BP: Leading Integrated Oil and Gas Company with Global Operations

BP is an integrated oil and gas company that explores for, produces, and refines oil globally. In 2021, it produced 1.1 million barrels of liquids and 6.5 billion cubic feet of natural gas per day. At the end of 2020, reserves stood at 7.9 billion barrels of oil equivalent, with 53% being liquids. BP operates refineries with a capacity of 1.9 million barrels of oil per day and holds a 20% ownership interest in Rosneft, which it plans to exit.

Norwegian oil and gas player Aker BP has completed a significant upgrade at its Valhall field in the North Sea, extending its operational life by 40 years. The project, known as Valhall PWP-Fenris, involves the installation of a new production and wellhead platform (PWP) jacket, replacing the old processing and compression platform (PCP) jacket. This upgrade marks a pivotal moment for the field, which has been producing since 1982 [1].

Aker BP, in collaboration with Allseas and Heerema Marine Contractors, used their respective vessels, Pioneering Spirit and Sleipnir, to facilitate the removal of the old platform and installation of the new one. The new platform is connected to the Valhall field center via a bridge and an unstaffed installation at the Fenris field, which is located 50 kilometers away. The production is anticipated to start in the third quarter of 2027 [1].

The total investment for this development is estimated at $6.6 billion, with the aim to produce a billion barrels of oil equivalent over the next 40 years. This is the same amount that has been produced since the field came online. The project includes drilling 19 wells, with 15 at Valhall PWP and four at Fenris, targeting a recovery of 70 million barrels of oil equivalent from Valhall and 160 million barrels from Fenris [1].

Aker BP has chosen Pandion Energy as its partner for the Valhall field and PGNiG Upstream Norway for the Fenris field. The project will utilize existing power from the shore system with minimal emissions, estimated at less than 1 kg CO2/boe. A key milestone was marked last month with the 180-meter-long towed spool setting sail from Westcon’s yard in Florø to Valhall for installation [1].

This upgrade is a strategic move for Aker BP, aligning with its goal to maintain a sustainable and profitable oil and gas production portfolio. The company's focus on extending the life of mature fields like Valhall underscores its commitment to maximizing resource recovery while minimizing environmental impact [1].

References:
[1] https://www.offshore-energy.biz/out-with-the-old-in-with-the-new-aker-bps-north-sea-field-sports-new-jacket-for-40-more-years-of-production/