📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Norway's Aker BP to drill in Arctic Barents Sea, CEO says

Published 29/08/2022, 13:11
© Reuters.
BP
-
BP
-
AKER
-
AKRBP
-
BPEz
-
BP_pb
-
BP_p
-
ENRY
-

STAVANGER, Norway (Reuters) - Aker BP (LON:BP) plans to drill up to 15 exploration wells next year, including in the Arctic Barents Sea, Aker BP Chief Executive Karl Johnny Hersvik said on Monday.

"Our plan is to drill somewhere in the range of 12-15 wells and I'm assuming we will have the same level going forward," he told Reuters on the sidelines of an energy conference.

Aker BP also plans to drill at least one well and possibly more near the Arctic Wisting discovery, as a result of the company's acquisition of the oil business of Sweden's Lundin Energy.

Hersvik had previously said that Aker BP was no longer planning to drill in the Barents Sea due to poor exploration results previously, but now he said the company was reassessing its position given insights from Lundin.

Overall, he expected oil firms to drill about 50 exploration wells on the Norwegian continental shelf next year and expects overall exploration off Norway steady in the next two years versus 2022.

Hersvik also said the ongoing energy crisis in Europe due to the reduction of Russian gas supplies amid Moscow's invasion of Ukraine would be going to accelerate the energy transition, but that

Still, he added that Russian gas exports to Europe could resume if relations were normalised between Moscow and the West.

"The Russian gas will come back if the relationship is normalised," he said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.