Energy Voice | Aker BP profits and production up in Q1 2018

Aker BP has reported increased profits and production in 2018 with the firm seeing £118 million earnings for the first quarter.

Net profit was up £68 million on the previous quarter in 2017 of £50 million.

Total production was also up by 13,000 barrels per day with Aker BP hitting 158, 649 for Q1 2018 compared to 145, 338 in the first quarter of 2017.

In recent years Aker BP has ploughed investment into mature North Sea fields to increase production.

Production was up on the Hod (90%) asset, yet down on Alvheim and Bøyla assets of which Aker BP owns a 65% stake and both tied back to the Alvheim FPSO.

A spokesman for Aker BP said: “The company continues to build on a strong platform for further value creation through safe operations, an effective business model built on lean principles, technological competence and industrial cooperation to secure long term competitiveness.

“Going forward, the company will continue to pursue selective growth opportunities which will enhance production and increase dividend capacity

“The company will have five rigs in operation in the second quarter 2018, performing drilling of production and exploration wells as well as maintenance activities and plugging operations.”

 

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