(WO) — Aker BP narrowed its full-year 2026 production guidance after delivering strong second-quarter operational performance and advancing several major offshore developments toward planned start-up next year.
The Yggdrasil development, offshore Norway.
Net production averaged 383.6 MMboed during the second quarter, prompting the company to raise the lower end of its annual production guidance to 380-400 MMboed.
The company said its major development projects remain on schedule for first production in 2027, with several key milestones achieved during the quarter.
At the Yggdrasil development, Aker BP commissioned the project’s power-from-shore system in June, while installation of the Hugin B topside was completed offshore in early July. At the Valhall PWP-Fenris development, offshore hook-up of the Fenris topside is underway, and sailaway of the Valhall PWP topside is scheduled for August.
The company also reported continued progress on several other developments. The Skarv Satellites project remains on track for an accelerated start-up in August, while two subsea templates for Johan Sverdrup Phase 3 have been installed ahead of planned production startup in 2027.
During the quarter, Aker BP also entered a strategic collaboration with Equinor, including transactions covering the Ringvei Vest, Yggdrasil and Wisting areas. The companies said the agreement is intended to improve portfolio alignment and support long-term resource development on the Norwegian continental shelf.
“Aker BP delivered strong operational performance in the second quarter, demonstrating the quality, resilience and efficiency of our portfolio,” said CEO Karl Johnny Hersvik.
Hersvik said the company’s development projects continue to progress toward startup while creating a foundation for future growth through near-field exploration, tie-backs, infill drilling and improved recovery.
“Our major development projects are moving steadily toward start-up in 2027,” Hersvik said. “Alongside the delivery of our current project portfolio, we are laying the foundation for Aker BP’s next phase of growth.”
Higher realized oil prices helped lift second-quarter operating cash flow to a record $3.1 billion. The company reported net income of $521 million and ended the quarter with $6.0 billion in available liquidity.