Bosses at Aker BP (OSLO: AKER BP) are toasting a “very strong” second quarter in which the company produced more oil and gas, at a lower cost.
During the period the Norwegian operator achieved a new production record of 481 thousand barrels of oil equivalent per day.
That increase was driven by a successful ramp-up of Johan Sverdrup to a new plateau level, as well as high production efficiency across the portfolio.
There was also “significant oil discovery” at Ost Frigg, the longest exploration well drilled offshore Norway, with an estimated 53-90 million barrels of oil equivalent.
Aker BP, which completed a takeover of Lundin Energy’s E&P division in June 2022, says it is likely to be included in the ongoing Yggdrasil project.
On the financial side the firm recorded pre-tax profits of $2.2 billion during the quarter, a slight increase on Q1 ($1.8bn), and around double the figure from the same period last year ($1.1bn)
Karl Johnny Hersvik, chief executive of Aker BP, said: “It has been a very strong second quarter for Aker BP. We have produced more oil and gas, at a lower cost, and with lower emissions than ever before in our history. This excellent performance has led us to increase our expectations for the full year of 2023.
“Beyond these strong results, I am also pleased that our field development projects are on track, and we have achieved important milestones throughout the quarter. This includes obtaining governmental approvals of all PDOs.
“Furthermore, we have had exploration success in the quarter, contributing to the growth of our resource base and the value of our ongoing field development projects.
“In summary, it has been a very active and productive quarter, and what I am most proud of is our dedicated team and a company culture for operational excellence and continuous improvement that really makes Aker BP the E&P company of the future.”