EnergyWatch

Aker BP shoots past Equinor's climate targets

The Norwegian oil company follows on the heels on Lundin and Equinor by setting ambitious climate goals. Aker BP also announces new plans for the North of Alvheim Krafla Askja region.

Photo: Aker BP PR

Oil companies operating in Norway are tripping over themselves to announce big climate overhauls.

Lundin was the first to reveal its net-zero emissions target for its upstream activities, since followed by Equinor's 40 percent reduction goal for 2030. The latter then aims to come as close as possible to net-zero emissions from 2050.

In connection with Aker BP's capital markets day event Tuesday, the company states its intention to be outdone by its two rivals.

"Aker BP continues to be an oil and gas producer with low carbon dioxide emissions intensity; less than half the global average, and below the average for the Norwegian Continental Shelf," the company writes in a press release.

Aker BP also uses the occasion to present a goal even more ambitious than Equinor's: To slash its upstream emissions to less than 5 kilograms per barrel from 2020.

For comparison, Equinor has also just released its aim for 8 kilograms per barrel, applicable from 2025, while Lundin is already working to achieve its 4 kilo per barrel goal for operations on the Norwegian shelf.

Equinor's ambition is based on its combined business portfolio, of which the Norwegian shelf comprises roughly half.

Joint effort in NOAKA

In the same statement, Aker BP announces that it's working on a partnership agreement for the North of Alvheim Krafla Askja (NOAKA) region, which contains discoveries Frigg Gamma Delta, Langfjellet, Frøy, Fulla, Frigg, Rind and Krafla-Askja – and which is estimated to hold more than a half-billion barrels of oil equivalent.

"Aker BP is in a good and constructive dialog with its partners to progress a joint technical solution for developing all the resources in the NOAKA area. The NOAKA development represents significant value creation to the Norwegian society and to the license holders," the company writes in the press release.

The NOAKA region is located south of Oseberg in the the country's territorial waters in the northern North Sea. 16 deposits have been found in the area between 1976 and 2019.

Aker BP plans to review its combined strategic direction for investors later today, Tuesday.

English Edit: Daniel Frank Christensen

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