the Oil company Aker BP holds on Monday its capital markets day. Which presents the company leteplaner and other prospects for 2017 and the years to come.
In an announcement on Monday morning, write the company that they will submit three utbyggingssøknader to the Norwegian authorities:
- Snadd field is a subsea satellite to be connected to the floating fpso on the Skarv field. Expected production start-up is 2020
- Vallhall Vestflanken, as to be connected to the field centre at Valhall, to be in production in 2021
- Storklakken, a subsea satellite to be connected to the fpso on the Alvheim field. The production is scheduled to start in 2020
In addition alerts Aker BP that they continue the work to further develop its existing fields. The company will drill a new well and initiating a gassløftprosjekt on the Tambar, which will provide increased production to the Ula field.
WILL KEEP the FULL THROTTLE: chief executive Karl Johnny Hersvik in Aker BP has invited analysts, shareholders and the media to capital markets day at the head office on Monday. In an announcement, he promises continued growth and high activity in the years ahead. Arkivbilde.
We are positioned for further growth (…) and the company is well positioned to achieve our ambition to become the leading independent exploration and production company, ” says chief executive Karl Johnny Hersvik in a stock exchange announcement.
Less investments than expected in 2017.
Aker BP writes that the production in 2016 ended on 118.200 barrels of oil equivalent per day in average, while in the last autumn estimated that they would end between 118.000 and 120.000. 80 per cent of the production was oil and the rest gas.
In 2017 await the company that production will increase to between 128.000 and 135.000 barrels per day, much thanks to Ivar Aasen field started production at the end of last year.
Even though production is up, there is no sign of any marked increase in the level of investments in the year.
Aker BP is planning to invest between 900 and 950 million dollars in 2017, compared to 910 to 930 in the year. Letebudsjettet is expected to end at 280 to 300 million dollars, 240 to 260 in the year.
DNB Markets, writes in a brief comment on Monday that the reported production level for 2017 is around one per cent lower than analysts ‘ consensus, and that the investment for 2017 is around five per cent lower than expected.
long-Term, i.e. until 2023, the company sees now a potential production level on amidst 270,000 barrels per day, against an earlier indicated the potential of over 250,000 barrels per day, type of DNB, think the stock can get a positive reaction after the news.
Aker BP stock has had an adventurous development on the stock Exchange for a long time, and especially after the merger with BP Norway was announced. The stock rose less than four percent Friday in anticipation of the capital markets day, and the last six months, the stock is up almost 50 per cent. The last two years the stock has risen by 398 percent. Including dividends, the increase of 404 per cent.
at the same time as investments for 2017 is slightly lower than expected, Aker BP, however, differed with a lower production cost. Prior to the merger, managed The Norwegian to produce at a cost of about eight dollars per barrel, but after the merger with BP Norway place this to 13 dollars per barrel for 2016, in the aggregate.
In 2017 believe that Aker BP they should be able to produce at a cost of around 11 dollars per barrel in the average.
Promises more dividends
Aker BP was to last fall, when Kjell Inge Røkke oil company det norske merged with Bp’s Norwegian operations.
the Company has after the merger has been one of the most important players on the Norwegian continental shelf, and the merger made it possible to start paying dividends to shareholders for several years before the original plan.
Really had it then the oil company det norske announced that they would not begin distributions until 2020, but with the merger, one got into a series of active field from BP which meant that the first dividend came already at the end of last year, when he paid 125 million dollars and notified a dividend level per year of 250 million dollars.
Monday, type Aker BP that the ambition is to maintain the dividend level at 250 million dollars annually in the medium term (equivalent to nok 2.1 billion with the current course), and that the yields will be even greater when the Johan Sverdrup is in production. It is scheduled to happen at the end of 2019.
Our financial clout has been significantly strengthened after the merger. We introduced a dividend policy in connection with the establishment of Aker BP, which will be maintained in 2017, ” says president and ceo Head.
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