The elite Norwegian oil and gas operator Aker BP has reported record quarterly production and an improved net profit on the previous three months, while making solid progress on its multi-billion-dollar field development projects.

The company on Thursday said it set a new quarterly production record of 453,000 barrels of oil equivalent per day driven by the continued ramp-up of output from the Johan Sverdrup phase 2 project.

Total revenue for the three months ending 31 March 2023 was $3.3 billion compared to $3.8 billion in the previous quarter.

Net profit was $187 million versus $112 million in the prior three months.

Operating profit of $1.9 billion was below the $2.2 billion tally of the previous quarter.

The company reported free cash flow of $977 million and a quarterly dividend of 55 US cents per share.

Karl Johnny Hersvik, Aker BP’s chief executive, said: “It is a true pleasure to report yet another strong quarter for Aker BP. We produced more oil and gas than ever, at low costs, and with the lowest GHG emissions intensity in the oil and gas industry.

“I am also pleased to report that our field developments are progressing as planned, including the new projects launched in December where we are well under way with procurement and detailed engineering.

“Through the Aker BP alliance model, we have established strong relations and close cooperation with our key suppliers, and I am confident that we are well prepared to deliver these projects on time and on budget.”

The company’s portfolio of projects are developing a net resource of 770 million boe at a net investment cost of $20 billion before tax.

The projects include Yggdrasil (Noaka), Valhall PWP-Ferris, Skarv satellites and Utsira High.

Aker BP did recognise impairments in the quarter of US$373 million which was mainly driven by its previously announced decision to not proceed with the Troldhaugen project.

“Going forward, our priorities are the same as always. We will operate our assets with high efficiency, we will deliver our growth projects as planned and we will never stop driving improvements in everything we do. This is our recipe for creating shareholder value.”

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