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New owners in the North Sea will put pressure on costs

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.

With Tuesday's acquisition of Hess Norge, Aker BP takes full ownership of fields Valhall and Hod. | Photo: Aker BP

Competition is intensifying in the North Sea where 2017 has seen a surge in activity and numerous trades, and several fields have changed hands over the course of the year.

It seems like a very attractive shelf to enter, so I expect to see more operators looking to run and develop fields on the Norwegian shelf"

Karl Johnny Hersvik, CEO, Aker BP

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