Aker BP increases q-o-q production, maintains outlook above 500,000 boe/d beyond 2030
Aker BP has guided 2025 production of 390,000-420,000 boe/d on an expected capital expenditures budget of $5.5-6 billion, in line with previously noted plans, while continuing work to guide for sustainable production above 500,000 b/d beyond 2030 with field development projects progressing to plan.
High-potential exploration prospects for 2025 are targeting 700 MMboe, including Bounty (60% working interest), Rondeslottet (40%), Kokopelli (20%).
The operator’s net production in fourth-quarter 2024 was 41.3 MMboe, up from 38.2 MMboe in the previous quarter, which corresponds to a daily average of 449,200 boe/d, compared with 414,700 boe/d in the previous quarter.
Production levels rebounded following maintenance in the previous quarter, driven by strong contributions from Equinor ENergy AS-operated Johan Sverdrup and the ramp-up of Tyrving in the Alvheim area, the company said.
Field development projects progressed as planned and within budget in the fourth quarter. Onshore, the primary focus is on construction activities and assembling topsides and jackets at the yards. Offshore, subsea installation activities are underway, and drilling campaigns are being planned and executed.
Aker BP-operated Yggdrasil is progressing as scheduled. The resource ambition has been raised to over 1 billion boe. The first two rigs are expected to begin drilling production wells after summer 2025. Two wells from Johan Sverdrup’s first drilling plan remain and are scheduled for first-quarter 2025, bringing the total number of producing wells to 41. Drilling from the field center is expected to continue throughout this year, with plans to add four new lateral branches to existing production wells. Johan Sverdrup Phase 3 is expected to be sanctioned this year.
In fourth-quarter 2024, the operator had total income of $3.1 billion and net profit of $562 million for the quarter. On a full-year basis the company generated record-high cash flow from operations of $6.4 billion.
Net cash flow from operating activities was $1.063 billion in the quarter, down from $2.757 in the previous quarter, primarily driven by higher tax payments and a net increase in working capital.
