Det norske oljeselskap has completed its merger with BP Norge and established a new offshore E&P company called Aker BP to operate on the Norwegian Continental Shelf (NCS).  

Aker BP will be jointly owned by existing Det norske shareholder Aker, which will have a 40% interest, and other Det norske shareholders and BP each holding 30% stake.

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In June, the companies announced the creation of Aker BP, combining the assets and expertise from their Norwegian exploration and production operations.

"This portfolio comprises an estimated 795 million barrels of oil equivalent P50 reserves."

Aker BP CEO Karl Johnny Hersvik said: “The integration process is on track, and Aker BP is establishing a strong platform for creating value for our shareholders leveraging on unique industrial capabilities, a world-class asset base, and financial robustness enabling quarterly dividend payments from the fourth quarter of 2016.

“We look forward to taking advantage of the attractive growth potential on the Norwegian Continental Shelf and to use the current downturn to build the benchmark E&P company together with our suppliers.”

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Aker BP holds a portfolio of 97 licences on the NCS and operates 46 of these. This portfolio comprises an estimated 795 million barrels of oil equivalent P50 reserves, which have a 2015 joint production of around 122,000boepd.

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The company also has a portfolio of operating assets and inventory of non-sanctioned discoveries that have the potential to reach production of more than 250,000boepd within 2023.

Hersvik further added: “Aker BP will leverage on a lean and nimble business model, state-of-the-art technological capabilities, and industrial collaborations.”