Norwegian E&P player Aker BP expects to boost its production in 2017, aiming for a 12 % growth rate by 2023, the company reported on January 16, 2017.
In 2016, Aker BP’s production was 118,200 barrels of oil equivalents per day (boepd), about 80 % oil and 20 % gas.
In 2017, production is expected to increase to between 128,000 and 135,000 boepd, with an average production cost of 11 USD/boe.
With the current portfolio, the company said it has the potential to produce 270,000 boepd in 2023, from both sanctioned and non-sanctioned projects, representing a compound average growth rate of 12 %.
The company’s recorded P50 reserves have grown to 711 million boe at the end of 2016 and contingent resources were estimated at 600 million boe at year-end 2016, an increase of 84% from the previous year.
Aker BP has $2.5 billion in available liquidity, providing the company with ample financial flexibility.
At year-end 2016, the company’s net interest-bearing debt was $2.5 billion.
Aker BP plans investments (Capex) of $900-950 million in 2017.
Exploration expenses (Expex) are expected to be between $280-300 million, while decommissioning expenditures are estimated at $100-110 million in 2017.