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– Production was good, uptime was good, operating costs were down, ABEX was down ( pit capping and suppression costs, journ.anm.) and the investment budget is stable. Despite the fact that part of the ABEX budget is being transferred to the investment budget, the underlying investment projects are better than expected, says Johnny Hersvik, CEO of the company. Aker BP to E24.
The results of the second quarter
While production was stable, the company increased its exploration budget by about 600 million euros, while the 39, Clogging of old wells in the Valhall field has been faster than expected. Thus, the installation of Maersk Invincible was drilled faster than expected.
While revenue rose from $ 595 million to $ 975 million and gross operating profit (EBITDA) from $ 395 million to $ 735 million, results are lower. Analysts had waited.
The stock market was not graceful in the response. On Friday morning, the share was down by just six percent, with an oil price that was down 1.2 percent for the day.
Kværner has a lot to do now, but needs a boost for the future
Aker BP Although the exploration campaign of the quarter ends with an oil well in Svanefjell in the Barents Sea, research continues with full gas throughout the year, including in Frosk at Alvheim Field in the North Sea.
The results were much better than what the company expected even earlier this year when they made an estimate of 30 to 60 million barrels. Now, two wells will be drilled this year and a well where test production will be done next year. In total, the company hopes to find between 40 and 140 million barrels in the region.
Once the test is complete, you will use the data from there and drilling to determine what development concept you are going to
– There are several possibilities. The infrastructure of Bøyla can be exploited, but it will be as important as we hope to provide a completely new infrastructure, "says Karl Johnny Hersvik at E24
However, the discovery of the frog is far to be the only project in progress. There is more drilling around Alvheim and, moreover, we are working to develop the old Ula field.
Aker BP lower than expected results: The company increases exploration expenses by 600 million.
Kværner should do more at Valhall [19659017] This is also done on the Valhall field. There is construction of the new West Wing satellite underway, and on Friday, Aker BP boss could say a little more about how to renew the old Hod satellite in the same area. Today there is an older unmanned wellhead platform.
– We plug the wells, remove the existing platform and build a new one. It will be a kind of copy of the flank of the Valhall Vest, says Karl Johnny Hersvik, director of Aker BP, about the renewal of
He explains that the West Wing platform was built a little larger that necessary 6 man really needs) because we would draw something that could be reused easily and profitably elsewhere:
– The idea is to establish some kind of standard for this type of constructions.
] – How much oil can you pick up?
– The estimate is today of 64 million barrels, but the reason for which we are going to drill well an assessment next year is that we think it's more to pick up.When we installed a manometer in the old wells, they showed that the pressure was almost back to the level We are therefore optimistic, says the boss of Aker BP
Kværner focuses on the so-called unmanned wellhead platforms for friends. Aker BP in Kværner is known as subsea-on-a-stick or subsea-on-slim-legs.The main idea is that on shallow waters you can build such small platforms. unmanned forms where you can install equipment that should otherwise be installed on the seabed in a sub-ma development The less equipment on the seabed also means lower costs, less complexity and easier maintenance.
Up to now, the company has secured a contract for such a platform for the development of Valhall Vestflank by Aker BP, while Equinor has awarded it such a contract. Hereema and Lundin dropped the concept of a satellite associated with Edvard Grieg.
Since Kværner has already started to build the West Flank platform on the Verdal shipyard and join Aker BP's Alliance Platform, depending on the probability, will also be responsible for the construction of the flat unmanned platform on Hod.
Formally, the concept selection will be made in the Hod partnership between Aker BP and Pandion Energy in 2019. Then, the new platform could be put into production after 2020.
Collect a billion barrels for [19659025] Valhall is one of the big giant fields on the Norwegian continental shelf. So far, one of the estimated four billion barrels is recovered and Aker BP aims to pick up one billion barrels
This will achieve a recovery rate of about 50 percent.
The Valhall Field It includes several platforms and facilities and was put into service for the first time in 1982. In 1990, the development of Hod, an extension that included the first wellhead platform without pilot on the NCS, was followed in 1990. Now you want to delete the old and replace it with another as part of the work of renewal and upgrade of the domain.
The company has also invested heavily in Valhall. They entered for the first time in the merger with BP Norway (when Det Norske became Aker BP today). Last October, Aker BP gained full control of the Valhall and Hod field as part of the Hess Norway acquisition.
The Norwegian authorities do not want companies to be the sole owners of the Norwegian continental shelf fields, so Aker BP signed an agreement with Pandion. Energy in December, so the property in the Valhall field has been reduced to 90 percent.
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