Aker BP passed $ 1 billion in revenue

Aker BPAker BP. CEO Karl Johnny Hersvik.Photo: Ole Berg-Rusten / NTB Scanpix

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Aker BP reported a pre-tax profit of $ 424 million in the fourth quarter of last year. For the first time, revenue in any quarter was more than $ 1 billion.

The figures are better than in 2018, when the pre-tax profit was $ 398 million in the fourth quarter.

The company had revenue of $ 1.003 billion in the fourth quarter last year. This is mainly due to record high oil production. Production growth comes as a result of the start-up of the Johan Sverdrup field, combined with strong production from other fields.

Net profit for the fourth quarter was $ 112 million.

The company says it expects to produce between 205,000 and 225,000 oil equivalents per day in 2020.

Aker BP plans to participate in ten exploration wells this year and expects to spend about $ 500 million on exploration activities.

Production costs are expected to fall by about 20 per cent compared to 2019.

Along with the result, Aker BP presented a target to further reduce emissions to less than 5 kg of carbon dioxide per barrel of oil equivalents from and including 2020.

© NTB Scanpix / #Norway Today

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