AKER BP ASA OperatorAker BP and partner Pandion Energy report?that?production?has?started?from Hod B in the southernNorth Sea . The first steel for Hod B was cut inAker Solutions' yard in Verdal, the day after the Norwegian Parliament adopted temporary changes in the petroleum tax regime inJune 2020 . "Production start-up from Hod B less than two years after, is great news! It demonstrates how the temporary tax changes, matured in the spring of 2020 when the industry was paralyzed by a pandemic and a sharp fall in oil prices, has had a real impact.Aker BP and Pandion Energy responded immediately to the politicians' expectation of creating activity for the supplier industry across the country," says Karl Johnny Hersvik, CEO ofAker BP . "There are many who can celebrate the start of profitable production with almost zero CO2 emissions from the Hod field. Through projects like Hod B, we are creating value both for the company, partners, alliance partners, owners and the Norwegian society at large. We are also contributing to sustain a world-leading supplier industry inNorway . I am especially proud of the fact that, through the Hod project,Aker BP has contributed to the vocational training of 50 apprentices", Hersvik adds. Five unified alliances In line with the rapid sanctioning of Hod B, the project has been both safely and efficiently delivered through a demanding period: 14 months after the first steel was cut in Verdal, the platform was installed offshore - in accordance with the plan. In the period leading up to production start-up, Subsea7 has conducted several subsea campaigns in the Hod project, such as installation and connection of the gas lift pipelines, production flowlines and umbilicals. The Maersk Invincible jack up rig has drilled six production wells, and modification work has been carried out at the Valhall field centre. A total of five alliances have contributed to the Hod project. The alliances have been integrated from start to finish in the project and by doing this,Aker BP has taken the alliance model to a new level. Strengthening the future of Valhall Hod B is a normally unmanned wellhead platform, remotely operated from the Valhall field centre. Production from the Hod field will have close to zero CO2 emissions thanks to power from shore.Aker BP and partner Pandion Energy expects Hod to produce 40 million barrels of oil. "We continue to increase value creation from the giant Valhall through new projects and a major ongoing modernisation of the area. Hod is an important contribution towards achieving the Valhall ambition of producing a total of two billion barrels from the area," says Valhall Asset ManagerOle Johan Molvig . Contacts:Kjetil Bakken , VP Investor Relations, tel.: +47 918 89 889Ole-Johan Faret , Press Spokesperson, tel.: +47 402 24 217 AboutAker BP :Aker BP is an independent E&P company with exploration, development and production activities on the Norwegian Continental Shelf.Aker BP is the operator of Alvheim,Ivar Aasen , Skarv, Valhall, Hod, Ula and Tambar. The company is also a partner in the Johan Sverdrup field.Aker BP is headquartered at Fornebu,Norway , and is listed on theOslo Stock Exchange under the ticker 'AKRBP'. More aboutAker BP at www.akerbp.com.
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