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News // Companies

Aker BP sees future output growth and plans $900 mln in investments for 2017

16 January 2017 , 15:00Neftegaz.RU566

Norwegian E&P player Aker BP expects to boost its production in 2017, aiming for a 12 % growth rate by 2023, the company reported on January 16, 2017.

 

In 2016, Aker BP’s production was 118,200 barrels of oil equivalents per day (boepd), about 80 % oil and 20 % gas.

In 2017, production is expected to increase to between 128,000 and 135,000 boepd, with an average production cost of 11 USD/boe.

With the current portfolio, the company said it has the potential to produce 270,000 boepd in 2023, from both sanctioned and non-sanctioned projects, representing a compound average growth rate of 12 %.

 

The company’s recorded P50 reserves have grown to 711 million boe at the end of 2016 and contingent resources were estimated at 600 million boe at year-end 2016, an increase of 84% from the previous year.

Aker BP has $2.5 billion in available liquidity, providing the company with ample financial flexibility.

At year-end 2016, the company’s net interest-bearing debt was $2.5 billion.

 

Aker BP plans investments (Capex) of $900-950 million in 2017.

Exploration expenses (Expex) are expected to be between $280-300 million, while decommissioning expenditures are estimated at $100-110 million in 2017.

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