Aker BP CEO Says Projects Competitive Even as Oil Prices Slide
Aker BP Chief Executive Officer Karl Johnny Hersvik said the company's portfolio of projects aimed at driving production beyond 2030 remain competitive in the face of falling oil prices.
Just over two years ago, Aker BP and its partners announced plans to invest about $20 billion to develop a package of fields, including Yggdrasil which is expected to come online on the Norwegian continental shelf in 2027. The average breakeven for the developments when sanctioned was $35 to $40, said the CEO, adding that the figure is falling as they get closer to completion.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 days ago
- Yahoo
New Board of Directors Elected for Jøtul Holdings / Nytt Styre Valgt For Jøtul Holdings
Jøtul AS (the 'Company') was pleased to announce the successful completion of a recapitalization and de-levering of Jøtul through a substantial debt to equity conversion in April 2025. The next step in the restructuring process is to operationalize and accelerate a profitable growth strategy for Jøtul. The shareholders have appointed Erik Øyno as executive chairman of the board together with the board members Julie Berg and Ole Kristian Sivertsen to ensure this. In conjunction with electing the executive chairman the shareholders have decided to grant a company owned by Øyno subscription rights of up to 5% of the shares in the Company on terms equal to the equity conversion done in April. Erik Øyno has several decades of CEO experience and has driven growth, change and profitability improvements throughout his career. Most recently he held the position as CEO of Protan, a Norwegian based international building materials supplier within the waterproofing industry. Prior to this Øyno held the role of CEO of Aktiv Kapital, a listed purchaser of non-performing loans, and prior to this the role of CEO of Byggmakker, one of Norway's largest building merchants and DIY retail chains. Julie Berg has extensive CFO experience from her current role as CFO of Mainstream as well as from her prior CFO role of Aker Carbon Capture in addition to decades of experience in auditing and advisory in the UK and Norway. Berg is an experienced leader and has worked with large international and Norwegian companies for over 20 years across a number of sectors. Ole Kristian Sivertsen has extensive international experience from midcap and large companies both as CEO, CFO and for the last years acted as senior corporate adviser at Alvarez and Marsal Europe, Corporate Restructuring. He has decades of experience in redefining and implementing strategies, operational and financial restructuring, turn-around and corporate finance. Sivertsen has been CEO of Umoe Bio Energy, Brazil, CFO of Agility Group, CFO of Umoe Group, and many years of executive finance roles across Aker Kvaerner. The Company's shareholders have confidence in Jøtul's potential and have selected board members who are dedicated to contributing to the continuous improvement of Jøtul and will focus on driving the business forward. With a robust and healthy balance sheet, Jøtul is well-equipped to seize new opportunities and enhance its competitive position in the market. Øyno states that 'With improved financial foundation and a focused ownership structure, Jøtul has the capacity to accelerate and expand strategic priorities. Jøtul has been driving change in the industry for more than 170 years and we are honored to contribute to strengthen and solidify Jøtul's position as one of the largest producers of stoves and fireplaces in Europe. We look forward to working with the competent employees of Jøtul whom every day contribute to Jøtul's continued success' For more information, please contact: The Executive Chairman of the Jøtul, Erik Øyno, erik@ Jøtul is one of the world's oldest producers of stoves, inserts and fireplaces. Building on a proud Norwegian heritage, Jøtul combines fine craftsmanship with the art of coping with the cold for 170 years. Jøtul is headquartered in Fredrikstad, Norway and features five prominent brands – Jøtul, Scan, Ild, Ravelli and Atra – and proudly sells to 45 countries around the world. ------------------------------------ Jøtul AS ('Selskapet') kunngjorde at selskapet i april 2025 fullførte en vellykket rekapitalisering og gjeldsreduksjon gjennom en betydelig gjeld-til-egenkapital-konvertering. Neste steg i restruktureringsprosessen er å operasjonalisere og akselerere en lønnsom vekststrategi for Jøtul. For å sikre dette har aksjonærene utnevnt Erik Øyno som arbeidende styreleder, sammen med styremedlemmene Julie Berg og Ole Kristian Sivertsen. I forbindelse med utnevnelsen av styreleder har aksjonærene besluttet å tildele et selskap eid av Øyno tegningsretter på inntil 5 % av aksjene i selskapet, på vilkår tilsvarende egenkapital-konverteringen som ble gjennomført i april. Erik Øyno har flere tiårs erfaring som konsernsjef og har gjennom sin karriere bidratt til vekst, omstilling og lønnsomhetsforbedringer. Han var sist administrerende direktør i Protan, en norskbasert internasjonal leverandør av byggematerialer innen vanntetting og membraner. Før dette var han CEO i Aktiv Kapital, et børsnotert selskap som investerer i misligholdte konsumentkreditter, og tidligere også CEO i Byggmakker - en av Norges største byggevarekjeder. Julie Berg har omfattende erfaring som CFO gjennom sin nåværende rolle i Mainstream, samt tidligere som CFO i Aker Carbon Capture. Hun har over flere tiårs erfaring innen revisjon og rådgivning i Storbritannia og Norge. Berg er en erfaren leder og har arbeidet med store internasjonale og norske selskaper i over 20 år på tvers av flere sektorer. Ole Kristian Sivertsen har bred internasjonal erfaring fra mellomstore og store selskaper, både som CEO og CFO, og har de siste ni årene vært senior bedriftsrådgiver i Alvarez & Marsal Europe. Han har flere tiårs erfaring med å redefinere og gjennomføre strategier, operasjonell og finansiell restrukturering, snuoperasjoner og selskapsfinansiering. Sivertsen har vært CEO for Umoe Bio Energy i Brasil, CFO i Agility Group, CFO i Umoe Group og flerfoldige år i ledende økonomifunksjoner i Aker Kværner. Selskapets aksjonærer har tillit til Jøtuls potensial og har valgt styremedlemmer som er dedikert til å bidra til kontinuerlig forbedring av selskapet og som vil ha fokus på videre utvikling av virksomheten. Med en robust og sunn balanse er Jøtul godt posisjonert for å gripe nye muligheter og styrke sin konkurranseevne i markedet. Øyno uttaler; «Med et forbedret økonomisk fundament og en fokusert eierstruktur har Jøtul kapasitet og kompetanse til å akselerere og utvide sine strategiske prioriteringer. Jøtul har drevet utvikling i bransjen i mer enn 170 år, og vi er beæret over å kunne bidra til å styrke og befeste Jøtuls posisjon som en av Europas største produsenter av ovner og peiser. Vi ser frem til å arbeide sammen med de flinke medarbeiderne i Jøtul som hver dag bidrar til Jøtuls fortsatte suksess.» For mer informasjon, vennligst kontakt:Arbeidende styreleder i Jøtul, Erik Øyno erik@ Om Jøtul: Jøtul er en av verdens eldste produsenter av ovner, peisinnsatser og peiser. Med stolte norske røtter kombinerer Jøtul håndverk av høy kvalitet med kunsten å skape varme – i 170 år. Jøtul har hovedkontor i Fredrikstad, Norge, og omfatter fem sterke merkevarer – Jøtul, Scan, Ild, Ravelli og Atra – og selger med stolthet til 45 land over hele verden. Attachment Press release - New board of directors elected for Jøtul (10 June 2025)Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Yahoo
Germany's SEFE to enter 10-year gas deal with Azerbaijan's Socar
-- State-owned German trading company, SEFE, is set to announce a 10-year agreement to purchase gas from Socar, the state-owned company in Azerbaijan, according to a Bloomberg report on Monday. This agreement allows SEFE to procure up to 15 terawatt-hours of gas annually, equivalent to approximately 1.5 billion cubic meters per year. The report indicated that the gas is expected to be transported to Europe via the Trans Adriatic Pipeline (TAP). This pipeline traverses Northern Greece, Albania, and the Adriatic Sea before reaching the southern shores of Italy. SEFE, an acronym for Securing Energy for Europe, has been proactive in securing new supply contracts. The region has become more reliant on global supplies since the majority of its Russian pipeline gas was lost in 2022. Despite Norwegian production operating at nearly full capacity, Europe continues to require additional supplies while it awaits the commencement of more liquefied natural gas export facilities in the US. Related articles Germany's SEFE to enter 10-year gas deal with Azerbaijan's Socar Crude futures sink on Saudi push for OPEC+ supply hikes Trump's aluminium tariff rise threatens Indian industry, Vedanta warns Sign in to access your portfolio
Yahoo
4 days ago
- Yahoo
Gerry Adams's lawyer to pursue chatbots for libel
The high-profile media lawyer who represented Gerry Adams in his libel trial against the BBC is now preparing to sue the world's most powerful AI chatbots for defamation. As one of the most prominent libel lawyers in the UK, Paul Tweed said that artificial intelligence was the 'new battleground' in trying to prevent misinformation about his clients from being spread online. Mr Tweed is turning his attention to tech after he recently helped the former Sinn Fein leader secure a €100,000 (£84,000) payout over a BBC documentary that falsely claimed he sanctioned the murder of a British spy. The Belfast-based solicitor said he was already building a test case against Meta that could trigger a flurry of similar lawsuits, as he claims to have exposed falsehoods shared by chatbots on Facebook and Instagram. It is not the first time tech giants have been sued for defamation over questionable responses spewed out by their chatbots. Robby Starbuck, the US activist known for targeting diversity schemes at major companies, has sued Meta for defamation alleging that its AI chatbot spread a number of false claims about him, including that he took part in the Capitol riots. A Norwegian man also filed a complaint against OpenAI after its ChatGPT software incorrectly stated that he had killed two of his sons and been jailed for 21 years. Mr Tweed, who has represented celebrities such as Johnny Depp, Harrison Ford and Jennifer Lopez, said: 'My pet subject is generative AI and the consequences of them repeating or regurgitating disinformation and misinformation.' He believes statements put out by AI chatbots fall outside the protections afforded to social media companies, which have traditionally seen them avoid liability for libel. If successful, Mr Tweed will expose social media companies that have previously argued they should not be responsible for claims made on their platforms because they are technology companies rather than traditional publishers. Mr Tweed said: 'I've been liaising with a number of well-known legal professors on both sides of the Atlantic and they agree that there's a very strong argument that generative AI will fall outside the legislative protections.' The lawyer said that chatbots are actually creating new content, meaning they should be considered publishers. He said that the decision by many tech giants to move their headquarters to Ireland for lower tax rates had also opened them up to being sued in Dublin's high courts, where libel cases are typically decided by a jury. This setup is often seen as more favourable to claimants, which Mr Tweed himself says has fuelled a wave of 'libel tourism' in Ireland. He also said Dublin's high courts are attractive as a lower price option compared to London, where he said the costs of filing libel claims are 'eye-watering'. He said: 'I think it's absurd now, the level of costs that are being claimed. The libel courts in London are becoming very, very expensive and highly risky now. The moment you issue your claim form, the costs go into the stratosphere. 'It's not in anyone's interest for people to be deprived of access to justice. It will get to the point where nobody sues for libel unless you're a billionaire.' Meta was contacted for comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
