Aker Bp Asa Ord

Good morning and welcome to Akabipi's presentation of our third quarter 2025 results. Today's agenda reflects a strong quarter with clear momentum in both operations and strategy. We'll start with an update on the operational performance, which continues to deliver solid results. Then we'll move to our field development portfolio, where we remain firmly on track. We're also very pleased with our exploration results. So far this year, we've made two significant discoveries, Omega Alpha and Kjøttkake. And, with several additional wells currently being drilled, we see the potential to reach 100 million barrels discovered in 2025, net to AKBP. And, as always, CFO David Tønne will take us through the financials later in the presentation. In the third quarter, production averaged 414,000 barrels per day, in line with previous quarters. This time, we had a planned maintenance shutdown at Griegåsen, similar in impact to the maintenance shutdown at Valhall and Ula in Q2. Despite the shutdown, portfolio-wide production efficiency stayed high at 96%. Other assets, including Johan Sverdrup, continued to perform very well, with efficiencies ranging from 92 to a nearly perfect 100%. Looking ahead, we expect our assets to maintain strong performance, even as natural decline offsets some of that strength. Based on the strong year-to-date production and updated forecasts for the remainder of 2025, we are raising our full year production guidance to 410,000 to 425,000 barrels per day. Now let's have a quick look at our cost performance. Reported unit cost edged up to roughly $7.6 per barrel this quarter, but as David will come back to, the underlying unit cost was essentially unchanged from the previous quarter. And we remain firmly on track to deliver on our full year guidance of $7 per barrel, a level that is highly competitive in the industry and underscores the strength of our assets and operations. On CO2 emissions, the picture remained consistent. Our emission intensity held steady at 2.9 kilograms per barrel, as it's been throughout the year. This is an industry-leading level that continues to set the benchmark. Simply put, we are the global leader in low-emissions oil and gas production. Earlier this year, we outlined our ambition to sustain production above 500,000 barrels per day beyond 2030, and to pursue further growth. And I can assure you, we work every day to make this a reality. On this illustration, the dark blue area shows the current business plan, that is production from existing fields, ongoing field developments, and regular IOR activities. Key growth drivers include the large-scale Yggdrasil development, which contains now the Ystfrigg Discovery, the Valal PVP Fenris project, and a series of tiebacks to Alfheim, Skarv, Griegårdsen, in addition to Johan Sverdrup Facetree. This outlook supports our target to produce around 525,000 barrels per day by 2028. Beyond 2028, the light blue wedges illustrate our potential to sustain production of over 500,000 barrels per day for infill drilling and tie back from known discoveries across the portfolio. Progress this year, especially our exploration success, strengthened my confidence in this trajectory. Now looking further ahead, we see significant growth potential beyond our current outlook. Continued exploration success and targeted M&A provide a clear path to expand our production base well into the next decade. A recent example is our increased ownership in the Chetkake discovery, where the partnership is already actively evaluating possible development scenarios. So in total, this is our ambition and we are well equipped to deliver it. We have the people, the assets, the supplier, the digital ecosystem, the capital, the track record and the project to make it happen.

Bundle systems consist of a lot of pipelines bundled together in one pipe, which make it possible to install everything in one go. And the unique feature with this is that we actually commission all this work before we start towing it out. So when it arrives in the field, it's ready to go. We just connect it up with the spools into the templates, and it's the fastest way of developing a field.

Impressive work by the Subsea Alliance indeed. The launch of the Yggdrasil bundle is spectacular and it's now been safely installed at the field. And as we heard in the video, because we all do all commissioning work before sail away, it is truly the fastest way of developing a field. Our project continued to advance steadily, with several key milestones achieved in the recent months. These include the successful offshore installation of four of the five jackets at Yggdrasil and Valhalla PVP Fenris, installation of subsidy templates, and the completion of the Fenris drilling campaign. These achievements reflect the scale, pace and precision of our execution. They are the result of close collaboration across teams and partners, and they mark critical steps towards delivering on our long-term value creation. We are now at the midway point of our execution phase, with engineering and procurement nearly complete. We are also at the peak construction, and we have reached the point where modules are being assembled into complete platform units. This gives us clear operational visibility into the remaining work and resource needs. For the projects, they remain on schedule for planned startups in 2026 and 2027. Let me now turn to exploration. When we last met in July, we had drilled the first sections of the Omega Alpha well, which confirmed commercial oil volumes in the range of 20 to 40 million barrels at that point in time. Over the summer, we completed this exploration campaign. The result was a significant oil discovery that adds substantial new resources to the Yggdrasil area. The recoverable volume is estimated at 96 to 134 million barrels of oil equivalents. It is among the largest commercial discoveries in Norway in a decade. Building on the momentum from the oil discovery at Eastfreg in 2023, this marks a major step towards our ambition of producing more than a billion barrels from the Yggdrasil area. The success is also a result of strong collaboration between our own teams and our alliance partners, and a testament to how new exploration methods push the boundaries. And luckily for us, we equipped the team behind the discovery with a camera during the operation. Here is their report.