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    Aker BP blames low production on maintenance

Summary

Second quarter production for the Norwegian oil and gas company was 10.6% lower year-on-year.

by: Daniel Graeber

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Complimentary, Natural Gas & LNG News, Europe, Corporate, Exploration & Production, Financials, Companies, Europe, Aker BP, News By Country, Norway

Aker BP blames low production on maintenance

Norwegian oil and gas producer Aker BP said July 15 its second quarter production was impacted by regular maintenance activity.

The company reported net Q2 production of 198,600 barrels of oil equivalent (boe)/day, compared with 222,200 boe/d during the same period last year. Aker BP attributed the decline to planned maintenance at its producing assets.

The company recorded a net profit of $154mn, compared with $127mn a year ago. It maintained its production guidance of 210mn-220mn boe/d for the year.

“All field development projects are progressing as planned,” it stressed.

Production began at the Aker BP operated Grasel oil and gas field offshore Norway in June. Using existing infrastructure in the Skarv area, the project was completed in a record-setting six months after the final investment decision.

Grasel is an oil and gas field with resources of 13mn boe. Aker BP also has a role on the Johan Sverdrup field, the third-largest oil field in Norwegian territorial waters.

The largest producer in Aker BP’s portfolio, Johan Sverdrup yielded 64.3mn boe/d during the second quarter, up from 61.2mn boe/d from the same time last year.

Aker BP said it envisions a production cost of between $8.50-$9.00/boe.