Aker BP ASA explores for, develops and produces oil and gas on the Norwegian continental shelf and ranks among Europe's largest independent oil companies by production. The company was created in 2016 by combining Det norske oljeselskap with BP's Norwegian upstream business. Its head office is at Oksenoyveien 10 in Fornebu outside Oslo, it also has offices in Stavanger, Trondheim, Harstad and Sandnessjoen, and its shares trade on the Oslo Stock Exchange under the ticker AKRBP. Karl Johnny Hersvik is chief executive.
Field centres and operating scale
Aker BP operates the Valhall, Ula, Edvard Grieg/Ivar Aasen, Alvheim and Skarv field centres and holds a partnership interest in the Johan Sverdrup field. In the key figures it published for 2025 the company reported roughly 3,000 employees, production of 420 thousand barrels of oil equivalent per day, interests in about 190 licences and earnings of USD 10.9 billion. Ownership is concentrated: Aker ASA held 21.2% and BP 15.9%, with the balance spread across other institutional and private shareholders.
Net production averaged 383.6 thousand barrels of oil equivalent per day in the second quarter of 2026. Alongside the quarterly report the company narrowed its full-year production guidance to 380,000-400,000 barrels of oil equivalent per day by lifting the lower end of the range.
Development projects heading for start-up
The major developments reported progress through execution milestones in 2026 and remain on track for first production in 2027, against a cost base the company updated during the second quarter to reflect higher activity levels and measures to strengthen execution in the final project phase.
- Yggdrasil is the largest project in the portfolio and targets first production in 2027. The Hugin B topside was installed offshore in early July 2026 and the power-from-shore system was commissioned in June 2026, connecting the area to mainland electricity rather than local gas turbines.
- Valhall PWP-Fenris reached a new offshore phase in 2026, with hook-up of the Fenris topside under way and the Valhall PWP topside scheduled to sail away from the yard in August 2026. Fabrication of the Yggdrasil topsides at the Verdal yard came to an end during the quarter after several years of work by the project team and its suppliers.
- Skarv Satellites remained on track for an accelerated start-up in August 2026.
- Johan Sverdrup phase 3 moved closer to its 2027 production start after two subsea templates were installed during the second quarter of 2026.
Exploration, alliances and the Equinor collaboration
Aker BP frames its growth around near-field exploration, tie-backs to existing hubs, infill drilling and improved recovery in its core areas, rather than frontier acreage. In 2026 it set up a strategic collaboration with Equinor covering transactions in the Ringvei Vest, Yggdrasil and Wisting areas, which the company describes as a step towards a better-aligned portfolio with higher recovery potential on the Norwegian continental shelf. The group also works through long-term alliances with suppliers and service companies rather than conventional project-by-project tendering, and it maintains a technology channel for supplier proposals.
Financial position and shareholder returns
Second-quarter 2026 results, published on 15 July 2026, showed operating cash flow of USD 3.1 billion, the highest for any quarter in the company's history, and a net profit of USD 521 million, helped by higher realised oil prices. Available liquidity stood at USD 6.0 billion and the quarterly cash dividend was USD 0.6615 per share, which traded ex-dividend from 20 July 2026. From the same date the company began buying back up to 1,500,000 of its own shares to cover an employee share saving plan, reporting purchases weekly; between 31 August and 4 September 2026 it bought 7,121 shares.
Operating targets and emissions
Aker BP sets out six strategic priorities led by safe and efficient operation of existing fields, delivery of the development portfolio sanctioned at the end of 2022, and replenishment of the project pipeline through exploration. It has published targets of zero serious incidents, uptime above 95%, production cost below USD 7 per barrel and equity scope 1 and 2 emissions intensity below 4 kilograms of CO2 equivalent per barrel of oil equivalent. Reduced emissions from own operations, including electrification of offshore facilities, and the use of digital tools and artificial intelligence to make smaller and more complex discoveries economic, are part of the same framework. The company also publishes a code of conduct and a human rights policy on its website.