2017 has brought an entirely new concentration of owners of oil fields in the North Sea, which could put renewed pressure on costs and thus suppliers. Aker BP's costs need to be reduced further than the current USD 11 per barrel, CEO Karl Johnny Hersvik tells ShippingWatch.
The acquisition of Hess Norway has hardly sated the appetite for acquisitions at Aker BP, which is looking at new growth opportunities on the Norwegian shelf. The company is open to boosting its share in the giant Johan Sverdrup oil field, says CEO Karl Johnny Hersvik to ShippingWatch.
Aker Group, which covers six companies operating in oil and shipping and is owned by Kjell Inge Røkke, saw its value drop NOK 2.8 billion in the second quarter. Sliding share prices in Aker BP, Aker Solutions, and Kvaerner, in particular, dragged the group down. But the CEO is optimistic.
Alongside firms such as DNV GL and the Kongsberg Group, Norway's Wilhelmsen will now launch a new maritime innovation center for the development of future solutions in shipping, CDO Inge André Sandvik tells ShippingWatch. He himself is new to the shipping industry.
Aker Chair Kjell Inge Røkke thinks that Norwegian offshore families spent too much money on vessels at the wrong time. He writes this in a letter to shareholders in Aker Group, in which he praises John Fredriksen and airs the idea of selling off subsidiaries.
According to Aker BP, development of the major Johan Sverdrup oil field, which counts partners such as Statoil and Maersk Oil, has become even cheaper, thus pushing the break-even price for a barrel of oil down below USD 20 in the first phase.
The Barents Sea is home to just three out of 56 recently distributed oil licenses in the latest Norwegian licensing round, where Aker BP and/or Statoil are involved in 75 percent of all the tendered fields.
Newly established oil and gas giant Aker BP wants to be the biggest on the Norwegian shelf when it comes to exploring for new oil. Meanwhile, shareholders have been promised annual dividends of USD 250 million, which will be increased when Johan Sverdrup begins production.
In his native Norway, Kjell Inge Røkke is known as the man from the small town of Molde, who started as a fisherman and who has since then usually been drawing the longest straws. With the creation of new oil giant Aker BP, the billionaire strikes again.