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Aker looks to increase capital spending, dividends in 2019

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Aker looks to increase capital spending, dividends in 2019

Norway-based Aker BP ASA disclosed Jan. 17 that it set aside $1.6 billion for capital expenditures in 2019, above the $1.2 billion spent in 2018.

The budget will include $500 million for exploration and $150 million to fund abandonment operations.

Aker also set aside $750 million for proposed dividends, up from $450 million in the prior year, with plans to increase the amount by $100 million per year to 2023.

The company plans to produce 155,000 barrels of oil equivalent per day to 160,000 boe/d in 2019, up slightly from 155,7000 boe/d in 2018, and expects to triple production by 2025.

The Johan Sverdrup will produce first oil in November and will contribute more than 75,000 boe/d, the company said. Aker will also continue to assess resource potential in Valhall and boost production from Skarv through the Aerfugi development.

Aker plans to drill 15 prospects in 2019, with reserves potential of up to 500 MMboe, but did not specify the drilling locations.