October 5, 2018 / 8:42 AM / in 18 days

Aker BP output falls in Q3 due to maintenance

OSLO, Oct 5 (Reuters) - Aker BP’s oil and gas production fell 4.6 percent in the third quarter to 150,600 barrels of oil equivalent per day (boed) due to maintenance at two of its fields, it said on Friday.

The company, 30 percent owned by BP, however, maintained its full-year production guidance of 155,000-160,000 boed.

It said production in the third quarter was affected by planned maintenance activities at the Skarv and Alvheim fields, as well as reduced exports from Skarv.

Production from its Valhall field, which it acquired from Hess a year ago, also rose less than it expected due to a longer than planned well testing program.

“As a result, some of the production growth that was expected from Valhall in the third quarter has been moved to coming quarters,” it added.

Valhall output stood at 35,100 boed in the third quarter.

Aker BP shares were 1.2 percent down by 0827 GMT, underperforming European oil and gas index which was down 0.2 percent.

Analysts at Sparebank 1 Markets said the overall third-quarter production was disappointing and may trigger some discussion around downside risk to the company’s overall 2018 guidance. (Reporting by Nerijus Adomaitis; editing by Emelia Sithole-Matarise)

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