NCS pure-play upstream: Johan Sverdrup (~31.6% non-op, Equinor-operated) plus operated hubs Alvheim, Valhall/Hod, Skarv, Ivar Aasen and Edvard Grieg; the large operated Yggdrasil (NOAKA) development targets first oil ~2027.
Strong balance sheet (~0.3x net debt/EBITDA) funds a high, growing dividend (~9% yield); Norway's 78% special petroleum tax compresses net income vs pre-tax cash generation. Flags: single-basin concentration, decommissioning liabilities, Yggdrasil execution, and no SEC disclosure.
Its EV/EBITDA of 2.9x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of -1.3% is lower than the 6.5% median, and at $25.42/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Aker BP scores 58/100, strongest on safety (66/100). Sub-scores: value 43, quality 65, growth 65, risk 34 (higher = riskier).
Aker BP holds approximately 1.03 billion boe of proved (1P) reserves with FY2025 production of about 420 thousand boe/d (87% liquids), a reserve life of roughly 6.7 years. Break-even: ~$35-40 (NCS breakeven (Brent)) — Low-cost operator; production cost ~$7/boe; Johan Sverdrup partner (lifting ~$2-3/boe); Yggdrasil hub breakeven <$40/bbl.
For Aker BP, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Norway | 100% | 3 | Stable, predictable; high but transparent 78% tax. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Johan Sverdrup | Norway | Oil (NCS) | ~31.6% non-op, low-cost giant |
| Yggdrasil (NOAKA) | Norway | Oil/gas | operated hub, first oil ~2027 |
| Alvheim | Norway | Oil | operated, high-return infill |
| Valhall/Hod | Norway | Oil | new Valhall PWP-Fenris |
| Skarv | Norway | Gas/oil | operated, satellite tie-backs |
| Ivar Aasen | Norway | Oil | operated |
| Utsira High | Norway | Oil | Sverdrup/Grieg area |
| Edvard Grieg | Norway | Oil | operated, ex-Lundin |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 210 | 350 | 459 | 446 | 420 |
| Proved reserves (bnboe) | 1.14 | 1.90 | 1.75 | 1.72 | 1.03 |
| Revenue ($bn) | 5.6 | 14.2 | 13.0 | 13.8 | 10.9 |
| EBITDA ($bn) | 4.4 | 11.6 | 10.6 | 11.5 | 9.2 |
| Net income ($bn) | 0.8 | 1.6 | 2.5 | 2.0 | 0.1 |
| Free cash flow ($bn) | 1.5 | 2.7 | 1.2 | 2.5 | -0.2 |
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✓ FY2025 figures verified against primary sources:
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