Aker Bp Asa · OSL:AKRBP
Aker Bp Asa — Investor Day (January 2017)
85 slides from Aker Bp Asa's investor day presentation, Jan 16, 2017
Slide 1: Capital Markets Day 2017
CAPITAL MARKETS DAY 2017 AKER BP ASA January 16, 2017
Slide 2: Disclaimer
Disclaimer This Document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Document are based on current expectations, estimates and projections about globa
Slide 3: Agenda
CAPITAL MARKETS DAY 2017 Agenda Session 1: 13:00 – 14:30 Corporate Strategy – Karl Johnny Hersvik, Chief Executive Officer Finance – Alexander Krane, Chief Financial Officer Exploration – Gro Gunleiksrud Haatvedt, SVP Exploration Q&A Coffee Break Session 2: 15:00 – 16:30 Development proj
Slide 4: Today's speakers
CAPITAL MARKETS DAY 2017 Today’s speakers Karl Johnny Hersvik, Chief Executive Officer Olav Henriksen, SVP Projects Karl Johnny Hersvik (born 1972) has been CEO of Aker BP since May 2014. Prior to joining Aker BP, he served as Olav Henriksen (born 1956) joined Det norske in January 2015. Prior to jo
Slide 5: Corporate strategy
Corporate strategy Karl Johnny Hersvik Chief Executive Officer 5
Slide 6: 2016 achievements
CORPORATE STRATEGY 2016 achievements Creation of Aker BP through merger Diversified production base with BP Norge AS Successful execution of integration process 83 mmboe (net) at a finding cost of ~0.7 USD/boe (post-tax) Discovered ¼ of total volumes on the NCS Approximately 1.9x 2016 net pr
Slide 7: Investment case
CORPORATE STRATEGY Investment case Well positioned in a continued challenging macro environment • Purely operating on the NCS: Low political risk and attractive fiscal regime • Robust balance sheet and capital flexibility: USD 2.5 billion in liquidity • Dividend floor of USD 250 million: To increa
Slide 8: Solid footprint covering entire NCS
CORPORATE STRATEGY Solid footprint covering entire NCS Skarv Solid base performance and upside potential Alvheim High production efficiency and low operating cost Ivar Aasen First oil December 2016 Skarv Johan Sverdrup World class development with break even price below 25 USD/bbl* Alvheim Ula/Tamba
Slide 9: The E&P business is being challenged
CORPORATE STRATEGY The E&P business is being challenged Pricing challenges Structural challenges Business model disruption Low cost oil & gas from the ME Lack of investments Low rate of discovery Energy efficiency Unconventionals Consumer behavior Electric vehicles Digitalization Competitive renewab
Slide 10: Great savings are possible, but requires a new way of thinking
CORPORATE STRATEGY Great savings are possible, but requires a new way of thinking Impact on costs/efficiency 20-30% Renegotiations and cancellations/tuning of activities Ease of implementation 30-50% Cultural change in how we look at improvements and cost >50% Revitalizing the business model – radic
Slide 11: Three building blocks for success
CORPORATE STRATEGY Three building blocks for success Execute Improve Grow Deliver on improvement agenda Be opportunistic and exploit Deliver on existing projects Strengthen improvement market opportunities Realize value of resource capabilities Achieve selective growth that is inventory
Slide 12: Creating the leading independent offshore E&P company
CORPORATE STRATEGY Creating the leading independent offshore E&P company Reorganising the value chain with Be at the forefront for digitizing E&P strategic partnerships and alliances Value chain based on a shared LEAN Flexible business model understanding, toolbox and culture ready for growth and vo
Slide 13: Working together with suppliers through strategic partnerships
CORPORATE STRATEGY Working together with suppliers through strategic partnerships New project delivery model • Reduce engineering hours per ton platform by 50% • Cut total execution time by 25% Aker BP Common KPIs and incentives • Long term frame agreements • Sharing of risk, both upside and dow
Slide 14: Digital field models to attack inefficiencies
CORPORATE STRATEGY Digital field models to attack inefficiencies Commercial Concept selection on FID on virtual First resources accurate field model oil production oil Semi automated Highly automated and Automated Semi automated Physical manufacturing value optimization/ robotized operations digital
Slide 15: Vast business potential in focusing on flow efficiency
CORPORATE STRATEGY Vast business potential in focusing on flow efficiency Exploration License Drilling PDO Asset block made Discovery First oil awarded decision approved decommissioned available 7-15 years AKER BP’S OPERATIONAL STRATEGY a) Understand our value streams and improve flow efficiency MAX
Slide 16: Continuous improvement embedded in our culture
CORPORATE STRATEGY Continuous improvement embedded in our culture Make Decisions S SØKENDE Drive based on Data ENQUIRING Performance and Analysis A ANSVARLIG RESPONSIBLE One team F FORUTSIGBAR PREDICTABLE Built on LEAN E ENGASJERT COMMITTED Develop People Always search for R RESPEKTFULL RESPECTFUL a
Slide 17: Visible organic growth from existing portfolio
CORPORATE STRATEGY Visible organic growth from existing portfolio Illustrative production potential, mboepd net Strong production base of operated assets 300 Sanctioned Non-sanctioned • ~80% liquids / ~20% gas Alvheim Boa Alvheim area infills/sidetracks Caterpillar Boa infills 2017 Gar
Slide 18: Ambition to grow through further M&A
CORPORATE STRATEGY Ambition to grow through further M&A Building on our strong M&A track record Targeting new opportunities: High asset quality Acquisition of Norwegian subsidiary for a cash Merger between Det norske and BP’s Norwegian Operated assets consideration of USD 2.1 billion (2014) subs
Slide 19: Year-end 2016 preliminary P50 reserves of 711 mmboe
CORPORATE STRATEGY Year-end 2016 preliminary P50 reserves of 711 mmboe Development in P50 reserves (mmboe) Proven & probable reserves (P50), end 2016* 800 Other; 15 Alvheim area; 700 120 Johan Sverdrup; 300 600 Skarv area; 67 500 711 400 65% CAGR from 2007 to 2016 mmboe 300 Valhall-Hod 200 area; 84
Slide 20: 274 mmboe added to the resource hopper in 2016
CORPORATE STRATEGY 274 mmboe added to the resource hopper in 2016 Development in contingent resources Year-end 2016 mean contingent resources * Gohta +84% Other Garantiana Alvheim area 79 164 31 21 30 Skarv area Askja/Krafla 26 17 40 38 63 128 600 600 mmboe 112 Valhall area 326 160 North of Alvheim
Slide 21: Finance
Finance Alexander Krane Chief Financial Officer 21
Slide 22: Financial strengths
FINANCE Financial strengths Strong support of principal Cash generative with attractive owners Aker ASA (40%) and dividends BP plc (30%) Ownership Cash flow Financial Prudent hedging policies to Balance Robust balance sheet and risk protect downside management sheet diversified capital structure Tax
Slide 23: Strong cash flow outlook and attractive dividends
FINANCE Strong cash flow outlook and attractive dividends Illustrative production potential, mboepd net Cash generative business from a diversified asset base 300 Sanctioned Non-sanctioned Alvheim Alvheim area infills/sidetracks Boa Caterpillar Boa infills 2017 Garantiana Sanctioned
Slide 24: Robust balance sheet and diversified capital structure
FINANCE Robust balance sheet and diversified capital structure Key features 7 years from 2014 USD 4,000* million RBL 1 000 2 095 1 831 uncommitted 20 banks (Secured, 1st lien) accordion option NPV based, semi-annual redetermination LIBOR + 3.25% (110 bps on unused amount) USD 550 million RCF
Slide 25: Strong liquidity position provides flexibility
FINANCE Strong liquidity position provides flexibility Accumulated CFFI* 2012 – 2016 (USDbn) High investment program last five years amid a challenging macro environment Company policy has been to retain a sufficient liquidity buffer to ensure capital flexibility 5,2 4,5 3,3 Significantly stre
Slide 26: Tax regime supportive of growth
FINANCE Tax regime supportive of growth NCS tax system and implications for Aker BP Tax-adjusted net debt (TAND) - USDbn Key attractions of the NCS tax system • ~90% of investments recovered over 6 years 2,5 • Opex/exploration costs 78% immediate tax recovery • Financial costs recovered ~45%** • F
Slide 27: Prudent financial risk management policies
FINANCE Prudent financial risk management policies Hedging Overview of current hedges Various hedging agreements for commodities, interest 2017 2018 2019 2020 rates and FX to mitigate financial risk when pricing and Foreign exchange rate hedges levels are viewed as attractive % hedged of total ~50
Slide 28: 2017 guidance
FINANCE 2017 guidance Item 2017 guidance 2017 production 128 – 135 mboepd 2017 Production cost USD ~11 per boe 2017 CAPEX USD 900 - 950 million 2017 EXPEX USD 280 – 300 million 2017 decommissioning USD 100 – 110 million expenditures Note: Guidance based on USD/NOK 8.5 28
Slide 29: 2017 guidance - production and production cost
FINANCE 2017 guidance - production and production cost Key activities Comparison of operated hubs, 2017 2017 production expected between 128 – 135 mboepd 50 • 78% liquids / 22% gas 2017 production cost expected to average ~11 USD/boe 40 Ula area 2017 Production cost (USD/boe) • Including tariffs
Slide 30: 2017 guidance - CAPEX
FINANCE 2017 guidance - CAPEX Key activities Split by main project Johan Sverdrup • Engineering, procurement and construction of facilities Johan Sverdrup • Drilling & Completion of seven water injection wells Alvheim area • Concept studies phase 2 ~20% Alvheim area • Drilling of Volund and Boa
Slide 31: 2017 guidance – EXPEX and Decommissioning
FINANCE 2017 guidance – EXPEX and Decommissioning Exploration expenditures Decommissioning expenditures Drilling of 7 exploration wells (4 operated) Continuous P&A activity on Valhall until 2020 Field evaluation costs (North of Alvheim, Askja/Krafla, others) Decommissioning program for legac
Slide 32: Cash flow outlook 2017
FINANCE Cash flow outlook 2017 Illustrative 2017 cash flows * 2017 cash flow illustration based on mid-point of guidance Realised Hydrocarbon Price (USD/boe) 30 40 50 60 ranges Production cost (USD/boe) (11) (11) (11) (11) Other OPEX (USD/boe) (1) (1) (1) (1) Financial cost (USD/boe) ** (4) (4) (4
Slide 33: Exploration
Exploration Gro Gunleiksrud Haatvedt SVP Exploration 33
Slide 34: Ambition to be a leading explorer on the Norwegian Continental Shelf
EXPLORATION Loppa North Ambition to be a leading explorer on Barents Sea SE the Norwegian Continental Shelf Loppa South Ensure long term reserve replacement and value creation Establish new core areas Norwegian Sea NE Discover 250 mmboe net to Aker BP in 2016 - 2020 Skarv Continuous position
Slide 35: Delivering on the exploration strategy
EXPLORATION Delivering on the exploration strategy Discovering the prognosed volumes on portfolio level • Securing new volumes to existing infrastructure • Enabling area development solutions • Integrated with high business development activity • New Play Innovation initiative to challenge the old
Slide 36: Successful drilling in 2016
EXPLORATION Loppa North Successful drilling in 2016 Barents Sea SE Loppa South Filicudi 2016 – North Sea campaign • Askja/Krafla: Drilling campaign with several discoveries • North of Alvheim: Discovery at Langfjellet Additional discoveries made by extending field development wells • Kobra East
Slide 37: Drilling schedule 2017
EXPLORATION Loppa North Drilling schedule 2017 Barents Sea SE Loppa South Gohta 3 (NE) Operated exploration wells North Sea: • Volund West • Hyrokkin • Planned campaign in the North of Alvheim (NOA) area Partner operated wells: • Gohta (NE) – critical appraisal well to test NE segment Norwegian
Slide 38: Volund West - exploring injectites
EXPLORATION Volund West - exploring injectites SSW NNE Operated exploration well close to Alvheim infrastructure Volund West (PL150B - 65% working interest, operator) Top Balder • Amplitude supported prospect in Hermod Formation sandstones, injected into overlying shales Top res Clear similariti
Slide 39: Imaging: Creating new opportunities in the greater Alvheim area
EXPLORATION Imaging: Creating new opportunities in the greater Alvheim area 2016: Regional reprocessing pushing technical limits • Consistent data set over the Greater Alvheim area, outside own licenses Result: Identification of new prospects • New candidates for tie-in accumulations to Alvheim
Slide 40: Chasing anomalies near the Alvheim field
EXPLORATION Chasing anomalies near the Alvheim field Hyrokkin (PL677 - 60%, operator) – Result of regional geophysical projects A Hyrokkin is defined by an encouraging geophysical anomaly, comparable with the Vilje field • Vilje is an oil discovery in the Heimdal formation, within the same reservo
Slide 41: Revitalizing a mature area: Langfjellet discovery/North of Alvheim
EXPLORATION Revitalizing a mature area: Langfjellet discovery/North of Alvheim Exploration campaign overview Prospect and discovery map Langfjellet 2016 exploration campaign • Discovery with large upside potential • Aker BP well positioned as operator in area Langfjellet way forward Nordfjellet
Slide 42: Exploring the northern extension of Johan Sverdrup
EXPLORATION Exploring the northern extension of Johan Sverdrup Tonjer - prospect with attractive upside potential Northern extension of Johan Sverdrup • Prospect that will trigger new opportunities given success TN Alvheim Reservoir: Upper Jurassic Draupne Formation Tonjer well location sandston
Slide 43: Gohta – critical appraisal well
EXPLORATION Gohta – critical appraisal well Possible development project – Loppa South First Gohta discovery was made in 2013 Gohta-Alta 2nd well on Gohta drilled in 2014 – discovery, but with remaining questions Snøhvit 3rd well on Gohta planned for 2017 • Northern part of structure • Targeti
Slide 44: 2018: Moving north
EXPLORATION Loppa North 2018: Moving north Barents Sea SE Loppa South Svanefjell Barents Sea drilling campaign Long term strategy • Focus on Loppa High and Barents Sea SE • Awarded 3 blocks in 23rd Round, 1 as operator • Acquired exploration licenses to build portfolio with optionality • Maturing
Slide 45: Vision: World leading basin integrator
EXPLORATION Vision: World leading basin integrator Field geology – new approaches – digital integration In depth understanding of the basins we are exploring Basin analysis – fluid pressure, fluid flow and dynamic properties Combine thorough and practical geoscience with machine learning from
Slide 46: Q&A
CAPITAL MARKETS DAY 2017 Q&A 46
Slide 47: Development projects
Development projects Olav Henriksen SVP Projects 47
Slide 48: Projects delivered on schedule and budget in 2016
DEVELOPMENT PROJECTS Projects delivered on schedule and budget in 2016 January March May July September November February April June August October December 48
Slide 49: Upcoming milestones 2017
DEVELOPMENT PROJECTS Upcoming milestones 2017 JAN 17 MAR 17 MAY 17 JUL 17 SEP 17 NOV 17 DEC 17 49
Slide 50: 4 operated rigs in 2017
DEVELOPMENT PROJECTS 4 operated rigs in 2017 Rig Q1 Q2 Q3 Q4 Maersk Ivar Aasen Ivar Aasen Hyrokkin NOA* Tambar* Interceptor (Accomodation) (Production wells) (Exploration) (Exploration) (Infill) Transocean Volund West Volund Boa Arctic (Infill) (Exploration) (Infill) Valhall Valhall Drilling (Produc
Slide 51: Project inventory provides flexibility
DEVELOPMENT PROJECTS Project inventory provides flexibility Plateau Sanctioned Aker BP Gross Estimated Project Operator production Equity mmboe first oil/gas Not sanctioned (gross) Gina Krog Statoil 3.3% 219 ~67 mboepd 2017 Volund infills 2017 Aker BP 65.0% 15 ~16 mboepd 2017 Valhall IP wells Aker B
Slide 52: Ivar Aasen and Hanz
DEVELOPMENT PROJECTS Ivar Aasen and Hanz Operated, ~35%* working interest PDO for Ivar Aasen was approved on May 21, 2013 Gross P50 reserves of 199 mmboe Production of ~67,000 boepd at plateau Final processing and export of oil and gas at the Edvard Grieg platform Oil export to Sture via t
Slide 53: Ivar Aasen - Delivered on plan and cost
DEVELOPMENT PROJECTS Ivar Aasen - Delivered on plan and cost Achievements Lessons learned and further improvement potential No major HSE incidents – more than 17 million man hours Sub optimization between individual contracts spent Dis-aligned incentives, no risk sharing Total cost and plan
Slide 54: Johan Sverdrup
DEVELOPMENT PROJECTS Johan Sverdrup Partner, 11.5733 % working interest Johan Sverdrup is one of the largest oil fields on the NCS PDO for Johan Sverdrup phase 1 was approved on August 21, 2015 Recoverable reserves of 1.9-3.0 billion boe ~80% to be extracted from first phase investments Pr
Slide 55: Johan Sverdrup - Project progressing as planned
DEVELOPMENT PROJECTS Johan Sverdrup - Project progressing as planned Project progressing according to plan: • Most major contracts have been awarded • Platform construction ongoing on 22 engineering and construction sites • Pre-drilling of 8 production wells completed • Now drilling 4 pilot/apprai
Slide 56: Valhall Flank West
DEVELOPMENT PROJECTS Valhall Flank West Project Description Infield Tor formation in West Flank RMU 1 unmanned wellhead platform (12 slots) tied back to Valhall 6 producers with option to convert 2 producers into water injection Current reference case is depletion only with future phased wat
Slide 57: Snadd project towards PDO
DEVELOPMENT PROJECTS Snadd project towards PDO Phase 1 development Develop discovered resources in Snadd for tie-in to Skarv FPSO in a phased development 3 wells tied in to Skarv A template, with electrically heat trace pipe-in-pipe flowline; static and dynamic umbilical tied back to FPSO Chem
Slide 58: North of Alvheim - Building a potential new core area
DEVELOPMENT PROJECTS North of Alvheim - Building a potential new core area North of Alvheim area holds gross mean contingent resources of 172* mmboe Early-phase project established to assess possible concepts for area development Two concepts for area hub are evaluated • PdQ topside + jacket •
Slide 59: Alvheim - Continuing to find and develop infill targets
DEVELOPMENT PROJECTS Alvheim - Continuing to find and develop infill targets Project status Boa Infill – Sanctioned, two Boa infill wells planned Detail engineering in progress at the Subsea Alliance Volund infill – Sanctioned, commenced drilling in December 2016 Detail engineering in progre
Slide 60: Partner Operated - Oda tie-in to Ula
DEVELOPMENT PROJECTS Partner Operated - Oda tie-in to Ula Project Description Drainage strategy - water injection pressure support Two oil production wells and one water injector well Subsea tie-back to Ula platform via Oselvar facilities (14 km) • Modifications on Ula • Re-use of Oselvar equi
Slide 61: Brownfield Projects
DEVELOPMENT PROJECTS Brownfield Projects Ula Tambar Valhall & Hod • Oda Tie-In to Ula • Tambar Artificial Lift • Topside modifications for tie-in of new West Flank platform • North Flank Water Injection (evaluate concepts) Skarv Alvheim Ivar Aasen • Turret mods for Snadd tie-back • Prepare for new s
Slide 62: Decommissioning Projects
DEVELOPMENT PROJECTS Decommissioning Projects Scope P&A – Valhall DP* (30), Hod (8), Jette* (2) & Hamsun (1 expl) 2/4 G Facilities – 2/4G*, OVD, Hod, Jette OBO – Varg*, Jotun* & Tor Additional scope after 2026 Hod QP DP PCP Jette * Execution ongoing 62
Slide 63: Aker BP Business model principles
DEVELOPMENT PROJECTS Aker BP Business model principles Clear division of core Tasks only done once competencies in the value chain Best man for the job Focus on efficient value creation No overlaps in value chain Efficient end-to-end work Few handovers/interfaces/iterations Aker BP – w
Slide 64: Long term strategic frame agreements and alliances
Reorganising the value chain DEVELOPMENT PROJECTS Long term strategic frame agreements and alliances Alliance Traditional Time horizon Long-term From project to project No. of suppliers Minimum sufficient Several Aker BP Risk sharing & Aligned incentives and shared Dis-aligned incentives, no risk In
Slide 65: Alliance Agreement and Contractual Architecture
DEVELOPMENT PROJECTS Alliance Agreement and Contractual Architecture The alliance is not a legal entity The alliance agreement is a cooperation agreement to work together in a prescribed manner in the interest of the Alliance agreement parties to the alliance Articles of Agreement Non-exclusiv
Slide 66: One for all – All for one
DEVELOPMENT PROJECTS One for all – All for one From three separate organizations to one integrated: Incentives – Shared risk and reward: Cost Cap for Overrun Contractor Overrun Most Likely Overrun Cost Saving Actual Cost Actual Cost Actual Cost Underrun shared between Overrun shared between Cost abo
Slide 67: Operations
Operations Eldar Larsen SVP Operations 67
Slide 68: Production from diversified asset base
OPERATIONS Production from diversified asset base Total 2016 production of 118.2 mboepd • ~80% liquids and ~20% gas 2016 deliveries above target, including • Oil and gas production • Plant uptime for all Aker BP operated assets • Simplification and efficiency objectives Skarv We have a diversi
Slide 69: Strong HSE-performance
OPERATIONS Strong HSE-performance HSE performance stable during integration of the two companies • Overall performance better than industry average • Systematic follow up of risks related to integration activities • Close follow up from PSA during integration with no major findings reported • Acti
Slide 70: Valhall / Hod hub: The chalk giant
OPERATIONS Valhall / Hod hub: The chalk giant Operated, ~36%* working interest The field center consists of six separate steel platforms, incl. the new process/accommodation platform (January 2013) Two unmanned flank platforms (North and South) Current well stock comprises 55 active wells out
Slide 71: Valhall / Hod: Safe and profitable production for many years ahead
OPERATIONS Valhall / Hod: Safe and profitable production for many years ahead Focus areas Continue reducing cost and improving production efficiency Injection Platform (IP) plan to restart drilling of production wells Q1-2017 • 7 wells drilling program of which 3 to be drilled in 2017 1 billio
Slide 72: Ula / Tambar Hub: Area centre for several fields
OPERATIONS Ula / Tambar Hub: Area centre for several fields Operated, ~80%* working interest 30 years of production reached in October 2016 Ula is an area hub handling production from three satellite fields: Tambar, Blane and Oselvar The key to success have been the use of new technology, incl
Slide 73: Ula / Tambar: Preparing for increased production
OPERATIONS Ula / Tambar: Preparing for increased production Focus areas: Deliver maximum value from base production • Continue to optimize the Ula cost base • Efficient execution of planned operational activities and facility projects • Secure base production protection through execution of requir
Slide 74: Ivar Aasen and Hanz: First oil on time & budget
OPERATIONS Ivar Aasen and Hanz: First oil on time & budget Operated, ~35%* working interest First oil December 24, 2016: Four years after the Plan for Development and Operation (PDO) was submitted First stage processing at Ivar Aasen, oil and gas exported to Edvard Grieg for further processing a
Slide 75: Ivar Aasen: Ramp up of production
OPERATIONS Ivar Aasen: Ramp up of production Status Solid initial production from three wells, production limited by agreement with Edvard Grieg • Plan further ramp up of production in accordance with agreement Safe, reliable and efficient production – no 1 priority • High uptime, secure technic
Slide 76: Greater Alvheim Area
OPERATIONS Greater Alvheim Area Operated, ~65%* working interest 2016 production increased compared to previous year due to new infill wells Strong operational performance, with well embedded continuous improvement culture Additional resources added with subsea tie-ins More infill wells bein
Slide 77: The Alvheim FPSO production and Alvheim area reserves
OPERATIONS The Alvheim FPSO production and Alvheim area reserves Alvheim FPSO historical production (mboepd gross) Reserves vs. PDO (P50 gross), mmboe 400 160 350 140 Remaining reserves 300 120 Produced to end 2016 Arresting decline Reserves at PDO 250 +115% 100 200 80 60 150 40 100 +66% +76% 20 50
Slide 78: Skarv Area
OPERATIONS Skarv Area Operated, 23.84% working interest Skarv FPSO is anchored to the seabed and has one of the world’s largest gas processing plants offshore Field developed with subsea wells tied back to Skarv FPSO from five sub-sea templates Transport solution: • 80 km long 26” line to Åsga
Slide 79: Skarv: Efficient operations
OPERATIONS Skarv: Efficient operations Focus areas Continue Snadd test production to provide in depth reservoir knowledge, preparing for PDO delivery Deliver value from low pressure production Optimize maintenance and reduce vendor based maintenance by doing more work internally Positional u
Slide 80: Reducing cost and improving production efficiency
OPERATIONS Reducing cost and improving production efficiency Capture synergies across assets Optimize maintenance and modifications Continue the journey on simplification and efficiency incorporating lean implementation Focus on increasing the improvement pace in Operations (incl. technology
Slide 81: Concluding remarks
Concluding remarks Karl Johnny Hersvik Chief Executive Officer 81
Slide 82: Building the benchmark offshore E&P company
CONCLUDING REMARKS Building the benchmark offshore E&P company Execute Improve Grow Reorganising the value chain with Be at the forefront for digitizing E&P strategic partnerships and alliances Value chain based on a shared LEAN Flexible business model understanding, toolbox and culture ready for gr
Slide 83: Concluding remarks
CAPITAL MARKETS DAY 2017 Concluding remarks Strong current production base and operational cash flow World-class project portfolio with low break even oil price levels Identified potential within the portfolio to lift oil & gas production to 270 mboepd after 2020 Extensive improvement agenda
Slide 84: Q&A
CAPITAL MARKETS DAY 2017 Q&A 84
Slide 85: Aker BP
& AkerBP www.akerbp.com