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Annual Report 2019 Contents ANNUAL REPORT 2019 CONTENTS Highlights 2019 4 Letter from the CEO 8 Key Figures 2019 11 A Focused Portfolio 13 Board of Directors 41 Executive Management Team 45 Board of Directors’ Report 50 Reporting of Payments to Governments 71 The Board of Directors’ Report on Corporate Governance 73 Financial statements 83 3 · Aker BP Annual Report 2019 – HIGHLIGHTS 2019 I Q1 HIGHLIGHTS 2019 I Q2 14 JUNE – VALHALL QP TOPSIDE SAFELY REMOVED 19 MARCH - FIRST The original accommoda- OIL FROM ODA tion platform at Valhall (QP) First oil from the Spirit is safely removed by the 16 JANUARY – IVAR AASEN 7 APRIL – ULA DERRICK Energy-operated Oda giant vessel Pioneering OPERATED FROM ON- REMOVED field, some three Spirit. This is the rst of the SHORE CONTROL ROOM The derrick is removed from months ahead of plan. original structures at Valhall Aker BP becomes the first the Ula eld center using the to be removed as part of the copany on te Norean heavy lifting vessel Saipem modernization of the Valhall continental shelf to operate a 7000. The successful lifting eld center. manned platform from an operation is an important onshore control room. Ivar milestone in the upgrading Aaen n te Nort Sea and life extension of the Ula now operated from Aker BP’s area. Future drilling on the offices in Trondheim. eld will be carried out with modern jack-up rigs. AERBP NO BRENT BLEN US AERBP NO BRENT BLEN US 300 100 300 100 12 JUNE – BOND ISSUE OF USD 750 MILLION AT 4.75 % The size of the oering was increased from USD 500 million, indicated at launch on 10 June 2019, to USD 750 million. 90 90 20 20 0 0 19 FEBRUARY 16 MAY Dividends to shareholders: Dividends to shareholders: January USD 187.5 million. USD 0.5207 per share. March April USD 187.5 million. USD 0.5207 per share. June 200 200 0 0 10 10 0 0 22 JUNE – VALHALL FLANK WEST SUCCESSFULLY INSTALLED The Valhall Flank West topsides is installed on 15 JANUARY – AWARDED the eld just 14 months after the rst steel was 21 LICENSES cut at the Kværner yard in Verdal. Both the 100 Aker BP is offered interests in 0 100 topsides and the jacket were delivered on 0 21 new production licenses in schedule, on budget and with no serious Norway, 11 of which as injuries. Aker BP is the operator of Valhall Flank operator trou te award Vest with Pandion as partner. The platform is in pre-defined areas licensing the rst to be delivered under the wellhead round. The awards increase platform alliance between Aker BP, Aker presence in areas close to 19 MARCH – SUCCESSFUL Solutions, Kværner and ABB. operated hubs. Of the 21 EXPLORATION licenses, 12 are located in the Aker BP successfully completes the Nort Sea 3 n te Froskelår Main exploration well in Norean Sea and n te license 869 in the Alvheim area. The Barents Sea. well proves oil and gas. The gross resource estimate is 60−130 mmboe. Aker BP is the operator and holds a 60 percent interest in license 869. 4 · Aker BP Annual Report 2019 – Highlights 5 · Aker BP Annual Report 2019 – Highlights HIGHLIGHTS 2019 I Q3 HIGHLIGHTS 2019 I Q4 11 NOVEMBER - FULL SPEED AHEAD FOR ÆRFUGL PHASE 2 The Ærfugl partners decide to proceed with 5 OCTOBER Phase 2 of the development three years ahead of - JOHAN SVERDRUP ON STREAM the original plan. The Ærfugl eld, which produces Production starts from the giant Johan Sverdrup via Skarv FPSO, is one of the most protable eld in the North Sea, more than two months development projects on the Norwegian ahead of schedule and NOK 40 billion below continental shelf with a break-even price of around budget. Aker BP holds an 11.57 percent interest in USD 15 per barrel. 12 JULY - OIL DISCOVERY the eld. Johan Sverdrup has recoverable reserves IN THE NOAKA AREA of 2.7 billion barrels of oil equivalent and will 11 NOVEMBER - UPGRADED TO The Liatårnet exploration well in produce up to 660,000 barrels of oil at peak. INVESTMENT GRADE license 442 in the NOAKA area proves Aker BP announces it has been assigned a BBB oil with a gross resource estimate of long-term issuer credit rating with a stable outlook 80-200 mmboe. The discovery by S&P Global Ratings. represents a signicant addition to the AERBP NO NOAKA resource base. Aker BP is the BRENT BLEN US AERBP NO BRENT BLEN US operator and holds 90.26 percent. The 300 partner is LOTOS with 9.74 percent. 100 300 100 90 90 20 20 0 0 9 AUGUST 8 NOVEMBER Dividends to shareholders: Dividends to shareholders: July USD 187.5 million. USD 0.5207 per share. September October USD 187.5 million. USD 0.5207 per share. December 200 200 0 0 10 10 0 0 16 DECEMBER – VALHALL FLANK WEST ON STREAM 2 JULY – SUCCESSFUL “WALK TO Aker BP and partner Pandion WORK” CAMPAIGN Energy report that rst oil was Aker BP’s rst campaign using a 24 SEPTEMBER – produced from Valhall Flank gangway for access from a vessel to an 100 C4IR NORWAY ESTABLISHED 0 100 West in the North Sea. The plan 0 unmanned platform is carried out in The Aker group and the World calls for the eld to contribute the rst stage of the hook-up phase on Economic Forum announce the close to 80 million barrels of oil Valhall Flank West. This allows more establishment of the Centre for equivalent to Valhall’s people to work on the unmanned the Fourth Industrial Revolution production. The partnership platform, compared with what would Norway (C4IR Norway). C4IR is has invested NOK 5.5 billion in have been the case if helicopters were dedicated to harnessing the Valhall Flank West. The used for transport. The campaign is advances of technology to break-even price for the completed in a safe, predictable, fast preserve the ocean and improve development is and cost-eective manner. the environmental footprint of USD 28.5 per barrel. ocean industries. 6 · Aker BP Annual Report 2019 – Highlights 7 · Aker BP Annual Report 2019 – Highlights LETTER FROM Energy Agency (IEA) Sustainable Development Scenario, oil OIL AND GAS WILL CONTINUE TO MAKE and gas will continue to account for almost 50 percent of the UP A LARGE PROPORTION OF THE energy mix in 2040. This is a scenario that is fully aligned with GLOBAL ENERGY MIX THE CEO the Paris Agreement on Climate Change. 100 Renewale If providing funding for climate change policies is one of so- Renewale ciety’s greatest challenges, the petroleum industry’s greatest Renewale contribution must be to generate income that society can spend 75 Coal on effective climate measures. As an industry, the Norwegian Nulear Coal oil and gas sector is already a unique contributor to society: For Nulear each NOK 100 in increased profitability, NOK 78 is returned to Coal Nulear our community. It is in this way that our industry will provide a 4 3 50 much-needed contribution to fund the energy transition. 4 as as Aker BP’s most important contributions to the energy tran- as sition are three-fold: First, we are efficient producers, and so return greater value from oil and gas resources to our stake- 25 holders. Second, we continuously improve energy efficiency Ol Ol throughout our operations, thus contributing to reduced emis- Ol sions globally. And finally, we share our know-how, data, and technology with other industries. 0 2018 2040 2040 IEA’s tted IEA’s stil A transitioning world will need the most carbon- and cost-ef- Pliis Devlt fective barrels of oil that can be produced. To be cost-effec- Sci Sci When I originally wrote this letter, the purpose was to provide an up- tive is also the best way to prepare for volatile markets and challenging circumstances. Here are some highlights from our date on Aker BP’s achievements in 2019, and to demonstrate the value achievements in 2019. creation potential of the company. It is however impossible to ignore the dramatic events that have taken place in the beginning of 2020. The coronavirus outbreak represents a significant threat to public health as well as a severe disruption to the global economy, including the oil market and Aker BP’s operations. Our top priority in this situation is to protect our people and our operations. RETURN VALUE REDUCE EMISSIONS SHARE Produce efficiently to return high Reduce emissions from our Contribute with data, know-how value from oil & gass resources operations focusing on and technology to other industries RESPONDING TO THE CORONAVIRUS SITUATION In parallel to managing the operational side of the current to our stakeholders the total footprint Aker BP is closely monitoring the development in the spread situation, we are taking measures to protect the company’s of the coronavirus and has mobilized significant resources to financial strength. This process involves a comprehensive eval- manage the situation. The top priority is to protect the health uation of the company’s business plan. and safety of our people, and to maintain safe and reliable operations across our activities. OUR CONTRIBUTION TO THE ENERGY TRANSITION STRONG OPERATIONAL PERFORMANCE improve our safety performance compared to previous years. In 2019, the focus on climate change intensified. The world In 2019, Aker BP achieved outstanding operational results. The serious-incident frequency, measured as incidents per mil- Our initial response was to mobilize our emergency response faces a two-pronged challenge: The global population is pro- Production efficiency was 92 percent.
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