Aker BP, a new exploration and production player in Norway, has completed the integration after the merger between Det norske oljeselskap and BP Norway, announced earlier this year.
The merged company on Thursday announced that Aker BP now operates “as one organization with considerable ambitions on the Norwegian continental shelf.”
“Aker BP has been through extensive integration work since we announced the merger, and we are very proud to mark the day one for the new organization. We have taken the best from both companies and build a strong and cost effective Aker BP that aim to be a reference company on the Norwegian continental shelf,” says Karl Johnny Hersvik, CEO of Aker BP.
Aker BP has a portfolio of 95 licenses on the Norwegian Continental Shelf, of which it operates 47. The company says it has a high quality portfolio of non-sanctioned discoveries, with potential to reach a production of more than 250,000 barrels of oil equivalents per day in 2023.
The integrated firm has around 1300 employees and have offices at Fornebu, Stavanger, Trondheim, Harstad and Sandnessjøen.
“Our regional office structure remains unchanged after the integration and we recently opened our new premises in Stavanger. Meanwhile, we keep the operating organization for the Ivar Aasen field in Trondheim. We have an aggressive growth strategy on the Norwegian continental shelf and in the future this could stimulate the activities at the respective office sites as new projects come to,” says Hersvik.
Aker BP has since the merger was announced on June 10, 2016 undergone extensive work to complete the integration, the company said on Thursday. The transaction was formally completed on September 30, while the integration of the two organizations has been going on until December 1.
“We have started the very important work of building a common and strong Aker BP-culture, which is also essential to achieve our growth targets. In addition, we see significant potential for cost reductions through new approaches. Aker BP will build on an effective business model according to the lean principle, unique technological competence and industrial cooperation, which we of today is pleased to operate as one integrated Aker BP,” says Hersvik.