(WO) – Aker BP said the third quarter was one of the most important in its project history, as offshore installation work on its two largest Norwegian developments moved into the final stretch before start-up.
At Yggdrasil, the Hugin B and Munin topsides were installed during the quarter and all major subsea components are now in place. Offshore hook-up and commissioning are under way. The Valhall PWP topsides, part of the Valhall PWP-Fenris project, were also installed. Both Yggdrasil and Valhall PWP-Fenris progressed according to plan and remain on track for first production next summer.
“With the Hugin B, Munin and Valhall PWP topsides installed and all major subsea components in place at Yggdrasil, we have entered the final phase towards start-up of both Yggdrasil and Valhall PWP-Fenris next summer,” said CEO Karl Johnny Hersvik.
The Skarv Satellites Project in the Norwegian Sea came on stream in late August, almost a year ahead of the original schedule. Hersvik said the early start-up “demonstrates our execution capabilities and the value of developing new resources through existing infrastructure.”
Net production in the quarter averaged 374,000 boed, reflecting planned maintenance, while net sold volumes rose 5% from the previous quarter to 396,000 boed. Aker BP reiterated full-year production guidance of 380,000 to 400,000 boed.
Looking beyond the current project portfolio, Hersvik said the company sees substantial opportunities on the Norwegian Continental Shelf and is strengthening its opportunity set through exploration and new partnerships, while using technology, AI and a more integrated operating model to unlock more resources and improve how it works. Aker BP operates the Alvheim, Eiga, Skarv, Ula and Valhall field centers, operates Yggdrasil, and is a partner in Johan Sverdrup.
Aker BP will also operate the newly approved Kjøttkake tie-back to Gjøa by arrangement, with operatorship to revert to DNO after first oil.
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