customary government approval and closing is expected by the end of 2017.

About Pandion Energy

Pandion Energy, founded in November 2016, is a private oil and gas company focusing on exploration, appraisal and development opportunities in all parts of the Norwegian Continental Shelf (NCS). The company was prequalified as a Licensee on the NCS in June this year. The company is backed by Kerogen Capital, an independent private equity fund manager specializing in the international energy sector. Pandion Energy has a team of highly experienced technical and commercial oil and gas professionals with a proven track record of pursuing exploration and appraisal opportunities on the NCS.

About Valhall and Hod

The Valhall field centre consists of six separate steel platforms for living quarters, drilling, production, water injection, and a combined process- and hotel platform. Two unmanned and remotely operated flank platforms (North and South) are located about 6 km north and south of the field centre. The Hod field is developed with an unmanned wellhead platform, located 13 km south of Valhall, and is remotely operated from the Valhall field centre. All wells on the Hod platform are currently shut-in and awaiting plugging and abandonment. The Hod reservoir is now being produced from wells drilled from the Valhall South Flank platform.

Aker BP is planning to submit a Plan for Development and Operation for the Valhall Flank West project late 2017, with estimated first oil in 2020. In addition, Aker BP is maturing a number of additional projects in the area, including the North and South Flank projects.

Early January 2017, Valhall and Hod passed one billion barrels of oil equivalents produced, which is more than three times the volume expected at the opening of the field in 1982. The ambition is to produce a further 500 mmboe.

*Subject to government approval

Aker BP bekrefter at det er meldt om en alvorlig hendelse klokken  12.10 torsdag på Tambar-feltet.

Hendelsen har skjedd på riggen Maersk Interceptor som for tiden borer brønner på feltet.

To personer ansatt i Maersk Drilling er skadet i hendelsen. En falt til sjø. Personen er hentet opp av en standby-båt. Det jobbes med å få brakt begge de involverte til land.

Vår første prioritet er personellet ombord. Vi har aktivert vår beredskapsorganisasjon og samarbeider nært med Hovedredningssentralen (HRS) og relevante myndigheter for å håndtere situasjonen.

Vi vil gi ytterligere informasjon så snart den er bekreftet.

Henvendelser til Aker BPs pressetalspersoner:

• Tore Langballe 907 77 841
• Ole Johan Faret 40224217
• E-post-henvendelse til Aker BP om hendelsen: kommunikasjon@akerbp.com

Aker BP bekrefter at en person er omkommet etter den alvorlige ulykken på boreriggen Maersk Interceptor på Tambar torsdag. 

Maersk Interceptor borer for tiden brønner på Tambarfeltet for Aker BP. Den omkommende, som er norsk statsborger og ansatt i Maersk Drilling, falt på sjøen under vedlikeholdsarbeid på riggen. Vedkommende ble hentet opp av sjøen av et standby-fartøy og brakt til Haukeland universitetssykehus i Bergen med helikopter.

En annen person, også ansatt i Maersk Drilling, ble skadet i hendelsen. Hans tilstand skal ikke være kritisk. Personen er fraktet til Stavanger universitetssykehus.

– Våre tanker går nå til de pårørende, den skadde og alle andre som er berørt av denne alvorlige ulykken. Vi har samarbeidet tett med Maersk Drilling og skal gjøre det vi kan for å ta vare på de berørte og deres pårørende i denne vanskelige situasjonen, sier administrerende direktør Karl Johnny Hersvik i Aker BP.

Meldingen om en alvorlig hendelse på Maersk Interceptor kom klokken 12.10 torsdag. Hvordan hendelsen oppstod er fortsatt ikke avklart.

– Dette er en alvorlig ulykke, og vi skal gjøre det vi kan for å finne årsaken. Vi vil stille alle ressurser til rådighet i den forestående granskning, sier Hersvik.

– Nå vil vi fortsatt ha fullt fokus på å ivareta personell om bord på Maersk Interceptor, personell på Ula-feltet og andre ansatte i Aker BP og Maersk Drilling som er sterkt preget av denne alvorlige hendelsen, sier Hersvik.

Boreoperasjonen på Maersk Interceptor er sikret. Produksjonen på Tambar er stengt ned.

Beredskapsorganisasjonen i Aker BP ble umiddelbart mobilisert og har samarbeidet tett med Maersk Drilling, Hovedredningssentralen (HRS) og relevante myndigheter for å håndtere situasjonen.

Henvendelser til Aker BPs pressetalspersoner:

• Tore Langballe, Kommunikasjonsdirektør: +47 907 77 841
• Ole Johan Faret, Pressetalsmann: +47 402 24 217
• E-post-henvendelse til Aker BP om hendelsen: kommunikasjon@akerbp.com

Aker BP og Maersk Drilling holder en felles pressebrief i Jåttåvågveien 10. kl. 11:00 i dag, fredag 8. desember.

Om Tambarfeltet
Tambarfeltet ligger 16 km sørøst av Ula. Feltet er bygget ut med en brønnhodeplattform som normalt er ubemannet, og som styres fra Ula.

Aker BP og Maersk Drilling holdt fredag formiddag en felles pressebriefing om den alvorlige ulykken på Tambarfeltet.

En person er bekreftet omkommet etter ulykken som skjedde på boreriggen Maersk Interceptor torsdag.

Olje- og energiminister Terje Søviknes og Karl Johnny Hersvik, administrerende direktør i Aker BP

Aker BP ASA (Aker BP) leverte i dag Plan for Utvikling og Drift (PUDPlan for utbygging og drift som leveres myndighetene for godkjenning.) for Valhall Flanke Vest, Ærfugl (tidligere Snadd) og Skogul (tidligere Storklakken) til Olje- og energidepartementet (OEDOlje- og energidepartementet), på vegne av de respektive partnerskap.

Karl Johnny Hersvik,
Administrerende direktør

Administrerende direktør i Aker BP, Karl Johnny Hersvik, overleverte PUD-ene til Olje- og energiminister Terje Søviknes 15. desember 2017.

«Dette er en viktig milepæl for Aker BP og våre partnere, og demonstrerer vårt sterke engasjement for norsk sokkel og det norske samfunnet», sier Hersvik.

«Investeringer som øker verdiskapningen i våre kjerneområder er en sentral del av vår stragi for vekst. Utbyggingene av Valhall Flanke Vest, Ærfugl og Skogul vil vesentlig styrke Aker BPs reserverPåvist petroleum som med sikkerhet blir satt i produksjon, i henhold til Society of Petroleum Engineers(SPE) standard. og produksjon fra våre opererte feltsentre Valhall, Skarv og Alvheim», sier Hersvik.

Reduserte investeringsanslag

«PUD-ene vi leverer i dag demonstrerer tydelig Aker BPs evne til å levere i samsvar med våre løfter. Vår ambisjon er å bli anerkjent som det kostnads- og kapitalledende lete- og produksjonsselskapet. Jeg er derfor veldig stolt av å annonsere at disse utbyggingsprosjektene har forbedret seg betydelig», sier Hersvik.

Samlede investeringer for Ærfugl-utviklingen er estimert til 8,5 milliarder kroner, en reduksjon på rundt to milliarder kroner sammenlignet med tidligere kommuniserte estimater. Gjenvinnbare reserver har økt vesentlig.

For Valhall Flanke Vest-utbyggingen er det estimert totale investeringer på 5,5 milliarder kroner, som innebærer en reduksjon på mer enn 1,5 milliarder kroner sammenlignet med tidligere estimat. Det mindre prosjektet Skogul anslås å koste 1,5 milliarder kroner. (Alle beløp oppgitt i 2017-kroner.)

Se separate PUD-pressemeldinger for ytterligere detaljer.

Økonomiske ringvirkninger

I løpet av feltenes levetid er de tre prosjektene anslått å generere totale olje- og gassinntekter på 100 milliarder kroner, basert på en oljepris på USD 60 per fat.

Netto vil investeringer og driftskostnader resultere i en total verdiskaping på 70 milliarder kroner, hvorav skatt til staten utgjør 52 milliarder kroner. (Alle beløp oppgitt i 2017-kroner)

Virkningen på sysselsettingen er estimert til ca. 14 000 årsverk, ifølge referansedata fra DNV GL.

PS: I november 2017 godkjente Olje- og energidepartementet nye navn for både Ærfugl (tidligere Snadd) og Skogul (tidligere Storklakken).

Lenker til pressemeldinger:

• Innlevering av PUD for Valhall Flanke Vest
• Innlevering av PUD for Ærfugl (tidligere Snadd)
• Innlevering av PUD for Skogul (tidligere Storklakken)

Aker BP ASA leverer Plan for Utbygging og Drift (PUDPlan for utbygging og drift som leveres myndighetene for godkjenning.) for Ærfugl-utbyggingen (tidligere Snadd) til Olje- og energidepartementet, på vegne av lisenspartnerskapet.

Pressemelding om PUD for Ærfugl er kun på engelsk:

The Ærfugl field, including Snadd Outer, is a unique gas condensate field, nearly 60 km long and just 2-3 km wide, situated close to the Aker BP-operated Skarv FPSOFloating production, storage and offloading. Flytende produksjonsenhet, med lagring og lossing.Floating production, storage and offloading unit, approximately 210 km west of Sandnessjøen.

The PDO covers the full-field development and includes the resources in both the Ærfugl and Snadd Outer fields which are planned to be developed in two phases. The first phase includes three new production wells in the southern part of the field tied into the Skarv FPSOFloating production, storage and offloading unit via a trace heated pipe-in-pipe flowline, in addition to the existing A-1 H well. Production is planned to begin in late 2020.

The second phase is subject to further maturation, but the reference case includes two additional wells in the northern part of the field and one in Snadd Outer also tied into the Skarv FPSOFloating production, storage and offloading unit with an estimated production start late 2023. Other alternatives will be looked at to select the optimized concept.

Highly attractive and robust development

The total remaining reserves for the full-field development are estimated at approximately 275 million barrels of oil equivalents.

Total investments in the Ærfugl project are estimated at NOK 8.5 billion (real terms) with NOK 4.5 billion in the first phase and NOK 4.0 billion in the second phase (reference case) respectively.

The Ærfugl development represents a significant opportunity with highly attractive and robust economics. In addition, the Ærfugl development will extend the economic field life of the Skarv FPSOFloating production, storage and offloading unit and allow for increased recovery from the Skarv field itself.

SURF and SPS contracts awarded

On 11^th December, Aker BP, on behalf of the Ærfugl partners, entered into Ærfugl field development contracts with Subsea 7 for Subsea Umbilical Riser Flowline (SURF) and with Aker Solutions for Subsea Production System (SPS).

The contracts’ cover Phase 1 of the project with an option for the Phase 2 scope.

The Ærfugl partnership awarded the contracts to Subsea 7 and Aker Solutions based on the implementation of new technology and safe, cost-effective solutions. The Ærfugl project will be organized and executed as a part of Aker BP’s alliance model.

Both contracts were awarded following the approval by the MPE for making early project commitment, and subject to the final approval of the PDO.

Joint Venture partners in Ærfugl (Skarv Unit) are Aker BP ASA (operator, 23.835%), Statoil Petroleum AS (36.165%), DEA Norge AS (28.0825%) and PGNiG Upstream Norway AS (11.9175%). Partners in Snadd Outer (PL 212 E) are Aker BP ASA (operator, 30%), Statoil Petroleum AS (30%), DEA Norge AS (25%) and PGNiG Upstream Norway AS (15%).

PS: In November 2017, the Ministry of Petroleum and Energy approved a new name for Ærfugl (formerly Snadd).

Aker BP submits three PDOs

Aker BP ASA leverer Plan for Utbygging og Drift (PUDPlan for utbygging og drift som leveres myndighetene for godkjenning.) for Valhall Flanke Vest-prosjektet til Olje- og energidepartementet, på vegne av lisenspartnerskapet.

Pressemelding om PUD for Valhall Flanke Vest er kun på engelsk:

Valhall is a giant oil field in the southern part of the Norwegian sector in the North Sea. The Valhall Flank West project aims to continue the development of the Tor formation in Valhall on the western flank of the field, with startup of operation in fourth quarter 2019.

Valhall Flank West will be developed from a new Normally Unmanned Installation (NUI), tied back to the Valhall field centre for processing and export.

• First oil in fourth quarter 2019
• Targeting the Tor formation in the Valhall West Flank
• Drainage by natural depletion, with option for future water injection
• Six producers with option to convert two producers into water injectors
• Normally Unmanned Installation (12 well slots) with helideck access

The wellhead platform at Valhall Flank West will be fully electrified, and will be designed to minimize the need for maintenance activities. The platform will be remotely operated from the Valhall field centre.

Recoverable reserves for Valhall Flank West are estimated to be around 60 million barrels of oil equivalent. Total investments for the development are estimated to NOK 5.5 billion in real terms.

Joint venture owners in Valhall are Aker BP AS (35.95%) and Hess Norge AS (64.05%). Aker BP ASA has entered into an agreement to acquire Hess Norge AS, and approval for submittal of the PDO to the MPE is conditional upon closing. Furthermore, Aker BP ASA («Aker BP») has entered into an agreement with Pandion Energy AS («Pandion Energy») to divest 10 percent interest in the Valhall and Hod fields. Both transactions are subject to customary conditions for completion, including approval by the Ministry of Oil and Energy, Ministry of Finance and relevant competition clearance. The effective date of the transactions will be 1 January 2017, and closing is expected by the end of 2017.

Aker BP submits three PDOs

Aker BP ASA leverer Plan for Utbygging og Drift (PUDPlan for utbygging og drift som leveres myndighetene for godkjenning.) for Skogul-prosjektet (tidligere Storklakken) til Olje- og energidepartementet, på vegne av lisenspartnerskapet.

Pressemelding om PUD for Skogul er kun på engelsk:

The Skogul field is located 30 kilometers north of Alvheim FPSOFloating production, storage and offloading. Flytende produksjonsenhet, med lagring og lossing.Floating production, storage and offloading unit, and will be developed as a subsea tieback to Alvheim via Vilje.

Recoverable reserves are estimated to around 10 million barrels of oil equivalents. Total investments are estimated to NOK 1.5 billion in real terms, and production start is planned for first quarter 2020.

The production well at Skogul will be subsea production well number 35 in the Alvheim area, and represents Aker BP’s continuous effort to maximize value and extend economical field life to the benefit of the company and its partners.

Joint venture partners in Skogul are Aker BP ASA (operator 65%) and PGNiG Upstream Norway AS (35%).

PS: In November 2017, the Ministry of Petroleum and Energy approved new name for Skogul (formerly Storklakken)

Aker BP submits three PDOs

På vegne av Valhall-lisensen har Aker BP ASA tildelt deltakerne i vår Brønnhodeplattform-allianse bestillinger på byggingen av Valhall Flanke Vest stålunderstell og plattformdekk.

Følgende bestillinger er utstedt:

• Aker Solutions : Ingeniørtjenester og innkjøp (Engineering & Procurement)
• Kværner : Fabrikasjon av stålunderstell og plattformdekk inkludert oppkopling til havs (Construction & Hook-up)
• ABB : Design, leveranse og installasjon av system for elektro, instrument, kontroll og telecom (EICT)

Valhall Flanke Vest vil være en Normalt Ubemannet Installasjon (NUI). Ingeniørarbeidet vil foregå i Stavanger og på Fornebu.

Stålunderstellet og plattformdekket skal være klar for levering fra Kværner sitt verft i Verdal i mai 2019, og sammenkobling og ferdigstillelse på feltet er planlagt til august 2019.

Videre har Aker BP ASA tildelt deltakerne i Subsea-alliansen (Subsea 7 og Aker Solutions) undervannsanlegget på Valhall Flanke Vest som i hovedsak består av rørledninger og kontrollkabel.

Plan for Utbygging og Drift (PUDPlan for utbygging og drift som leveres myndighetene for godkjenning.) ble levert til myndighetene fredag 15. desember 2017 som ett av tre utbyggingsprosjekter fra Aker BP ASA.

For ytterligere informasjon, vennligst kontakt:

• Media: Tore Langballe, Kommunikasjonsdirektør, tel.: +47 907 77 841
• Investors: Jonas Gamre, VP Investor Relations, tel.: +47 971 18 292