Oil firm Aker BP says key developments progress as planned
Rewrites first paragraph, adds share move in paragraph 3, background in paragraphs 7-9
By Elviira Luoma and Nerijus Adomaitis
July 12 (Reuters) -Norwegian oil company Aker BP AKRBP.OL reported progress as planned in key development projects on Friday and reiterated a recently increased full-year output forecast.
The company, partly owned by BP BP.L, posted slightly lower than expected quarterly earnings but said in a statement it had achieved "several significant milestones" in the second three months through June.
Its Oslo-listed shares were up 2.5% by 0829 GMT, outperforming an Oslo benchmark index .OSEBX which was up 0.9% but well within their recent trading range.
Profit before interest and tax rose to $2.30 billion from $2.26 billion a year earlier, against an average $2.36 billion forecast in a poll of analysts compiled by the company.
The company noted that its trading update on July 3 had raised its full-year production forecast to between 420 and 440 thousand barrels of oil equivalent per day (mboepd), against previous guidance of 410-440 mboepd.
It also reported second-quarter output at 444.1 mboepd.
On Friday it said all field development projects progressed as planned in the quarter, with Hanz in the North Sea commencing production in the second quarter and Tyrving on track for an accelerated start-up in the fourth quarter of 2024, instead of the first quarter of 2025 as previously expected.
Aker BP has said it would continue to develop its Yggdrasil and Tyrving projects, despite an ongoing court case in Norway brought by environmental campaigners to stop the development of these fields.
The Johan Sverdrup Phase 3 project, aiming to add new subsea wells linked to existing infrastructure, was progressing well and was going according to plan, it said.
Reporting by Elviira Luoma and Nerijus Adomaitis; Editing by Anna Ringstrom and David Holmes
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