Aker BP has started production from the Skarv Satellites
Aker BP (OTC:AKRBF) has started production from the Skarv Satellite Project, covering the Alve Nord, Idun Nord and Ørn fields in the Norwegian Sea.
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Rhea-AI Summary
Aker BP (OTC:AKRBF) has started production from the Skarv Satellite Project, covering the Alve Nord, Idun Nord and Ørn fields in the Norwegian Sea. Start-up occurred about one year ahead of the original schedule.
The three fields, developed as separate subsea tie-backs to the Skarv FPSO, represent around 120 million barrels of oil equivalent of recoverable resources. According to Aker BP, the project increases flexibility, extends Skarv infrastructure life and is expected to contribute a significant share of the company’s Skarv-area production, with a low CO₂ intensity of about 4.5 kg CO₂/boe. Roughly 60% of project deliveries came from Norwegian suppliers.
Positive
- 120 million boe of recoverable resources in Skarv Satellites
- Production started one year ahead of original schedule
- Low emissions profile at about 4.5 kg CO₂ per boe
- Skarv Satellites expected to be a significant share of Skarv-area output
- Around 60% of project deliveries sourced from Norwegian suppliers
Negative
- None.
News Explained
The release adds the project’s ownership mechanics: Aker BP is operator with
Details
News Market Reaction – AKRBF
On Aug 26, the day this news came out, AKRBF closed 0.54% below the previous close.
Data tracked by StockTitan Argus for the Aug 26 session.
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LYSAKER,
Alve Nord, Idun Nord and Ørn are located near the Skarv field in the northern part of the Norwegian Sea. They have been developed as three separate subsea developments, coordinated through the Skarv Satellite Project (SSP). Each development consists of a subsea template and two wells tied back to the Skarv FPSO. Together, the developments strengthen Skarv as a production area and support further resource development in the area. The developments have a low CO₂ intensity of approximately 4.5 kilograms of CO₂ per barrel of oil equivalent as a result of effective utilisation of existing infrastructure.
– "The start-up of the Skarv Satellites is an important milestone for Aker BP. Through a single integrated project, we have brought three new fields on stream, one year ahead of the original schedule. This demonstrates what we can achieve through close collaboration between our employees, alliance partners and suppliers. I would like to thank everyone who has contributed. The Skarv Satellites strengthen one of our most important production areas and will generate significant value for many years to come," says Karl Johnny Hersvik, CEO of Aker BP.
– "With the start-up of SSP, we have now delivered the entire portfolio of subsea tie-back projects sanctioned in 2022. The projects have been delivered safely, with high quality and strong cost control, and on or ahead of schedule. This is an achievement that the entire organisation and our partners can be proud of," says Hersvik.
The project has been executed using Aker BP's alliance model, in close cooperation with suppliers. Together with alliance partners OneSubsea, Subsea7, Aker Solutions and Halliburton, as well as Saipem during the drilling phase, the project has been delivered safely and efficiently, while maintaining high quality. Shared infrastructure and coordinated project execution have enabled efficient resource utilisation across the three developments. Approximately 60 percent of the project deliveries have been sourced from Norwegian suppliers, and the project has contributed to significant regional economic activity.
Production from the Skarv Satellites is expected to account for a significant share of Aker BP's production in the Skarv area for several years. The project also strengthens the foundation for further development and resource utilisation in the area.
Licence partners
Alve Nord (PL 127C)
- Aker BP (operator) 58.1 percent
- Harbour Energy 20.0 percent
- ORLEN Upstream Norway 11.9 percent
- JAPEX Norge 10.0 percent
Idun Nord (PL 159D)
- Aker BP (operator) 23.8 percent
- Equinor 36.2 percent
- Harbour Energy 28.1 percent
- ORLEN Upstream Norway 11.9 percent
Ørn (PL 942)
- Aker BP (operator) 30.0 percent
- ORLEN Upstream Norway 40.0 percent
- Equinor 30.0 percent
Contacts
Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889
Tore Dammann Langballe, Press Spokesperson, tel.: +47 907 77 841
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SOURCE Aker BP ASA
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