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"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14893": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-5-1": {
"value": "Oksen\u00f8yveien 101366 Lysaker, Norway",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14929": {
"value": "Aker BP",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14930": {
"value": "Aker BP",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-10-1": {
"value": "The acquisition of the Lundin Energy\u2019s oil and gas business (\u201cLundin Energy\u201d) was completed on 30 June 2022. The activity of Lundin Energy has been fully reflected in the financial statements from 30 June 2022, including effects from the fair value adjustment of Lundin Energy in line with IFRS 3, as described in note 2 At year end 2022 all legal entities acquired in the Lundin transaction were either liquidated or merged into Aker BP ASA. See note 3 for more information about subsidiaries.The financial statements were approved by the Board of Directors on 15 March 2023 and will be presented for approval at the Annual General Meeting on 14 April 2023.NOTE 1: SUMMARY OF IFRS ACCOUNTING POLICIESThe financial statements have been prepared on a historical cost basis with the exception of the following accounting items which are measured on an alternative basis at each reporting date \u2013 Financial instruments at fair value through profit or loss. \u2013 Loans, receivables and other financial liabilities, which are recognized at amortized cost.All amounts have been rounded to the nearest thousand unless otherwise stated. As a result of rounding adjustments, the figures in one or more rows or columns included in the financial statements and notes may not add up to the total of that row or column.The group financial statements for Aker BP ASA include the subsidiaries as described in note 3. The accounting policies are applied consistently when consolidating ownership interests in subsidiaries and are based on the same reporting periods as those used for the parent company. When preparing the consolidated financial statements, intragroup transactions and balances, along with gains and losses on transactions between group units, are eliminated.1.2 Functional currency and presentation currencyThe presentation currency in the Group\u2019s consolidated financial statements is United States Dollars (\u201cUSD\u201d). The parent company of the Group, Aker BP ASA, has USD as its functional currency as most revenue and financing are in USD and represents the primary economic environment in which the entity operates. Balance sheet items of subsidiaries in other functional currencies are translated into the presentation currency, USD, according to the exchange rates prevailing on the balance sheet date, while profit or loss items are translated according to average quarterly exchange rates for the relevant quarters.In all material respects, the activity of Lundin Energy has been conducted in the legal entity ABP Norway AS (previously Lundin Energy Norway AS), which had NOK as its functional currency. In line with accounting guidance, the related purchase price allocation (PPA) has been fixed in NOK accordingly, and thus given rise to foreign currency translation in the group accounts recognized in the statement of comprehensive income during the second half of 2022. At 31 December 2022, ABP Norway AS merged with Aker BP ASA, meaning that the mentioned impact on comprehensive impact will cease from 1 January 2023.1.3 Important accounting judgments, estimates and assumptionsThe preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that have an effect on the application of accounting policies and the reported assets, liabilities, income and expenses.The important judgments management has made regarding the application of accounting policies are as follows:Goodwill allocation and methodology for impairment testingFor the purpose of impairment testing, goodwill is allocated to a cash-generating unit (CGU), or groups of CGUs that are expected to benefit from the synergies of the business combination from which it arose. The allocation of goodwill requires judgment and may significantly impact any subsequent impairment charge. Although not an IFRS term, \u201ctechnical goodwill\u201d is used by Aker BP to describe the category of goodwill arising as an offsetting account to deferred tax liabilities recognised in business combinations, as described in section 1.8 below. There are no specific IFRS guidelines pertaining to the allocation of technical goodwill, and management has therefore applied the general guidelines for allocating goodwill. In general, technical goodwill is allocated at the CGU level for impairment testing purposes, while residual goodwill may be allocated across all CGUs based on the facts and circumstances of the business combination. When performing the impairment test for technical goodwill, deferred tax liabilities recognized in relation to the acquired licenses reduce the net carrying value prior to any impairment charges. This methodology avoids an immediate impairment of all technical goodwill. When deferred tax liabilities from the initial recognition decreases, additional technical goodwill is \u2018exposed\u2019 to impairment. Subsequent to the initial purchase price allocation, depreciation of book values will result in decreasing deferred tax liabilities. When applicable, technical goodwill is impaired before the asset.Accounting estimates are used to determine reported amounts, including the depreciation of assets, the cost and timing of decommissioning activities, impairment testing of goodwill and the recognition and measurement of tax liabilities. Whilst these estimates are based on management\u2019s best judgment and assessments of previous and current events and actions, the actual results may deviate from the original estimates. Changes to accounting estimates are recognized in the period when they arise. The main sources of uncertainty when making estimates and judgments relate to the following:Successful Effort Method - explorationExpenses relating to the drilling of exploration wells are temporarily recognized in the Statement of financial position as capitalized exploration expenditures, pending an evaluation of potential oil and gas discoveries. If resources are not discovered, or if recovery of the resources is considered technically or commercially unviable, the costs of exploration wells are expensed. Judgments as to whether this expenditure should remain capitalized or be expensed at the reporting date may materially affect the operating result for the periodFair value measurementThe fair values of non-financial assets and liabilities are required to be determined, for example in a business combination, to determine the allocation of purchase price in an asset deal or when the recoverable amount of an asset or CGU is based on fair value less cost to sell. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. The fair value of oil fields in production and development phase is normally based on discounted cash flow models, where the determination of inputs to the model may require significant judgment, as described in the section below regarding impairment. Impairment/reversal of impairmentChanges in the expected future value/cash flows of CGUs results in impairment if the estimated recoverable value is lower than the book value (including any allocated goodwill) or the reversal of previously recognized impairment if the recoverable value is higher than the book value (though impairment of goodwill is not reversed). Estimates of recoverable value involve the application of judgment and assumptions, including the modelling of future cash flows to estimate the CGUs value in use or fair value.The evaluation of impairment requires long-term assumptions concerning a number of often volatile economic factors, including future oil prices, oil production, currency exchange rates and discount rates. Such assumptions require the estimation of relevant factors such as long-term prices, the levels of capex and opex, production estimates and decommissioning costs. These evaluations are also necessary to determine a CGU\u2019s fair value unless information can be obtained from an actual observable market transaction. See note 14 \u2019Tangible fixed assets and intangible assets\u2019 and note 15 \u2019Impairments\u2019 for details of impairments.Decommissioning and removal obligationsThe company has obligations to decommission and remove offshore installations at the end of their production period. Obligations associated with decommissioning and removal of long-term assets are recognized at present value of future expenditures at the date they are expected to be incurred. At the initial recognition of an obligation, the estimated cost is capitalized as property, plant and equipment and depreciated over the useful life of the asset (typically by application of the unit-of-production method). There is significant future uncertainty in the estimate of costs for decommissioning and removal, as these estimates are based on currently applicable laws and regulations, and existing technologies. Many decommissioning and removal activities will take place many decades in the future, and the technology and related costs are expected to evolve in this time. The estimates include costs based on expected removal concepts using existing technology and estimated costs of maritime operations, hiring of single-lift and heavy-lift barges and drilling rigs. As as result, there may be significant adjustments to the estimates of decommissioning liabilities and associated assets that can affect future financial results. Changes in the estimated decommissioning liabilities are booked towards property, plant and equipment. See note 23 \u2018Provision for abandonment liabilities\u2019 for further details about decommissioning and removal obligations.Income taxIncome tax expense, tax payables or receivables, and deferred taxes are based on management\u2019s interpretation of applicable laws and regulations, and on relevant court decisions where relevant. These estimates are dependent on management\u2019s ability to interpret and apply the requirements of tax and other relevant legislation, and requires judgment in respect of the recognition and measurement of any uncertain tax positions. See note 12 \u2018Taxes\u2019 for further details.1.4 Foreign currency transactions Transactions and balancesTransactions denominated in foreign currencies are translated using the exchange rate on the transaction date. Monetary items denominated in foreign currencies in the Statement of Financial Position are translated using the exchange rates at the reporting date. Foreign exchange gains and losses are recognized as incurred. Non-monetary items that are measured at historical costs in a foreign currency are translated using the exchange rates on the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rate on the date when the fair value is determined.1.5 Revenue recognition Revenue from the sale of liquids or gas is recognised at the point in time when the company\u2019s contractual performance obligations have been fulfilled and control is transferred to the customer, which will ordinarily be at the point of delivery when title passes (sales method). This is normally at the time of loading oil or NGL on vessels used for transport, or at agreed point of delivery for dry gas.There is no significant judgement applying IFRS 15 \u2018Revenue from contracts with customers\u2019 to the company\u2019s revenue generating contracts.Changes in over/underlift balances are valued at production cost including depreciation and presented as an adjustment to cost. See note 7 for further details. Gains or losses on asset disposals as described in section 1.9 are included in other operating income. Tariff revenue from processing of oil and gas is recognized as earned in line with underlying agreements.1.6 Interests in licenses and partnerships IFRS defines a joint arrangement as an arrangement over which two or more parties have joint control. Joint control is the contractually agreed sharing of control which exists only when decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control. The company has interests in licenses on the Norwegian Continental Shelf. Under IFRS 11 Joint Arrangements, a joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. The company recognizes investments in joint operations (oil and gas production licenses) by reporting its share of related revenues, expenses, assets, liabilities and cash flows under the respective items in the company\u2019s financial statements. For those licenses that are not deemed to be joint arrangements pursuant to the definition in IFRS 11 as there is no joint control, the company recognizes its share of related expenses, assets, liabilities and cash flows on a line-by-line basis in the financial statements by analogy to IFRS 11 and in accordance with applicable IFRSs.1.7 Classification in statement of financial position Current assets and current liabilities include items that fall due for payment less than a year from the end of the reporting period and items relating to the ordinary business cycle. The following year\u2019s instalments on long-term liabilities are classified as current liabilities. Financial investments in shares are classified as current assets, while strategic investments are classified as non-current assets.1.8 Business combinations and goodwill In order to consider an acquisition as a business combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and substantive processes applied to these inputs that have the ability to create outputs. Amendments to IFRS 3 effective in January 2020 introduce a new optional \u2018concentration test\u2019 which may result in a business combination being accounted for as an asset acquisition if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group or similar identifiable assets.Acquired businesses are included in the financial statements from the transaction date. The transaction date is defined as the date on which the company obtains control over the financial and operating assets. This date may differ from the actual date on which the assets are transferred. For accounting purposes, the acquisition method is applied to the purchase of businesses. Acquisition cost equals the fair value of consideration, including contingent consideration, equity instruments issued and liabilities assumed in connection with the transfer of control. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identifiable intangible assets are regognized in connection with acquisitions if they can be separated from other assets or meet the legal contractual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets (when the acquiring entity achieves control of the transferring entity), goodwill arises. In a business combination, if the fair value of the net identifiable assets acquired exceeds the acquisition cost on the acquisition date, the excess amount is taken to the Income statement immediately. In a business combination, goodwill is allocated to the CGUs or groups of CGUs that are expected to benefit from synergies of the acquisition. The allocation of goodwill may vary depending on the basis for its initial recognition. The majority of the company\u2019s goodwill is related to the requirement to recognize deferred tax for the difference between the assigned fair values and the related tax base (\u201ctechnical goodwill\u201d). The fair value of the company\u2019s licenses, all of which are located on the Norwegian Continental Shelf, are based on cash flows after tax. This is because these licenses are only sold in an after-tax market based on the tax carry-over principles pursuant to the Petroleum Taxation Act section 10. The purchaser is therefore not entitled to a tax deduction for the consideration paid over and above the seller\u2019s tax values. In accordance with IAS 12 paragraphs 15 and 24, a provision is made for deferred tax corresponding to the difference between the acquisition cost and the transferred tax depreciation basis. The offsetting entry to this deferred tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax. Technical goodwill is tested for impairment separately for each CGU which give rise to the technical goodwill. A CGU may be individual oil fields, or a group of oil fields that are connected to the same infrastructure/production facilities. The estimation of fair value and goodwill may be adjusted up to 12 months after the acquisition if new information has emerged about facts and circumstances that existed at the time of the acquisition and which, had they been known, would have affected the calculation of the amounts recognized.Acquisition-related costs, except costs to issue related debt or equity securities, are expensed as incurred.1.9 Acquisitions, sales and license swaps On acquisition of a license that involves the right to explore for and produce petroleum resources, it is considered in each case whether the acquisition should be treated as a business combination (see Item 1.8) or an asset purchase. Generally, purchases of licenses in a development or production phase will be regarded as a business combination. Other license purchases regarded as asset purchases are described below.Oil and gas production licensesFor licenses in the development phase, the acquisition cost is allocated between capitalized exploration expenses, license rights and production plant.When entering into agreements regarding the purchase/swap of assets, the parties agree on an effective date for the takeover of the net cash flow (usually 1 January in the calendar year which would also normally be the effective date for tax purposes). In the period between the effective date and the completion date, the seller will include its sold share of the license in the financial statements. In accordance with the purchase agreement, there is a settlement with the seller of the net cash flow from the asset in the period from the effective date to the completion date (pro & contra settlement). The pro & contra settlement will be adjusted to the seller\u2019s losses/gains and to the assets for the purchaser, in that the settlement (after a tax reduction) is deemed to be part of the consideration in the transaction. Revenues and expenses from the relevant license are included in the purchaser\u2019s Income statement from the acquisition date, as defined in 1.8 above. For tax purposes, the purchaser will include the net cash flow (pro & contra) and any other income and costs as from the effective date. Deferred tax is not recognized when acquiring licenses that are defined as asset acquisitions. Farm-in agreementsFarm-in agreements are usually entered into in the exploration phase and are characterised by the transferor waiving future financial benefits in the form of reserves, in exchange for reduced future financing obligations. For example, a license interest is taken over in return for a share of the transferor\u2019s expenses relating to the drilling of a well. In the exploration phase, the company normally accounts for farm-in agreements on a historical cost basis, as the fair value cannot be reliably determined. SwapsSwaps of assets are calculated at the fair value of the asset being surrendered, unless the transaction lacks commercial substance, or neither the fair value of the asset received, nor the fair value of the asset surrendered, can be reliably measured. In the exploration phase, the company normally recognizes swaps based on historical cost, as the fair value cannot be reliably measured.1.10 Unitizations According to Norwegian law, a unitization is required if a petroleum deposit extends over several production licenses and these production licenses have different ownership interests. Consensus must be achieved with regard to the most beneficial coordination of the joint development and ownership distribution of the petroleum deposit. A unitization agreement shall be approved by the Ministry of Petroleum and Energy.The company normally recognizes unitizations in the exploration phase based on historical cost, as the fair value cannot be reliably measured. For unitizations involving licenses outside the exploration phase, it has to be considered whether the transaction has commercial substance. If so, the unitization is recognized at fair value.1.11 Tangible fixed assets and intangible assets GeneralTangible fixed assets are recognized on a historical cost basis. The book value of tangible fixed assets consists of acquisition cost net of accumulated depreciation and impairment losses.Operating assets related to petroleum activitiesExploration and development costs relating to oil and gas fieldsCapitalized exploration expenditures are classified as intangible assets and reclassified to tangible assets at the start of development. For accounting purposes, the field is considered to enter the development phase when the technical feasibility and commercial viability of extracting hydrocarbons from the field are demonstrable, normally at the time of concept selection. All costs relating to the development of commercial oil and/or gas fields are recognized as tangible assets. Pre-operational costs are expensed as they are incurred. The company employs the \u2019successful efforts\u2019 method to account for exploration and development costs. All exploration costs (including seismic shooting, seismic studies and \u2018own time\u2019), with the exception of acquisition costs of licenses and drilling costs for exploration wells, are expensed as incurred. When exploration drilling is ongoing in a period after the reporting date and the result of the drilling is subsequently not successful, the capitalized exploration cost as of the reporting date is expensed if the evaluation of the well is completed before the date when the financial statements are authorized for issue. Drilling cost for exploration wells are temporarily capitalized pending the evaluation of potential discoveries of oil and gas resources. Such costs can remain capitalized for more than one year. The main criteria is that there must be plans for future activity in the license area or that a development decision is expected in the near future. If no resources are discovered, or if recovery of the resources is considered technically or commercially unviable, expenses relating to the drilling of exploration wells are charged to expense.Acquired license rights are recognized as intangible assets at the time of acquisition. Acquired license rights related to fields in the exploration phase remain as intangible assets also when the related fields enter the development or production phase.Ordinary repair and maintenance costs relating to day-to-day operations are charged to the Income statement in the period in which they are incurred.Gains and losses relating to the disposal of assets are determined by comparing the selling price with the book value, and are included in other operating income/expenses on a post tax basis. Assets held for sale are measured at the lower of the book value and the fair value less cost to sell.Depreciation of oil and gas fieldsCapitalized exploration and evaluation expenditures, development expenditures from construction, installation or completion of infrastructure facilities such as platforms, pipelines and production wells, and field-dedicated transport systems for oil and gas are capitalized as production facilities and are depreciated using the unit-of-production method based on proven and probable developed reserves expected to be recovered from the area during the concession or contract period. Acquired assets used for the recovery and production of petroleum deposits, including license rights, are also depreciated using the unit-of-production method based on proven and probable reserves. The reserve basis used for depreciation purposes is updated at least annually. Any changes in the reserves affecting unit-of-production calculations are reflected prospectively. Depreciation of assets other than oil and gas fields, including right of use assets, is calculated using the straight-line method over estimated useful lives and adjusted for any impairment or change in residual value, if applicable.1.12 Impairment Tangible fixed assets and intangible assetsTangible fixed assets and intangible assets (including license rights, exclusive of goodwill) with a finite useful life will be assessed for potential impairment when events or changes in circumstances indicate that the book value of the assets is higher than the recoverable amount. The unit of account for assessment of impairment is based on the lowest level at which it is possible to identify cash inflows that are independent of cash inflows from other groups of fixed assets. For oil and gas assets, this is typically the field or license level. Impairment is recognized when the book value of the CGU (including any allocated goodwill) exceeds the recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less cost of disposal and value in use. When estimating value in use and fair value less cost of disposal, expected future cash flows are discounted to the net present value by applying a discount rate after tax that reflects the current market valuation of the time value of money and the specific risk related to the asset. The discount rate is derived from the Weighted Average Cost of Capital (WACC).The lifetime of the field for the purpose of impairment testing is normally determined by the point in time when the operating cash flow from the field becomes negative.For exploration licenses, impairment is based on an assessment of whether plans for further activities have been established or, if applicable, an evaluation of whether development will be decided on in the near future as described in section 1.11.A previously recognized impairment can only be reversed if changes have occurred in the estimates used for the calculation of the recoverable amount. However, the reversal cannot be to an amount that is higher than it would have been if the impairment had not previously been recognized. Such reversals are recognized in the Income statement. After a reversal, the depreciation amount is adjusted in future periods in order to distribute the asset\u2019s revised book value, minus any residual value, on a systematic basis over the asset\u2019s expected remaining life.GoodwillGoodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the value may be impaired. Impairment is recognized if the recoverable amount of the CGU (or group of CGUs) to which the goodwill is related is less than the book value, including associated goodwill and deferred tax as described in section 1.8. Losses relating to impairment of goodwill cannot be reversed in future periods. 1.13 Financial instruments The group\u2019s financial assets and liabilities comprise non-listed equity instruments, derivative financial instruments (assets and liabilities), receivables, cash and cash equivalents, payables, other short-term liabilities and non-current liabilities. The classification of financial assets and liabilities at initial recognition depends on the financial instrument\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The company has classified the financial instruments into the following categories of financial assets and liabilities: \u2013 Financial assets at fair value through profit or loss \u2013 Financial assets measured at amortized cost \u2013 Financial liabilities at fair value through profit or loss \u2013 Financial liabilities measured at amortized costsThe Group measures financial instruments at amortized cost if the following conditions are met: \u2013 The financial instrument is held within a business model with the objective to hold financial instruments in order to collect or pay contractual cash flows and, the contractual terms of the financial instrument give rise on specified dates to or requires cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial instruments at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment testing. Gains and losses are recognised in profit or loss when the instrument is derecognised, modified or impaired. The group\u2019s financial instruments at amortized cost includes trade receivables and other short-term deposits, trade payables and other current and non-current liabilities. Receivables are initially recognised at fair value less impairment losses. Accounts receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15. Cash and cash equivalents are measured at fair value, loans and borrowings and other liabilities are measured at amortised cost. Financial assets with fixed or determinable cash flows that are not quoted in an active market are classified as loans and receivables. Financial liabilities that do not form part of the \u201cheld for trading purposes\u201d category and which have not been designated as being at fair value with changes in value through profit or loss are classified as other financial liabilities. Further details on fair values of financial instruments are provided in note 29 \u2018Financial instruments\u2019.1.14 Impairment of financial assets Financial assets that are held at amortized cost are impaired when, based on objective evidence, it is likely that the instrument\u2019s cash flows have been negatively affected by one or more events that have occurred after initial recognition. In addition, the loss event must have an impact on estimated future cash flows that can be reliably estimated. The impairment is recognized in the Income statement. 1.15 Research and development Research consists of original, planned studies carried out with a view to achieving new scientific or technical knowledge or understanding, and the associated costs are expensed as incurred. Development consists of the application of information gained through research, or of other knowledge, to a plan or design for the production of new or significantly improved materials, facilities, products, processes, systems or services before commercial production or use commences. Development costs are capitalized when the underlying project is technically feasible.1.16 Presentation of payroll and administration costs The company presents its payroll and administration costs based on the functions in development, operational and exploration activities respectively, based on allocation of registered hours worked, net of amounts recharged to operated licenses.1.17 Leases At the inception of a contract, the company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.The lease liability is recognized at the commencement date and measured at the present value of the remaining lease payments, discounted using the company\u2019s incremental borrowing rate at the commencement date. The borrowing rate is derived from the terms of the company\u2019s existing credit facilities. Right-of-use (RoU) assets are depreciated over the lease term as this is ordinarily shorter than the useful life of the assets. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the company is reasonably certain to exercise this option.The company applies the exemption for short term leases (12 months or less) and low value leases. As such, related lease payments are not recognized in the balance sheet, but expensed or capitalized in line with the accounting treatment for other non-lease expenses. The inclusion of non-lease components may vary across different lease categories, but for the most material class of assets (rigs), the company has excluded the non-lease components when measuring the lease liability.The company may enter into lease contracts as an operator on behalf of a license, and may for such leases only recognize its net share of the related lease liability. Whether a contract is entered into on behalf of the license is subject to a contract specific assessment, but the general principle is that there needs to be a direct link between the lease contract and the license or field on which the RoU asset shall be used. Other lease contracts, such as offices and supply vessels not linked to specific fields, are recognized on a gross basis although the related cashflows are charged to the license partners, typically via cost pools. For such contracts, the partner\u2019s share of the cost recovered by the company are presented as other income.1.18 Trade debtors Trade debtors are recognized in the Statement of Financial Position at nominal value after a deduction for the provision for credit losses. Historically there have been no significant credit losses.1.19 Borrowing costs Borrowing costs that can be directly ascribed to procurement, processing or production of a qualifying asset are capitalized as part of the asset\u2019s acquisition cost. Borrowing cost is only capitalized during the development phase. Other borrowing costs are expensed in the period in which they are incurred. A qualifying asset is one that necessarily takes a substantial period of time to be made ready for its intended use or sale. Qualifying assets are generally those that are subject to major development or construction projects.1.20 Inventories Inventories mainly consist of equipment for the drilling of exploration and production wells and are valued at the lower of cost price (based on weighted average cost) and net realizable value. 1.21 Cash and cash equivalents Cash and cash equivalents include cash, bank deposits, and other short-term highly liquid investments with an original due date of three months or less. Bank overdrafts are included in the Statement of Financial Position as short-term loans.1.22 Interest-bearing debt All borrowings are initially recognized at transaction price, which equals the fair value of the amount received net of costs directly related to the establishment of the loan or issuance of debt. Subsequently, interest-bearing borrowings are valued at amortized cost using the effective interest method; the difference between the transaction price (after transaction costs) and the face value is recognized in the Income statement in the period until the loan falls due. Amortized costs are calculated by considering all issue costs on the settlement date, except for any discount or premium expensed immediately.1.23 Tax GeneralTax consists of tax payable and changes in deferred tax. Deferred tax/tax benefits are calculated on the basis of the differences between book value and tax basis values of assets and liabilities, with the exception of temporary differences on acquisition of licenses that are defined as asset purchases.Deferred tax is measured using the expected tax rate when the tax benefit is realised or the tax liability is met, based on tax rates and tax regulations that have been enacted or substantively enacted at the reporting date.Tax payable and deferred tax is recognized directly against equity or other comprehensive income insofar as the tax items are related to equity transactions or items of other comprehensive income.Deferred tax and tax benefits are presented net, where netting is legally permitted and the deferred tax benefit and liability are related to the same tax subject and are payable to the same tax authorities.Functional currencyThe company\u2019s functional currency is USD, while it is a statutory requirement to calculate the current tax based on NOK functional currency. This may impact the effective tax rate when the exchange rate between NOK and USD fluctuates. The revaluation of tax receivable and payable is presented as foreign exchange gain/loss, while the impact on deferred tax from revaluation of tax balances is presented as tax expense / income. Petroleum taxationAs an oil and gas company in Norway, Aker BP is subject to the special provisions of the Petroleum Taxation Act. Taxable profits from activities on the Norwegian Continental Shelf are liable to ordinary company tax and special tax. For 2021 the tax rate for general corporate tax was 22 percent and the rate for special tax was 56 percent, giving a combined tax rate of 78 percent.In June 2022, changes to the Petroleum Tax Act were enacted with effect from 1 January 2022. The combined tax rate of 78 percent is maintained, but according to the new rules the special petroleum tax (56 percent) is converted into a cash-based tax. When calculating the special petroleum tax for 2022 and onwards, companies can make immediate deductions for expenses incurred, but with no right for uplift. In addition, the corporate tax (22 percent) is deductible in the special tax base (56 percent). In order to maintain the overall tax rate of 78 percent, the special tax rate is increased to 71.8 percent [56 percent / (1-22 percent)].Tax depreciationInvestments in pipelines and production facilities can be depreciated by up to 16 2/3 percent annually, i.e., using the straight-line method over six years. Tax depreciation commences when the expenses are incurred. When a field stops producing, any remaining tax values may be deducted in that year. Changes to the Petroleum Taxation Act were enacted in June 2022 with effect from 1 January 2022. Under the new rules, investments are immediately deducted in the special tax base, while the ordinary depreciation rules still apply to the corporate tax base.In 2020, certain temporary changes were enacted in the Petroleum Tax Act. The changes included temporary rules for depreciation and uplift, whereby all investments incurred for income year 2020 and 2021 including uplift could be deducted for special tax in the year of investment. The temporary changes are also applicable for investments up to and including year of production start in accordance with new PDOs delivered within 31 December 2022 and approved within 31 December 2023.UpliftUplift is a special income deduction in the basis for calculation of special tax. Uplift is calculated on the basis of investments in pipelines and production facilities, and can be regarded as an extra depreciation deduction in the special tax regime. Uplift is recognized in the year it is deducted in the companies\u2019 tax returns, and this has a similar effect on the tax for the period as a permanent difference. The uplift rate was 5.2 percent in 2019 over a period of four years, totalling 20.8. Under the temporary tax rule enacted in 2020, the uplift is 24% for income year 2021 and can be deducted for special tax (56%) in the year of investment. As part of the introduction of new tax rules in 2022, the uplift rate for investments made under the temporary tax system has been revised to a technically adjusted level of 17.69 percent results from the fact that the marginal tax rate has increased to 71.8 percent.Financial itemsInterest on debt with associated currency losses/gains (net financial expenses on interest-bearing debt) is distributed between the offshore and onshore tax regimes. Offshore interest deduction is calculated as the net financial costs of interest-bearing debt multiplied by 50 percent of the ratio between net asset value for tax purposes allocated to the offshore tax regime as of 31 December in the income year and the average interest-bearing debt through the income year.Remaining financial expenses, currency losses and all interest income as well as currency gains are allocated to the onshore jurisdiction.Uncovered losses in the onshore tax jurisdictions resulting from the distribution of net financial items can be allocated to the offshore tax jurisdictions and deducted from regular income. Only 50 percent of other losses in the onshore tax jurisdictions are permitted to be reallocated to the offshore tax jurisdictions as deductions in regular income.Tax lossAs a consequence of the changes in the Petroleum Tax Act effective from 1 January 2022, the cessation refund is no longer applicable. However, companies subject to special tax may, without time limitations, carry forward corporate losses. Special petroleum tax losses are reimbursed by the state in the following year as part of the ordinary tax assessment. The tax position can be transferred on realisation of the company or merger. 1.24 Employee benefits Pension schemesThe company complies with the requirement to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d). The company makes contributions to the pension plan for full-time employees equal to 7 percent for salary up to 7.1 G and 25.1 percent between 7.1 and 12 G. The pension premiums are charged to expenses as they are incurred.An early retirement scheme (AFP) has been introduced for all employees. The scheme is a multi-employer defined benefit plan, but is accounted for as a defined contribution pension, and premiums are expensed as incurred.1.25 Provisions A provision is recognized when the company incurs a commitment (legal or constructive) as a result of a past event, it is probable that financial settlement will take place as a result of this commitment, and the amount can be reliably calculated. Provisions are evaluated at each period end and are adjusted to reflect the best estimate.An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. A provision for onerous contracts is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. If the discounting effect is significant, provisions are discounted using a discount rate before tax that reflects the market\u2019s pricing of the time value and risk specifically associated with the commitment. As discounting unwinds, the book value of the provisions is increased in each period to reflect the change in time relative to the due date of the commitment. The effect of this increase is expensed as an accretion expense.Decommissioning and removal costs:In accordance with the license terms and conditions for the licenses in which the company participates, the Norwegian State can require license owners to remove the installation in whole or in part when production ceases or the license period expires.In the initial recognition of the decommissioning and removal obligations, the company provides for the net present value of future costs related to decommissioning and removal. A corresponding asset is capitalized as a tangible fixed asset and depreciated using the unit-of-production method. Changes in the time value (net present value) of the obligation related to decommissioning and removal accretion are charged to income as financial expenses and increase the balance-sheet liability related to future decommissioning and removal expenses. Changes in the best estimate for expenses related to decommissioning and removal are recognized in the Statement of financial position (property, plant and equipment), except where it relates to licenses with no future production. The discount rate used in the calculation of the fair value of the decommissioning and removal obligation is the risk-free rate.1.26 SegmentSince its formation, the company has conducted its entire business in one consistent segment, defined as exploration for and production of petroleum in Norway. The company conducts its activities on the Norwegian Continental Shelf, and management monitors the company at this level. The financial information relating to geographical distribution and large customers is presented in note 5.1.27 Earnings per share Earnings per share are calculated by dividing the net profit/loss attributable to ordinary equity holders of the parent entity by the weighted average number of the total outstanding shares. Shares issued during the year are weighted in relation to the period in which they have been outstanding. The weighted average number of shares used to calculate diluted earnings per share includes contingently issuable ordinary shares to the extent that they would be issuable as at the reporting date if it were the end of the contingency period.1.28 Contingent liabilities and assets Except for in the event of a business combination, neither contingent liabilities nor contingent assets are recognized. A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.Contingent liabilities are disclosed with the exception of contingent liabilities where the probability of the liability having to be settled is remote.Contingent assets are possible assets that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Information about such contingent assets is provided if inflow of economic benefits is probable.1.29 Changes to accounting standards and interpretations that: Have entered into force: The group has applied the following standards and amendment for the first time for their annual reporting period commencing 1 January 2022:Amendments to IAS 16,\u2019 Property, plant and equipment:IAS 16 requires that the cost of an asset includes any costs attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. One of those costs is testing whether the asset is functioning properly.The amendment to IAS 16 prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling products produced while the entity is preparing the asset for its intended use (for example, pre-production revenue from hydrocarbons produced as part of getting a field on stream). The proceeds from selling such volumes, together with the costs of producing them, are now recognised in profit or loss. Cost will not include depreciation of the asset being tested because it is not ready for its intended use.The amendment also clarifies that an entity is \u2018testing whether the asset is functioning properly\u2019 when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. An asset might therefore be capable of operating as intended by management and subject to depreciation before it has achieved the level of operating performance expected by management. The application of the amendment did not have a material impact on the income statement in 2022.Have been issued but have not entered into force:Certain new accounting standards and interpretations are issued, but not yet effective as of 31 December 2022. These standards are not expected to have a material impact on the group in the current or future reporting periods.Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income taxes (IAS 12):In May 2021, amendments to IAS 12 were published to require companies to recognise deferred tax on particular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments will typically apply to transactions where assets and liabilities are recognised from a single transaction, such as leases for the lessee and decommissioning and restoration obligations. The amendments are effective for annual reporting periods beginning on or after 1 January 2023.Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2:The IASB amended IAS 1 to require entities to disclose their material rather than their significant accounting policies. The amendments define what is \u2018material accounting policy information\u2019 and explain how to identify when accounting policy information is material. They further clarify that immaterial accounting policy information does not need to be disclosed. If it is disclosed, it should not obscure material accounting information.To support this amendment, the IASB also amended IFRS Practice Statement 2 Making Materiality Judgements to provide guidance on how to apply the concept of materiality to accounting policy disclosures.Note 2 Business combinationOn 30 June 2022, Aker BP finalized the acquisition of Lundin Energy. The transaction was announced on 21 December 2021, and Aker BP issued 271.91 million new shares to the owners of Lundin Energy as compensation. In addition, the group paid a cash consideration of USD 2.22 billion. The purpose of the transaction is to create the E&P company of the future which will offer low CO2 emmisions, low cost and an attractive growth pipeline in the industry. The acquisition includes three Dutch and one Swiss legal entity, in addition to Lundin Energy Norway AS (renamed to ABP Norway AS at completion of the transaction). All oil and gas assets included in the transaction are located on the Norwegian Continental Shelf. The acquisition date for accounting purposes corresponds to the finalization of the transaction on 30 June 2022. The acquisition is regarded as a business combination and has been accounted for using the acquisition method of accounting in accordance with IFRS 3. A purchase price allocation (PPA) has been performed to allocate the consideration to fair value of assets and liabilities in Lundin Energy. The PPA is performed as of the acquisition date, 30 June 2022. The 30 June closing share price at Oslo Stock Exchange (NOK 342.1) and the closing currency exchange rate (USD/NOK 9.9629) were used as a basis for measuring the value of the shares consideration, as set forth below. The value of the cash consideration is adjusted for certain settlement arrangements and currency impacts as the cash was transferred in Swedish Kronor. (USD 1 000) 30.06.2022Value of cash consideration 2 221 805 Value of share consideration 9 336 636 Total value of consideration 11 558 441 Estimated transaction cost incurred in Aker BP is approximately USD 8 million, and is included in the income statement as other operating expenses.Each identifiable asset and liability is measured at its acquisition date fair value based on guidance in IFRS 13. The standard defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This definition emphasizes that fair value is a market-based measurement, not an entity-specific measurement. When measuring fair value, the group uses the assumptions that market participants would use when pricing the asset or liability under current market conditions, including assumptions about risk. Acquired property, plant and equipment have been valued using the cost approach (replacement cost), while intangible assets (value of licenses) have been valued using the income approach. Accounts receivable are recognized at gross contractual amounts due, as they relate to large and credit-worthy customers. Historically, there has been no significant uncollectible accounts receivable in Lundin Energy.Purchase price allocation (USD 1 000)(USD 1 000) 30.06.2022Goodwill 12 542 852 1)Other intangible assets1 282 230 Property, plant and equipment 7 663 300 Right-of-use assets 34 757 Long-term receivables 12 550 Other non-current assets 241 Inventories 40 156 Trade receivables 389 758 Other short-term receivables 217 474 Intercompany 57 048 Cash and cash equivalents 937 619 Total assets 23 177 984 (USD 1 000) 30.06.2022Deferred taxes 5 802 641 Long-term abandonment provision 724 320 Long-term bonds 1 725 965 Long-term derivatives 4 277 Long-term lease debt 20 251 Other interest-bearing debt 600 000 Trade creditors 17 858 Accrued public charges and indirect taxes 33 109 Tax payable 2 181 017 Short-term derivatives 199 367 Short-term abandonment provision 21 580 Short-term lease debt 14 506 Other current liabilities 274 655 Total liabilities 11 619 544 Net assets and liabilities recognized 11 558 441 Fair value of consideration paid on acquisition 11 558 441 1) Mainly related to undeveloped oil and gas assetsThe goodwill of USD 12.5 billion arises principally because of the following factors:1. The ability to capture synergies that can be realized from managing a larger portfolio of both acquired and existing fields on the Norwegian Continental Shelf, including workforce (\"residual goodwill\").2. The requirement to recognize deferred tax assets and liabilities for the difference between the assigned fair values and the tax bases of assets acquired and liabilities assumed in a business combination. Licences under development and licences in production can only be sold in a market after tax, based on a decision made by the Norwegian Ministry of Finance pursuant to the Petroleum Taxation Act Section 10. The assessment of fair value of such licences is therefore based on cash flows after tax. Nevertheless, in accordance with IAS 12 Sections 15 and 19, a provision is made for deferred tax corresponding to the tax rate multiplied by the difference between the acquisition cost and the tax base. The offsetting entry to this deferred tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax (\"technical goodwill\"). None of the goodwill recognized will be deductable for tax purposes.Reconciliation of goodwill from the acquisition of Lundin Energy (USD 1 000)30.06.2022Goodwill related to synergies - residual goodwill 6 291 672 Goodwill as a result of deferred tax - technical goodwill 6 251 180 Net goodwill from the acquisition of Lundin Energy 12 542 852 If the acquisition had taken place at the beginning of 2022, revenue would have increased by USD 3.7 billion and net income would have increased by USD 422 million. The purchase price allocation above is preliminary and based on currently available information about fair values as of the acquisition date. If new information becomes available within 12 months from the acquisition date, the group may change the fair value assessment in the PPA, in accordance with guidance in IFRS 3.Parent company - accounting effect of mergers:As of 13 October 2022, the wholly owned subsidiary ABP Energy Holding BV was merged with the parent company Aker BP ASA. The merger was carried out in accordance with the Public Limited Liability Companies Act section 13-25, and the merger was carried out based on group continuity for accounting purposes. Upon completion of the merger, all assets, rights and obligations of ABP Energy Holding BV was transferred to Aker BP ASA without any consideration being rendered. At the same time, ABP Energy Holding BV was liquidated. The merger is considered a transaction for tax purposes. As of 31 December 2022, the wholly owned subsidiary ABP Norway AS was merged with the parent company Aker BP ASA. The merger was carried out in accordance with the Public Limited Liability Companies Act section 13-24, and the merger was carried out based on group continuity for accounting purposes. Upon completion of the merger, all assets, rights and obligations of ABP Norway AS was transferred to Aker BP ASA without any consideration being rendered. At the same time, ABP Norway AS was liquidated. The merger is based on company continuity from 1 January 2022 for tax purposesNote 3 Overview of subsidiariesCompanies acquired as part of the Lundin transactionAs described in note 2, Aker BP finalised the acquisition of Lundin Energy at 30 June 2022. The transaction included the companies mentioned below, of which all of them have been either liquidated or merged with the parent company Aker BP ASA within year end 2022. The companies were generally renamed from \"Lundin\" to \"ABP\" at closing of the Lundin transaction.ABP Finance BV: This was the financing company in the previous Lundin structure, and included two external bonds of USD 1 000 million each as well as intercompany receivables towards ABP Energy Holding BV. The company was merged with ABP Energy Holding BV in September 2022. ABP Services BV: A service company with limited activity in 2022. The company was liquidated in September 2022. ABP Marketing SA: Company used for trading and sale of Petroleum in the previous Lundin structure. This activity was transferred to Aker BP ASA at closing 30 June 2022 and the company was liquidated in November 2022. ABP Norway AS: The Norwegian company which included all oil & gas activity at the Norwegian Continental Shelf in the previous Lundin structure. All employees were transferred to Aker BP ASA 1 October 2022 and the company was merged with Aker BP ASA at 31 December 2022. ABP Energy Holding BV: The holding company in the previous Lundin structure. It was the surviving entity of the merger with ABP Finance BV in September 2022 and merged with Aker BP ASA in October 2022. Aker BP UK Limited (100 percent)Aker BP UK Limited was established as a subsidiary of Det norske oljeselskap AS during 2020. In 2021, the company entered into an agreement with Eni UK to acquire a 50 percent non-operated interest in license P2511 on the UK continental shelf. The main activity has been to acquire and interpret seismic in the area. License P2511 is located to the borderline of the Norwegian continental shelf. The key objective for the partnership between Eni UK and Aker BP UK is to explore the resource potential, based on the knowledge obtained in the Alvheim area.Aker BP ASA has three other subsidiaries which are not consolidated in the group accounts in 2022 due to materiality considerations:Det norske oljeselskap AS (100 percent)Det norske oljeselskap AS, previously Marathon Oil Norge AS, was acquired by Aker BP in October 2014. All activity was transferred to Aker BP on 31 October 2014. During 2020, Aker BP UK Limited (see above) was established as a subsidiary of Det norske oljeselskap AS. Except for the subsidiary, the only asset in this company is cash equivalents reflecting the share capital amounting to USD 1.0 million.Alvheim AS (80 percent)The sole purpose of Alvheim AS is to act as legal owner of MST Alvheim, the floating production facility which is used to produce oil and gas from the Alvheim fields. The costs of and benefits from operating the MST Alvheim will be carried by the partners in the Alvheim field. Hence, Alvheim AS only has the formal ownership rather than the actual value of the production facilities. Following the Lundin transaction, Aker BP has a 80 percent share in Alvheim AS, which corresponds to the ownership in the Alvheim field. There were no activities in 2022.Sandvika Fjellstue AS (100 percent)Sandvika Fjellstue AS owns a conference centre used by Aker BP, located in Sandvika in Verdal.Note 4 Climate-related riskClimate-related risk assessment is generally described in the company\u2019s sustainability reporting, and may have a significant impact on financial reporting. Climate-related risks can be divided into two major categories:- Transitional: Risks related to the transition to a lower-carbon economy- Physical: Risks related to the physical impacts of climate changeTransitional risksTransitional risks are deemed most relevant for financial reporting, and can be categorized as follows:Market- Demand for oil and gas can decrease significantly faster than anticipated, resulting in significantly lower oil and gas prices- In anticipation of the faster energy transition, key producers can shift their strategy to market share maximation, driving down prices- Continued underinvestment in oil and gas production can result in supply declining slower than demand, resulting in a supply gap and significantly higher prices than in our planning assumptionRegulatory and legal- The EUA price and/or Norwegian CO2 tax can increase faster and rise higher than what is anticipated - Mandatory emission abatements can be enforced that are not competitive with other uses of capital or are uneconomic - Access to new acreage can be reduced, in which case Aker BP\u2019s and the Norwegian E&P industry\u2019s longer-term growth prospects would be reduced, which would also lead to a potential increase in the cost of capital Technological- Technological breakthroughs (e.g. batteries, renewables, hydrogen) and/or regulations can drive faster displacement of oil and gas in energy and non-energy sectors - A faster and bigger scale of electrification in Europe can result in higher prices for power, and increase our costsReputational- Investors\u2019 perception of oil and gas investments can deteriorate, impacting availability and cost of capital and availability and cost of insurance- Industry\u2019s attractiveness can deteriorate making it difficult to attract and retain the right talentSignificant mitigating actions are taken by the company to address these transitional risks, such as:- Climate risks integrated in all investment decisions. - A strict financial framework for investment decisions; sanctioning projects with robust break-even price significantly lower than both current market prices and the company\u2019s long term price assumptions- Long term corporate assumptions generally taking climate-related risks into account (e.g. long term oil price would have been significantly higher without that risk)- Internal carbon price exceeding IEA\u2019s Net Zero scenario - Scenario analysis and sensitivity testing on both portfolio and project levels - Cost reduction initiatives - Requirement for all potential projects to be assessed for CO2 emission intensity and resilience against higher carbon taxes - Emissions reduction initiatives - Electrification, using hydro power from shore, or, where feasible, from offshore wind Although the above mitigating actions may limit the exposure, the company\u2019s financial reporting is significantly impacted by the transitional risks. Lower demand for oil and gas, and increased cost for Aker BP operations may have the following consequences for certain items within the financial reporting:- Decreased revenue- Higher operational cost- Shortened lifetime of the producing fields which may lead to higher present value of the abandonment provision, as well as increased depreciation rates and impairment charges of fixed and intangible assets- Lower profitability together with investor\u2019s perception of oil and gas investments may result in higher cost of capital and lack of available capital resources. This is particularly relevant for Aker BP given the expected significant project investments over the next years - Increased tax burden as a result of unfavourable changes to the tax regimeTo illustrate the potential impact on some of the above mentioned financial reporting elements, we have included sensitivity analysis within the following areas:- Impairment (note 15): Transparency on carbon pricing and impairment sensitivity on oil and gas prices in the most recent IEA scenarios - Abandonment provisions (note 23): The impact on book value of abandonment provisions if cease of production of fields with estimated lifetime after 2040 were accelerated by 10 years - Interest expenses (note 11): Estimated increased credit spread of two percent on current loan balances. Although this is not applicable on a short-term basis given fixed rates on all current bonds, it provides visibility on potential increased interest exposure on a longer term basis - Reserves (note 32): Impact on reserves if all production would cease from 2050 onwardsPhysical risksThe following are examples of physical risks relevant for Aker BP:AcuteExtreme waves/weather, if becoming more frequent, may lead to operational shut-down or accelerated need for modifications of existing installations by means of threatening safe design limits and structural integrity. Several Aker BP fields with fixed installations may be exposed to this risk \u2013 the Valhall field platforms, Tambar and Ula platforms, Ivar Aasen and Edvard Grieg platforms. The most significant factor being what is referred to as \u201cwave-in deck\u201d. This factor is controlled by the air gap between sea level and deck of the installation.ChronicalChange in precipitation patterns and extreme variability in weather patterns over time may affect working environment conditions, for example reducing the period an offshore worker may tolerably be exposed to a certain working environment condition while performing their scope of work. Although considered less likely than transitional risks, physical risks may result in severe damage to the company\u2019s installations and may lead to significant shortened lifetime of the producing fields, as well as increased cost for mitigating actions, including preventive investments made in the field developments over the next years. As the climate changes further evolve, it is also a risk for increased probability that the physical risks will materialize. OpportunitiesThe assessment related to climate impacts will mainly be on the risk side. However, the situation may also give rise to some opportunities. In an investment environment that is increasingly shaped by intensifying ESG pressure, Aker BP\u2019s leading carbon efficiency and low production costs provide a strong competitive advantage and potentially better opportunities to obtain capital. This opportunity is further supported by the same actions as mitigating actions on the risk side; - Cost reduction initiatives- Emission reduction initiativesNet zero strategy In 2022 Aker BP launched a decarbonisation strategy which included to reduce absolute CO2 emissions with 50% by 2030 and close to 100% by 2050. The reduction is mainly driven by portfolio optimisation where current business plans indicate that the last non-electrified fields (Skarv and Alvheim) will cease production in the 2040\u2019s. Certain emission reduction projects offshore are reflected in the business plans, and carbon removal offsets such as tree planting is not expected to incur significant cost on a long term basis. Hence, the net zero strategy is deemed to be sufficiently reflected in the current business plans, which is the basis for the company\u2019s impairment testing. Note 5 Segment informationThe group's business is entirely related to exploration for and production of petroleum on, or to the borderline of, the Norwegian continental shelf. The group's activities are considered to have a homogeneous risk and return profile before tax, and the business is located in the geographical area Norway, except for one exploration license in the UK. The group operates within a single operating segment which matches the internal reporting to the company's executive management. In 2022 the group had sales transactions with two customers, which represented more than 10% of total sales, BP Oil International Limited accounted for USD 8 797 million and BP Gas Marketing Limited accounted for USD 2 820 million. In 2021 the sales transactions with BP Oil International Ltd were USD 4 281 million, and transactions with BP Gas Marketing Ltd were USD 1 056 million. The parent company`s transactions with BP Oil International LTD accounted for USD 5 709 million, and transactions with BP Gas Marketing Limited accounted for USD 2 820 million. In 2021 the parent sales transactions with BP Oil International Limited were USD 4 281 million, and transactions with BP Gas Marketing Limited were USD 1 056 million. Note 6 IncomeGroup ParentBreakdown of petroleum revenues (USD 1 000)2022 2021 2022 2021Sales of liquids 8 986 404 4 392 625 5 834 612 4 392 625Sales of gas 3 898 895 1 233 314 3 412 515 1 233 314Tariff income 10 883 14 051 10 883 14 051Total petroleum revenues 12 896 182 5 639 990 9 258 009 5 639 990Sales of liquids (boe 1 000) 91 816 63 447 57 830 63 447Sales of gas (boe 1 000) 20 164 13 935 17 558 13 935Other income (USD 1 000)Realized gain/loss (-) on oil derivatives 27 003 -19 362 27 003 -19 362Unrealized gain/loss (-) on oil derivatives 8 989 -5 449 8 989 -5 449Gain on license transactions 11 000 - 11 000 -Other income 66 725 53 568 64 311 53 568Total other income 113 716 28 757 111 302 28 757Refer to note 24 and 29 for further details regarding commodity derivatives.Note 7 Production costsGroup ParentProduction costs (USD 1 000)2022 2021 2022 2021Cost of operations 682 681 472 791 597 570 472 791Shipping and handling 231 513 179 579 188 082 179 579Environmental taxes 63 944 47 637 54 355 47 637Production cost based on produced volumes 978 139 700 007 840 007 700 007Adjustment for over/underlift (-) -45 269 45 306 -25 554 45 306Production cost based on sold volumes 932 870 745 313 814 453 745 313Total produced volumes (boe 1 000) 112 853 76 439 75 436 76 439Production cost per boe produced (USD/boe) 8.7 9.2 11.1 9.2Note 8 Exploration expensesGroup ParentBreakdown of exploration expenses (USD 1 000)2022 2021 2022 2021Seismic 34 424 23 138 30 047 23 138Area fees 12 324 18 891 13 292 18 891Field evaluation 10 749 176 969 8 101 176 969Dry well expenses 135 800 98 827108 560 98 827Other exploration expenses 48 896 35 208 36 187 35 208Total exploration expenses 224422119933335533003344119966118877335533003344Note 9 Payroll expenses and remunerationGroup Parent Breakdown of payroll expenses (USD 1 000)2022 2021 2022 2021Payroll expenses 342 985 328 324 327 320 328 324 Pension 34 036 31 197 32 151 31 197 Social security tax 53 594 51 090 51 115 51 090 Other personnel costs 20 363 7 039 19 828 7 039 Total payroll expenses 445500997788441177664499443300441144441177664499The payroll expenses are allocated to activities and partners based on timewriting.Group Parent Number of full time equivalents employed during the year 2022 2021 2022 2021Europe 2 462 1 773 2 036 1 773Total 2 462 1 773 2 036 1 773Employee share programThe company has an annual share purchase program for all employees, including senior executives. The shares in the program are offered at a 25 percent discount and are subject to a three-year lock-up during which employees are not allowed to sell the shares. In connection with the share purchase program, all employees are also offered an interest free loan of 60 percent of the basic amount in the National Insurance scheme (\"G\"), to be repaid within one year. In total, employees subscribed for USD 15.5 million in 2022, compared to USD 12.6 million in 2021Description of Remuneration arrangementsExcept for the new LTIP scheme described below, the company`s remuneration policy has in 2022 been in accordance with the guidelines described in the Board of Director`s Report for 2021 and submitted to the annual general meeting for an advisory vote in April 2022.The Board makes guidelines for executive remuneration, including the CEO\u2019s remuneration and other terms and conditions of employment. These guidelines set out the main principles applied in determining the salary and other remuneration of executive personnel and are addressed as a separate item at the General Meeting. Adjustment of the CEO's base salary is decided by the Board. Adjustment of the base salaries for other senior executives is decided by the CEO within the wage settlement framework adopted by the Board. Senior executives receive a basic salary, adjusted annually. Executives receive non-monetary benefits such as electronic equipment, yearly health checks and other company-specific general benefit and welfare programs. In addition, executives may participate in customary employee benefit programmes, e.g. employee share programmes. In special cases, the company may offer other benefits in order to recruit personnel, including to compensate for bonus rights earned in previous employment. General bonus schemeThe bonus for all employees, including the CEO and EMT, is determined by the company\u2019s performance on a pre-defined set of key performance indicators (KPIs) and Company Priorities, which are important improvement initiatives or activities with clear deliverables that are critical for the company's future success.Normally, the bonus is based on full year measure of the same KPI\u2019s and the company's priorities throughout the year. Due to the closing of the Lundin transaction at 30 June 2022, there was a change in the measures at that point in time, and 2022 has thus been split in two in relation to bonus outcome, as reflected in the tables below;1H 2022 2H 2022Key Performance indicators for Aker BP 2022Actual ActualSafety (SIF/1 mill hrs)0.2 0.5Production (mboepd)195 422Production Cost (USD/boe)11.8 7.2Net reserve additions (mmboe)13.5 563Relatively Shareholder Return-1.8 % -17.4 %CO2 Intensity (kg CO2/boe) - operated fields4.3 3.3Value creation (change in Risked NPV)-2.5 % N/A3.9 78%People & Organisation - Puls survey KPIs Company Priorities for the first half of 2022\u2022 Deliver Hod first oil by end of Q1 at planned quality and cost\u2022 Finalise Aker BP barrier management framework and requirements including barrier status panel \u2022 Enable robust economics for small targets and utilise IOR potential around our assets through the delivery of low-cost reservoir access project\u2022 Drive an increase in plan stability in the Execution Window\u2022 Deliver New ways of working initiative as a first step to transform operating efficiency in Aker BP\u2022 Establish and operatinalise project portfolio safeguarding in order to mitigate risks, ensure standardisation, capture and document synergies across projects, including regular portfolio outlook reviews by the Executive Management Team\u2022 Establish a prioritised and high-graded hoppe of 10-15 (6-8 operated) exploration drill ready for the combined company to meet economic hurdles\u2022 Develop plan for and successfully integrate Lundin and Aker BPCompany Priorities for the second half of 2022\u2022 Deliver the Kobra East Gekko (KEG) project at planned quality and cost\u2022 Identify and realise 600 000 boe gross through production optimisation, increased production efficiency and well interventions\u2022 Realise value from identified integration synergies\u2022 Revitalise alliance culture and improve alliance agreements and incentive models to balance risk and strengthen value creation\u2022 Deliver valuable energy efficiency projects to reduce environmental footprint by 10 000 tonnes (15 000 tonnes stretch target) per annum\u2022 Deliver Walk to Work project on (Normally) Unmanned Installations\u2022 Deliver Yggdrasil (renamed from NOAKA) sanctioning and PDO with break-even price below USD 30/boe\u2022 Deliver the Fenris (previously named NCP/King Lear) sanctioning and PDO with break-even price below USD 30/boe\u2022 Integrate and deliver the Utsira High project PDO\u2022 Deliver successful \u201cday 1\u201d in Aker BP/Lundin and deliver remaining 2022 integration programThe KPIs and Company Priorities are each weighted 50 percent when estimating the bonus outcome . The final bonus outcome, following the formulaic assessment of performance relative to targets is specifically reserved as a matter for the CEO and the Organisational Development and Compensation Committee. Accordingly, the committee may exercise its discretion to adjust the outcome upwards or downwards. The CEO had maximum bonus potential corresponding to 100 percent of base salary until 30 June 2022. From 1 July 2022 the CEO\u2019s maximum bonus potential was adjusted to 60 percent, which the same level as for other members of EMT. The maximum bonus for employees outside the EMT varies from 10 percent to 30 percent depending on position level.Bonus for the first half was paid in October 2022 and was set to 61% of maximum potential based on the applicable KPIs and priorities. The corresponding figure for the second half was 80%.Long Term Incentive Program (LTIP) for EMTPayout of previous LTIP Certain members of the EMT participated in a five-year incentive program started in January 2019, through December 2023, linked to the relative performance of the Aker BP share price versus a benchmark index consisting of the average of the Oslo Energy Index and the Stoxx 600 Europe Oil & Gas index (each weighted 50 percent). The incentive program payment was calculated as a linear function of market outperformance, where an outperformance of 30 percent or more would result in a payment of the maximum cap. The maximum total payment was capped at 200 percent of the executive\u2019s annual base salary. The CEO incentive program had the same mechanics and start/end date and was capped at NOK 30 million.Due to change of control mechanisms, the Lundin Energy transaction triggered payment of the long term incentive plan in Lundin Energy Norway AS. Correspondingly, the Board of Directors decided to settle Aker BPs five-year incentive program (LTIP) as described above, in order to put in place a new LTIP for the combined company. The market outperformance by the Aker BP share as of Q2 2022 was above 30 percent, and the Board of Directors decided to pay 90 percent of maximum payment in July 2022 to the CEO and the EMT members participating in the previous LTIP scheme. The payment is reflected in a separate column in the table below. New LTIP from 1 July 2022A new long-term incentive program for the combined company has been developed and is subject for approval of the General Meeting in April 2023. The program is designed to incentivize the executive directors to deliver on the long-term business objectives and to maximize alignment with shareholder value creation. The proposed program is an equity settled share-based payment scheme with a three-year vesting period. Grants will be made under the program on an annual basis for all members of the EMT, starting as of July 2022 when an award of 28 674 shares was made with a vesting date of July 2025 (being the base number of awards before any performance adjustments as described below). The number of awards made corresponds to 20 percent of the employee\u2019s base salary divided by the Aker BP share price on the award date. The award includes a three year performance condition at the end of which there will be an assessment of the company\u2019s total shareholder return measured against Oslo Energy Index, Stoxx 600Europe Oil & Gas index and the S&P Commodity Producers Oil & Gas Exploration & Production Index (each weighted 33,3 percent), to reflect the company\u2019s business strategy and key ambitions. Based on performance, the number of shares awarded will be adjusted as follows: Outperformance of the market Payoutindexes 30 % or above 200%15% 150%0% 100%-15% 50%Less than -15 % 0%The shares convert to ordinary shares upon vesting, with a subsequent lock-in period for the employee of one year. None of the grants were forfeited as at 31 December 2022. The LTIP agreement includes a clawback clause.The fair value of the grants has been measured using a Monte Carlo simulation. Service conditions were not taken into account when measuring fair value. The post-vesting lock-in non-vesting condition has been incorporated into the grant date fair value by applying a discount to the valuation by estimating the probability that the employee will not comply with this condition . The inputs used in the measurement of the 1 July 2022 grant date fair values were as follows: Fair value at grant date NOK 446.18Aker BP share price at grant dateNOK 350.41Expected volatility:Aker BP 49%Oslo Energy Index 36%Stoxx 600 Europe Oil & Gas Index33%SS&P Commodity Producers Oil & Gas E&P & Index44%Expected life 3 yearsRisk free interest rate (based on government bonds)2.8%Expected volatility has been based on an evaluation of the historical volatility of the Company\u2019s share price, particularly over the historical period commensurate with the expected term. The expected term of the grants has been based on three-year vesting period.Pension scheme and notice periodThe pension scheme continues to be a defined contribution plan capped at twelve times the National Insurance scheme basic amount (12G) for all employees including the executive management.The CEO and members of the EMT have six months mutual notice period. For all other employees, the notice period is three months. The chief executive officer and the chief financial officer are entitled to a severance payment equivalent to six months\u2019 salary, commencing after the six months\u2019 notice period, when the resignation is requested by the company. Remuneration of senior executives in 2022*Payments in Total Total number of Number of grants (USD 1 000)Salary LTIP***Bonus**kind/Otherremuneration Pension costsshares****awarded*****Karl Johnny Hersvik (Chief Executive Officer) 967 520 2 805 64 4 356 23 10 355 4 9251)Per Harald Kongelf (Chief Operating Officer)417 184 686 2 1 289 23 5 546 2 125David Torvik T\u00f8nne (Chief Financial Officer)390 178 620 9 1 197 22 18 935 1 9212)Paula Doyle (Chief Digital Officer)182 103 - 209 494 11 - 2 028Knut Arne Kristian Sandvik (SVP projects) 370 189 601 3 1 164 23 5 111 1 863Tommy Sigmundstad (SVP D&W) 367 161 621 3 1 151 23 10 451 1 9223)Evy Gl\u00f8rstad (SVP Exploration & Reservoir Development)188 - - 8 195 6 N/A -4)Morten Heir (SVP Exploration & Reservoir Development)261 98 - 6 364 23 1 856 -5)Per \u00d8yvind Seljebotn (SVP Exploration & Reservoir Development)121 110 - 1 232 8 619 1 3476)Brit Tone Bergman (SVP People and Organisation)257 106 - 3 366 22 - -7)Marit Blaasmo (SVP People & Safety)287 136 477 2 902 23 6 754 1 4688)Jan Rosnes (SVP Strategy and Business Development)254 118 - 5 377 23 683 -9)Georg Olav Vidnes (SVP Operations)269 88 - 8 366 23 1 553 1 39810)Ine Dolve (SVP Alvheim)360 170 594 8 1 132 24 6 773 1 84011)Lars H\u00f8ier (SVP NOAKA)349 164 601 17 1 131 23 7 770 1 85012)Ole Johan Molvig (SVP Valhall)357 106 609 3 1 076 23 15 169 1 88613)Thomas Hoff-Hansen (SVP Ula)264 80 - 14 358 23 3 110 1 38614) Kari Nielsen (SVP Edvard Grieg & Ivar Aasen)78 100 - 178 6 413 1 43915)Thomas \u00d8vretveit (SVP Skarv)170 65 - 62 297 17 309 1 276Total remuneration of senior executives in 2022 5 908 2 675 7 614 426 16 624 367 95 407 28 6741) SVP Digitalisation & Business Transformation until 30.09.2022. Chief Operating Officer since 01.10.2022.2) /Chief Digital Officer since 01.07.2022. Payments in kindOther includes signing on fee3) SVP Exploration & Reservoir Development until 31.03.20224) SVP Exploration & Reservoir Development from 01.04.2022 until 30.09.2022.5) SVP Exploration & Reservoir Development since 01.10.2022.6) SVP People & Organisation until 30.09.2022.7) SVP Health, Safety, Security, Environment & Quality until 30.09.2022. SVP People and Safety since 01.10.2022.8) SVP Strategy & Business Development until 30.09.2022.9) SVP Operations since 01.10.2022.10) SVP Operations & Asset Development until 30.09.2022. SVP Alvheim since 01.10.2022.11) SVP Operations & Asset Development - NOAKA until 30.09.2022. SVP NOAKA since 01.10.2022.12) SVP Valhall since 01.10.2022.13) SVP Ula since 01.10.2022.14) SVP Edvard Grieg & Ivar Aasen since 01.10.2022.15) /SVP Skarv since 01.10.2022. Payment in kindOther includes signing on fee.* All remuneration to senior executives is paid in NOK and converted to USD using a yearly average USD/NOK-rate of 9.6245. For executives who have been in the Executive Management Team only parts of the year, the figures include payroll for the full year.** Numbers represent actual ordinary bonus earned in 2022. For the total amount in this column, USD 223 thousand relates to the new LTIP from 1 July 2022 as described above*** Payment related to the previous LTIP from 1 January 2019, as described above*** These shares have been purchased by the individuals and are not part of the remuneration. The numbers include shares held in companies where the senior executives have controlling interest. **** The numbers of grants awarded to each EMT member/individual as part of the new LTIP from 1 July 2022 as described aboveRemuneration of senior executives in 2021*Payments Total Total number of Owning (USD 1 000)SalaryBonus**in kind Otherremuneration Pension costsshares***interestKarl Johnny Hersvik (Chief Executive Officer) 929 651 121 19 1 719 24 10 355 0.0 %1)\u00d8yvind Bratsberg (Special Advisor)344 91 1 780 1 216 12 N/A N/APer Harald Kongelf (SVP Improvement) 423 171 3 - 598 24 5 546 0.0 %Tommy Sigmundstad (SVP D&W) 380 154 12 7 553 24 10 038 0.0 %Evy Gl\u00f8rstad (SVP Exploration & Reservoir Development)392 160 7 - 559 25 9 423 0.0 %2)Lene Land\u00f8y (SVP Strategy and Business Development)340 451 5 6 802 16 N/A N/ADavid Torvik T\u00f8nne (Chief Financial Officer) 384 154 6 3 547 23 16 869 0.0 %Marit Blaasmo (SVP HSSEQ) 287 111 3 - 401 24 4 688 0.0 %Knut Arne Kristian Sandvik (SVP projects) 377 224 7 - 608 25 4 078 0.0 %Ine Dolve (SVP Operations & Asset Development) 369 130 5 6 510 25 5 534 0.0 %Lars H\u00f8ier (SVP Operations & Asset Development - NOAKA)359 138 4 1 503 24 6 671 0.0 %3)Jan Rosnes (SVP Strategy and Business Development)209 49 4 - 263 24 408 0.0 %Total remuneration of senior executives in 2021 4 793 2 487 177 822 8 279 269 73 610 0.0 %1) Special Advisor until 30.06.2021. Other includes payments arising from a mutual agreement in relation to Bratsberg leaving the company. 2) SVP Strategy and Business Development until 31.08.20213) SVP Strategy and Business Development since 01.09.2021* All remuneration to senior executives is paid in NOK and converted to USD using a yearly average USD/NOK-rate of 8.5991. For executives who have been in the Executive Management Team only parts of the year, the figures include payroll for the full year.** Numbers represent actual ordinary bonus earned in 2021, excluding LTIP (see description above).*** These shares have been purchased by the individuals and are not part of the remuneration. The numbers include shares held in companies where the senior executives have controlling interest. Fees in 2022*Fee Total number of OwningName Comments(USD 1 000)sharesinterest \u00d8yvind EriksenChairman of the Board from 11.03.2016. Chair of the Organizational Development and Compensation committee. 96 - -Deputy Chair from 17.04.2013. Member of the Audit & Risk committee and Organizational Development and Anne Marie Cannon69 12 078 0.0 %Compensation committee.Kjell Inge R\u00f8kkeBoard member from 17.04.2013. 42 - -Murray AuchinclossBoard member from 16.04.2020 - - -Trond BrandsrudBoard member from 11.03.2016. Chairman of the Audit & Risk committee from 28.04.2016. 68 - -Kate ThomsonBoard member from 30.09.2016. Member of the Audit & Risk committee from 04.10.2016.- - -Valborg Lundegaard Board member from 05.04.2022.28 - -Board member from 07.07. 2022.Charles Ashley Heppenstall 21 852 587 0.2 %Terje SolheimEmployee rep. from 20.03.2014. Member of the Organizational Development and Compensation committee.24 637 0.0 %Ingard Haugeberg Employee representative from 30.08.2018. 20 948 0.0 %Hilde K.BrevikDeputy employee representative from 30.08.2018. 20 1 510 0.0 %Tore VikEmployee representative from 14.07.2021. 20 4 539 0.0 %Sarah Alexandra BergDeputy employee representative from 07.07.2021. 3 2 225 0.0 %Rune K. FauskangerDeputy employee representative from 07.07.2021. 3 7 888 0.0 %Thomas Husv\u00e6g Deputy employee representative from 07.07.2021. 3 132 0.0 %\u00d8rjan K.Brakstad Deputy employee representative from 07.07.2021. 3 420 0.0 %Svein Oskar Stoknes Chair of the Nomination committee from 16.04.2020. 4 - -Ingebret Hisdal Member of the Nomination committee from 16.04.2020. 4 - -Donna Riley Member of the Nomination committee from 16.04.2020. - - -Member until 05.04.2022Paula DoyleBoard member from 15.04.2021 until 05.04.2022. 14 N/A N/ATotal 445 882 964 0.2 %* Fee to board members are paid in NOK and converted to USD using a yearly average USD/NOK-rate of 9.6245Fees in 2021*Fee Total number of OwningName Comments(USD 1 000)sharesinterest \u00d8yvind EriksenChairman of the Board from 11.03.2016. Chair of the Organizational Development and Compensation committee. 104 - -Deputy Chair from 17.04.2013. Member of the Audit & Risk committee and Organizational Development and Anne Marie Cannon71 12 078 0.0 %Compensation committee.Kjell Inge R\u00f8kkeBoard member from 17.04.2013. 46 - -Murray AuchinclossBoard member from 16.04.2020 - - -Trond BrandsrudBoard member from 11.03.2016. Chairman of the Audit & Risk committee from 28.04.2016. 69 - -Kate ThomsonBoard member from 30.09.2016. Member of the Audit & Risk committee from 04.10.2016.- - -Paula Doyle Board member from 15.04.2021. 34 - -Terje SolheimEmployee rep. from 20.03.2014. Member of the Organizational Development and Compensation committee.26 637 0.0 %Ingard Haugeberg Employee representative from 30.08.2018. 23 948 0.0 %Hilde K.BrevikDeputy employee representative from 30.08.2018. 13 1 201 0.0 %Tore VikEmployee representative from 14.07.2021. 11 3 594 0.0 %Sarah Alexandra BergDeputy employee representative from 07.07.2021. 2 1 949 0.0 %Rune K. FauskangerDeputy employee representative from 07.07.2021. 2 6 649 0.0 %Thomas Husv\u00e6g Deputy employee representative from 07.07.2021. 2 132 0.0 %\u00d8rjan K.Brakstad Deputy employee representative from 07.07.2021. 2 423 0.0 %Svein Oskar Stoknes Chair of the Nomination committee from 16.04.2020. - - -Ingebret Hisdal Member of the Nomination committee from 16.04.2020. 7 - -Donna Riley Member of the Nomination committee from 16.04.2020. - - --Member until -Gro Kielland Board member from 20.03.2014 to 15.04.2021. 19 N/A N/A\u00d8rjan Holstad Employee representative from 01.11.2017 to 07.07.2021. 13 N/A N/AAnette Hoel Helgesen Employee representative from 30.08.2018 to 07.07.2021. 13 N/A N/ANina Aas Deputy employee representative from 30.08.2018 to 07.07.2021. 2 N/A N/AOddbj\u00f8rn Aune Deputy employee representative from 30.08.2018 to 07.07.2021. 2 N/A N/ATotal 463 27 611 0.0 %* Fee to board members are paid in NOK and converted to USD using a yearly average USD/NOK-rate of 8.5991.Note 10 Auditors feeGroup Parent(USD 1 000) 2022 2021 2022 2021Fees for statutory audit services - PWC (excluding VAT) 230 - 200 -Fees for statutory audit services - KPMG (excluding VAT) 132 432 132 432Fees for other services - PWC (excluding VAT) 533 - 533 -Fees for other services - KPMG (excluding VAT) 202 124 202 124Total auditor's fees 1 098 555 1 068 555KPMG was the statutory auditor of Aker BP until April 2022, and was then replaced by PwC.Note 11 Financial itemsParentGroupRestated Restated(USD 1 000) 2022 2021 2022 2021Total interest income 25 9592244881123 019 22448811Realized gains on derivatives 33 466 27 392 33 466 27 392Change in fair value of derivatives 333 674 - 333 674 -Net currency gains 308 373 88 779 193 887 88 7791) Other financial income98 774 - 98 774 -Total other financial income 774 287 116 171 659 801 116 171Nominal interest expenses 154 019 145 651 147 304 145 6512)Amortized loan costs31 815 22 460 19 164 22 460Interest on lease debt 7 496 11 558 7 120 11 558Capitalized interest cost, development projects -85 612 -40 136 -53 344 -40 136Total interest expenses 107 718 139 533 120 244 139 533Net currency loss 269 434 - - -Realised loss on derivatives 480 945 23 249 480 945 23 249Change in fair value of derivatives - 44 565 - 44 565Accretion expenses related to abandonment provisions 119 895 61 944 107 907 61 944Other financial expenses 9 834 39 274 8 220 39 274Total other financial expenses 880 109 169 032 597 072 169 032Net financial items -187 581 -189 913 -34 496 -189 9131) Related to gain from the sale of shares in Cognite in 2022 (see note 19)2) The figure includes amortization of the difference between fair value and nominal value on the bonds acquired in the Lundin transaction in 2022The rate (weighted average interest rate) used to determine the amount of borrowing cost eligible for capitalisation in 2022 is 3.69 percent. The corresponding rate for 2021 was 4.46 percent. Climate-related risk:As described in note 4 on climate-related risk, a sensitivity analysis have been performed to show the estimated impact of a two percent increase in credit spreads on current loan balances as of 31 December 2022 . This would result in an increased interest expenses of USD 111 million.Note 12 TaxesParentGroupRestated RestatedTax for the period (USD 1 000)2022 2021 2022 2021Current year tax payable/receivable 7 162 988 1 526 236 4 826 060 1 526 236Current tax related to change in tax system -176 391 - -176 391 -Prior period adjustments to current tax -17 752 15 093 -18 977 15 093Current tax expense (+)/income (-) 6 968 845 1 541 329 4 630 692 1 541 329Change in current year deferred tax -12 294 530 497 240 850 530 497Deferred tax related to change in tax system 189 444 - 189 444 -Prior period adjustments to deferred tax 27 916 -3 971 27 916 -3 971Deferred tax expense (+)/ income (-) 205 065 526 526 458 209 526 526Tax expense (+)/income (-) 7 173 910 2 067 855 5 088 901 2 067 855Effective tax rate in % 82% 71 % 82% 71 %GroupParentRestated RestatedReconciliation of tax expense (USD 1 000)Tax rate2022 2021 2022 202178% tax rate on profit/loss before tax 78% 6 846 295 2 258 703 4 845 235 2 258 703Tax effect of uplift 56% -161 708 -270 454 -148 884 -270 454Permanent differences on impairment 78% 294 386 -36 862 338 709 -36 862Foreign currency translation of monetary items other than USD 78% -170 564 -68 575 -170 564 -68 575Foreign currency translation of monetary items other than NOK 78% 129 563 16 508 129 563 16 508Tax effect of financial and other 22% items 56% 60 126 97 881 -33 603 97 8811)Currency movements of tax balances78% 138 929 43 332 138 929 43 33278% 36 883 27 321 -10 484 27 321Other permanent differences, prior period adjustments and change in estimate of uncertain tax positionsTax expense (+)/income (-) 7 173 910 2 067 855 5 088 901 2 067 8551) Tax balances are in NOK and converted to USD using the period end currency rate. When the NOK weakens against USD, the tax rate increases as there is less remaining tax depreciation measured in USD.See note 1 for a description of change in accounting principles impacting deferred tax.Changes to the Petroleum Tax Act were enacted in June 2022 with effect from 1 January 2022. The combined tax rate of 78% is maintained, but according to the new rules the special petroleum tax (56%) is converted into a cash based tax. When calculating the special petroleum tax for 2022 and onwards, companies can make immediate deductions for expenses incurred, but with no right for uplift. In addition the corporate tax (22%) is deductible in the special tax base (56%). In order to maintain the overall tax rate of 78%, the special tax rate is increased to 71.8% [56% / (1-22%)]. During the fourth quarter, the National Budget 2023 was approved. This includes a change in the temporary tax regime uplift from 17.69 to 12.4 percent. Such change will increase the tax charge for the group from 2023 and onwards.In accordance with statutory requirements, the calculation of current tax is required to be based on NOK functional currency. This may impact the effective tax rate as the company's functional currency is USD.Group ParentRestated RestatedBreakdown of tax effect of temporary differences (USD 1 000)2022 2021 2022 2021Tangible fixed assets-11 057 229 -6 474 847 -11 057 229 -6 474 847Capitalized exploration cost-196 364 -200 098 -196 364 -200 098Other intangible assets -1 470 437 -735 936 -1 470 437 -735 936Abandonment provision3 249 333 4 034 436 3 249 333 4 034 436Lease debt104 832 106 246 104 832 106 246Financial instruments-26 421 3 850 -26 421 3 850Other provisions37 139 -24 938 37 139 -24 938Net deferred tax liability (-)/deferred tax asset (+)-9 359 146 -3 291 287 -9 359 146 -3 291 287Group ParentRestated RestatedDeferred tax liability (-)/asset (+) (USD 1 000)2022 2021 2022 2021Deferred tax liability/asset at beginning of period-3 291 287 -2 764 761 -3 291 287 -2 764 761Change in current year deferred tax12 294 -530 497 -240 850 -530 497Change in current year deferred tax related to change in tax system-189 444 - -189 444 -Deferred tax related to acquisition of Lundin Energy-5 802 641 - - -Deferred tax related to merger of group companies- - -5 607 844 -Prior period adjustments-27 925 3 971 -29 731 3 971Deferred tax charged to OCI and equity-60 144 - 9 -Net deferred tax liability (-)/deferred tax asset (+)-9 359 146 -3 291 287 -9 359 146 -3 291 287GroupParentRestated RestatedCalculated tax payable (-)/ tax receivable (+) (USD 1 000)2022 2021 2022 2021Tax payable/receivable at beginning of period-1 497 291 -163 352 -1 497 291 -163 352Current year tax payable/receivable-7 162 988 -1 526 236 -4 826 060 -1 526 236Current year tax payable/receivable related to change in tax system176 391 - 176 391 -Net tax payment/tax refund5 332 125 223 166 3 205 490 223 166Net tax payable related to acquisition of Lundin Energy-2 181 017 - - -Net tax payable related to merger of group companies- - -2 427 178 -Prior period adjustments and change in estimate of uncertain tax positions29 847 -57 165 31 081 -57 165Currency movements of tax payable/receivable245 846 26 297 253 424 26 297Current tax foreign currency exchange charged to OCI and equity-27 055 - - -Net tax payable (-)/receivable (+)-5 084 142 -1 497 291 -5 084 142 -1 497 291Note 13 Earnings per shareEarnings per share is calculated by dividing the year's profit attributable to ordinary equity holders of the parent entity, which was USD 1 603 million for the group and USD 1 123 million for the parent (USD 828 million in 2021) by the year's weighted average number of outstanding ordinary shares, which was 496.8 million (359.6 million in 2021). Weighted average number of diluted and ordinary shares is the same, as the company does not have any dilutive instruments.GroupParent(USD 1 000) 2022 2021 2022 2021Profit for the year attributable to ordinary equity holders of the parent entity 1 602 940 827 928 1 122 620 827 928The year's average number of ordinary shares (in thousands) 496 765 359 643 496 765 359 643Earnings per share in USD 3.23 2.30 2.26 2.30Note 14 Tangible fixed assets and intangible assetsTANGIBLE FIXED ASSETS - GROUPProperty, plant and equipmentProduction Fixtures and Assets under facilities including fittings, office (USD 1 000)developmentwellsmachinery TotalRestated book value 31.12.2020 1 088 754 8 154 152 114 999 9 357 906Restated acquisition cost 31.12.2020 1 088 754 11 978 643 241 304 13 308 701Additions 814 409 620 779 12 750 1 447 938Impact of change in accounting principle - 375 169 - 375 169Disposals/retirement - - - -Reclassification -107 727 428 436 2 395 323 103Restated acquisition cost 31.12.2021 1 795 436 13 403 026 256 449 15 454 911Restated accumulated depreciation and impairments 31.12.2020 - 3 824 491 126 305 3 950 795Restated depreciation - 1 061 574 43 440 1 105 014Impairment/reversal (-) - 184 664 - 184 664Disposals/retirement depreciation - - - -Restated accumulated depreciation and impairments 31.12.2021 - 5 070 729 169 744 5 240 473Restated book value 31.12.2021 1 795 436 8 332 297 86 705 10 214 438Restated acquisition cost 31.12.2021 1 795 436 13 403 026 256 449 15 454 9111)Additions1 036 027 -1 203 100 18 215 -148 858Acquisition of Lundin Energy 933 182 6 726 306 3 811 7 663 300Disposals/retirement - - 17 483 17 4832)Reclassification-2 132 595 2 266 639 7 273 141 317Foreign currency translation -17 874 108 146 42 90 314Acquisition cost 31.12.2022 1 614 177 21 301 017 268 306 23 183 501Accumulated depreciation and impairments 31.12.2021 - 5 070 729 169 744 5 240 473Depreciation - 1 635 302 39 944 1 675 245Impairment/reversal (-) - 385 562 - 385 562Disposals/retirement depreciation - - -17 483 -17 483Foreign currency translation - 13 017 27 13 044Accumulated depreciation and impairments 31.12.2022 - 7 104 610 192 232 7 296 841Book value 31.12.2022 1 614 177 14 196 407 76 075 15 886 6591) The negative addition is caused by decreased abandonment provision with an offseting entry on PP&E2) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022See note 1 for a description of change in accounting principle related to abandonment provisions.Capitalized exploration expenditures are reclassified to \"Assets under development\" when the field enters into the development phase. Assets under development are reclassified to \"Production facilities\" from the start of production. Production facilities, including wells, are depreciated in accordance with the unit-of-production method. Office machinery, fixtures and fittings etc. are depreciated using the straight-line method over their useful life, i.e. 3 - 5 years. Removal and decommissioning costs are included as production facilities or assets under development.See note 15 for information regarding impairment charges.Right-of-use assets(USD 1 000)Drilling Rigs Office OtherVessels and BoatsTotalBook value 31.12.2020 41 864 57 395 31 525 1 950 132 735Acquisition cost 31.12.2020 47 963 62 016 46 427 2 303 158 709Additions - - 5 989 - 5 989Allocated to abandonment activity -11 518 -1 943 - - -13 461Disposals/retirement - - - - -Reclassification -18 034 -2 636 - - -20 669Acquisition cost 31.12.2021 18 412 57 436 52 416 2 303 130 567Accumulated depreciation and impairments 31.12.2020 6 099 4 620 14 902 353 25 974Depreciation - 2 076 8 164 177 10 416Impairment/reversal (-) - - - - -Disposals/retirement depreciation - - - - -Accumulated depreciation and impairments 31.12.2021 6 099 6 696 23 066 530 36 390Book value 31.12.2021 12 313 50 740 29 350 1 774 94 177Acquisition cost 31.12.2021 18 412 57 436 52 416 2 303 130 567Additions 22 542 - 11 223 - 33 765Acquisition of Lundin Energy 11 069 - 23 688 - 34 757Allocated to abandonment activity - -366 - - -366Disposals/retirement 6 099 10 8 086 - 14 1941)Reclassification-28 072 -2 338 - - -30 409Foreign currency translation -2 - -1 952 - -1 954Acquisition cost 31.12.2022 17 850 54 723 77 290 2 303 152 166Accumulated depreciation and impairments 31.12.2021 6 099 6 696 23 066 530 36 390Depreciation 2 776 3 938 11 826 177 18 716Impairment/reversal (-) - - - -Disposals/retirement depreciation -6 099 - -8 086 - -14 185Foreign currency translation - - -92 - -92Accumulated depreciation and impairments 31.12.2022 2 776 10 634 26 714 706 40 829Book value 31.12.2022 15 075 44 089 50 576 1 597 111 3361) Reclassified to tangible fixed assets in line with the activity of the right-of-use asset.See note 26 for information regarding leases.Right-of-use assets are depreciated linearly over the lifetime of the related lease contract.INTANGIBLE ASSETS - GROUPCapitalized Other intangible assetsexploration (USD 1 000)GoodwillexpendituresDepreciatedNot depreciated TotalBook value 31.12.2020 1 647 436 521 922 806 469 714 842 1 521 311Acquisition cost 31.12.2020 2 726 583 668 029 1 480 063 888 922 2 368 985Additions - 177 464 -Disposals/expensed dry wells - 98 827 - - -Reclassification - -302 434 - - -Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Accumulated depreciation and impairments 31.12.2020 1 079 146 146 107 673 594 174 079 847 674Depreciation - - 77 459 - 77 459Impairment - 41 589 87 042 -50 741 36 301Retirement/transfer depreciations - - - - -Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Book value 31.12.2021 1 647 436 256 535 641 967 765 584 1 407 551Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Additions - 251 764 743 - 7431)Acquisition of Lundin Energy12 542 852 - 25 653 1 256 577 1 282 230Disposals/retirement/expensed dry wells - 135 800 - - -2)Reclassification- -110 907 855 022 -855 022 -Foreign currency translation 134 964 1 012 275 12 339 12 614Acquisition cost 31.12.2022 15 404 399 450 301 2 361 756 1 302 816 3 664 572Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Depreciation - - 91 711 - 91 711Impairment/reversal (-) 377 398 10 869 - 258 325 258 325Disposals/retirement depreciation - - - - -Foreign currency translation 12 868 - -60 8 808 8 748Accumulated depreciation and impairments 31.12.2022 1 469 413 198 565 929 747 390 471 1 320 218Book value 31.12.2022 13 934 986 251 736 1 432 009 912 345 2 344 3541) The goodwill recognised in connection with the Lundin transaction includes the subsequent adjustment as described in note 22) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022Licenses include both planned and producing projects on various fields. The producing projects are depreciated in line with the unit-of-production method for the applicable field. TANGIBLE FIXED ASSETS - PARENTProperty, plant and equipmentProduction Fixtures and Assets under facilities including fittings, office (USD 1 000)developmentwellsmachinery TotalRestated book value 31.12.2020 1 088 754 8 154 152 114 999 9 357 906Restated acquisition cost 31.12.2020 1 088 754 11 978 643 241 304 13 308 701Additions 814 409 620 779 12 750 1 447 938Impact of change in accounting principle - 375 169 - 375 169Disposals/retirement - - - -Reclassification -107 727 428 436 2 395 323 103Restated acquisition cost 31.12.2021 1 795 436 13 403 026 256 449 15 454 911Restated accumulated depreciation and impairments 31.12.2020 - 3 824 491 126 305 3 950 795Restated depreciation - 1 061 574 43 440 1 105 014Impairment/reversal (-) - 184 664 - 184 664Disposals/retirement depreciation - - - -Restated accumulated depreciation and impairments 31.12.2021 - 5 070 729 169 744 5 240 473Restated book value 31.12.2021 1 795 436 8 332 297 86 705 10 214 438Restated acquisition cost 31.12.2021 1 795 436 13 403 026 256 449 15 454 9111)Additions834 776 -1 181 581 18 107 -328 697Merger with ABP Norway AS 146 690 7 245 435 2 809 7 394 933Disposals/retirement - - 17 483 17 4832)Reclassification-1 162 724 1 288 050 7 273 132 598Acquisition cost 31.12.2022 1 614 177 20 754 931 267 155 22 636 263Accumulated depreciation and impairments 31.12.2021 - 5 070 729 169 744 5 240 473Depreciation - 1 102 232 38 819 1 141 051Impairment/reversal (-) - 385 562 - 385 562Disposals/retirement depreciation - - -17 483 -17 483Accumulated depreciation and impairments 31.12.2022 - 6 558 523 191 080 6 749 603Book value 31.12.2022 1 614 177 14 196 407 76 075 15 886 6601) The negative addition is caused by decreased abandonment provision with an offseting entry on PP&E2) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022See note 1 for a description of change in accounting principle related to abandonment provisions.Capitalized exploration expenditures are reclassified to \"Assets under development\" when the field enters into the development phase. If development plans are subsequently re-evaluated, the associated costs remain in assets under development and are not reclassified back to exploration assets. Assets under development are reclassified to \"Production facilities\" from the start of production. Production facilities, including wells, are depreciated in accordance with the unit-of-production method. Office machinery, fixtures and fittings etc. are depreciated using the straight-line method over their useful life, i.e. 3 - 5 years. Removal and decommissioning costs are included as production facilities or assets under development.See note 15 for information regarding impairment charges.Right-of-use assets(USD 1 000)Drilling Rigs Office OtherTotalVessels and BoatsBook value 31.12.2020 41 864 57 395 31 525 1 950 132 735Acquisition cost 31.12.2020 47 963 62 016 46 427 2 303 158 709Additions - - 5 989 - 5 989Allocated to abandonment activity -11 518 -1 943 - - -13 461Disposals/retirement - - - - -Reclassification -18 034 -2 636 - - -20 669Acquisition cost 31.12.2021 18 412 57 436 52 416 2 303 130 567Accumulated depreciation and impairments 31.12.2020 6 099 4 620 14 902 3532255997744Depreciation - 2 076 8 164 177 10 416Impairment/reversal (-) - - - - -Disposals/retirement depreciation - - - - -Accumulated depreciation and impairments 31.12.2021 6 099 6 696 23 066 530 36 390Book value 31.12.2021 12 313 50 740 29 350 1 774 94 177Acquisition cost 31.12.2021 18 412 57 436 52 416 2 303 130 567Additions 22 542 - 31 890 - 54 432Merger with ABP Norway AS 6 024 - - - 6 024Allocated to abandonment activity - -366 - - -366Disposals/retirement 6 099 10 8 086 - 14 1941)Reclassification-23 029 -2 338 - - -25 366Acquisition cost 31.12.2022 17 850 54 723 76 221 2 303 151 097Accumulated depreciation and impairments 31.12.2021 6 099 6 696 23 066 530 36 390Depreciation 2 776 3 938 10 664 177 17 555Impairment/reversal (-) - - - -Disposals/retirement depreciation -6 099 - -8 086 - -14 185Accumulated depreciation and impairments 31.12.2022 2 776 10 634 25 645 706 39 760Book value 31.12.2022 15 075 44 089 50 576 1 597 111 3361) Reclassified to tangible fixed assets in line with the activity of the right-of-use asset.Right-of-use assets are depreciated linearly over the lifetime of the related lease contract.INTANGIBLE ASSETS - PARENTCapitalized Other intangible assetsexploration (USD 1 000)GoodwillexpendituresDepreciatedNot depreciated TotalBook value 31.12.2020 1 647 436 521 922 806 469 714 842 1 521 311Acquisition cost 31.12.2020 2 726 583 668 029 1 480 063 888 922 2 368 985Additions - 177 464 -Disposals/expensed dry wells - 98 827 - - -Reclassification - -302 434 - - -Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Accumulated depreciation and impairments 31.12.2020 1 079 146 146 107 673 594 174 079 847 674Depreciation - - 77 459 - 77 459Impairment - 41 589 87 042 -50 741 36 301Retirement/transfer depreciations - - - - -Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Book value 31.12.2021 1 647 436 256 535 641 967 765 584 1 407 551Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Additions - 194 660 743 - 743Merger with ABP Norway AS 12 287 550 27 201 715 357 293 873 1 009 230Disposals/retirement/expensed dry wells - 108 560 - - -1)Reclassification- -107 232 154 058 -154 058 -Acquisition cost 31.12.2022 15 014 132 450 301 2 350 221 1 028 737 3 378 957Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Depreciation - - 73 169 - 73 169Impairment/reversal (-) - 10 869 - - -Disposals/retirement depreciation - -- - -Accumulated depreciation and impairments 31.12.2022 1 079 146 198 565 911 265 123 338 1 034 603Book value 31.12.2022 13 934 986 251 736 1 438 955 905 399 2 344 3541) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022Licenses include both planned and producing projects on various fields. The producing projects are depreciated in line with the unit-of-production method for the applicable field. GroupParentRestated RestatedDepreciation in the Income statement (USD 1 000)2022 2021 2022 2021Depreciation of tangible fixed assets 1 675 245 1 105 014 1 141 051 1 105 014Depreciation of right-of-use assets 18 716 10 416 17 555 10 416Depreciation of other intangible assets 91 711 77 459 73 169 77 459Total depreciation in the Income statement 1 785 672 1 192 889 1 231 775 1 192 889Impairment in the Income statement (USD 1 000)Impairment/reversal of tangible fixed assets385 562 184 664 385 562 184 664Impairment/reversal of other intangible assets258 325 36 301 - 36 301Impairment/reversal of capitalized exploration expenditures10 869 41 589 10 869 41 589Impairment of goodwill377 398 - - -Total impairments of tangible and intangible assets 1 032 154 262 554 396 431 262 554See note 15 for information regarding impairment charges, including impairment of other non-current assets for the parent company.Note 15 ImpairmentsImpairment testingImpairment tests of individual cash-generating units are performed when impairment/reversal triggers are identified, and goodwill is tested for impairment at least annually. In 2022, two categories of impairment tests have been performed:- Impairment test of fixed assets and related intangible assets, including technical goodwill- Impairment test of residual goodwillImpairment is recognized when the book value of an asset or a cash-generating unit, including associated goodwill, exceeds the recoverable amount. Correspondingly, a reversal of impairment is recognized when the recoverable amount exceeds the book value. Prior period impairment of goodwill is not subject to reversal. The recoverable amount is the higher of the asset's fair value less cost to sell and value in use. The impairment testing has been performed in accordance with the fair value less cost to sell method (level 3 in fair value hierarchy) and based on discounted cash flows. The expected future cash flow is discounted to the net present value by applying a discount rate after tax that reflects the current market valuation of the time value of money, and the specific risk related to the asset. The discount rate is derived from the weighted average cost of capital (WACC) for a market participant. Cash flows are projected for the estimated lifetime of the fields, which may exceed periods greater than five years.For producing licenses and licenses in the development phase, recoverable amount is estimated based on discounted future after tax cash flows. Below is an overview of the key assumptions applied for impairment testing purposes as of 31 December 2022.Oil and gas pricesFuture price level is a key assumption and has significant impact on the net present value. Forecasted oil and gas prices are based on management's estimates and available market data. Information about market prices in the near future can be derived from the futures contract market. The information about future prices is less reliable on a long-term basis, as there are fewer observable market transactions going forward. In the impairment test, the oil and gas prices are therefore based on the forward curve from the beginning of 2023 to the end of 2025. From 2026, the oil and gas prices are based on the company's long-term price assumptions. Long-term oil price assumption is unchanged from year-end 2021. Long-term gas price assumption is updated from 0.48 GBP/therm applied at year-end 2021.The nominal oil prices applied in the impairment test are as follows:Year USD/BBL83.9202379.0202475.0202565.0From 2026 (in real 2022 terms)The nominal gas prices applied in impairment test are as follows:Year GBP/therm2.0520231.9720241.5920250.67From 2026 (in real 2022 terms)Oil and gas reservesFuture cash flows are calculated on the basis of expected production profiles and estimated proven and probable reserves including potentially additional risked volumes. For more information about the determination of the reserves, reference is made to note 1, section 1.3, and to note 32.Future expenditureFuture capex, opex and abandonment cost are calculated based on the expected production profiles and the best estimate of the related cost. The cost profiles include an estimated impact of the currently high cost escalation in the industry. The cash flows include a step up of CO2 tax/fees from current levels to approximately NOK 2 160 per tonn (2022 real) in 2030.Discount rateThe discount rate is derived from the company's weighted average cost of capital (\"WACC\"). The capital structure considered in the WACC calculation is derived from the capital structures of an identified peer group and market participants with consideration given to optimal structures. The cost of equity is derived from the expected return on investment by the company's investors. The cost of debt is based on the interest-bearing borrowings on debt specific to the assets acquired. The beta factors are evaluated annually based on publicly available market data about the identified peer group.The post tax nominal discount rate used at year-end is 8.7 percent. This represents a change from 7.6 percent applied at year-end 2021.Currency ratesYear USD/NOK9.6420239.5420249.4920258.00From 2026The long-term currency rate is unchanged from year end 2021.InflationThe long-term inflation rate is assumed to be 2.0 percent, which is the same as applied at year-end 2021. The currently high cost escalation in the industry is reflected in the cash flows rather than in the inflation rate.Impairment testing of assets including technical goodwillThe technical goodwill recognized in business combinations is allocated to each CGU for the purpose of impairment testing. Hence, the impairment test of technical goodwill is included in the impairment testing of assets, and the technical goodwill is written down before the asset. The carrying value of the assets is the sum of tangible assets, intangible assets and technical goodwill as of the assessment date. In the impairment test performed, carrying value is adjusted by the remaining part of deferred tax from which the technical goodwill arose, to avoid an immediate impairment of all technical goodwill. When deferred tax liabilities from the acquisitions decreases as a result of depreciation, more goodwill is as such exposed for impairment. This may lead to future impairment charges even though other assumptions remain stable.Below is an overview of the impairment charges and the carrying value per cash generating unit where impairments have been recognized in 2022:Group & ParentGroup Edvard Grieg & Cash-generating unit (USD 1 000)Other Ula/Tambar WistingIvar AasenNet carrying value 414 385 148 625 793 4 673 989Recoverable amount - - 109 885 4 532 497Foreign currency translation - - 17 011 4 665Impairment/reversal (-) 414 385 148 498 897 136 826Allocated as follows:Technical goodwill - - 240 572 136 826Other intangible assets/license rights 414 - 258 325 -Tangible fixed assets - 385 148 - -The main reason for the Wisting impairment is related to the postponed planned investment decision, with new profiles and where less favorable tax rules will apply. The Edvard Grieg & Ivar Aasen CGU impairment is mainly related to decrease in short-term gas prices and currency translation effects of PPA balances in functional currency other than USD. The main reason for the Ula impairment is updates on cost and production profiles from the acceleration of the expected shut-down from 2032 to 2028.Sensitivity analysisThe table below shows how the impairment or reversal of impairment of assets and technical goodwill would be affected by changes in the various assumptions, given that the remaining assumptions are constant.Change in impairment afterAssumption (USD 1 000)ChangeIncrease in assumption Decrease in assumptionOil and gas price forward period +/- 50 % 0 2 093 950Oil and gas price long-term +/- 20 % -109 526 859 349Production profile (reserves) +/- 5 % -27 382 297 482Discount rate +/- 1 % point 104 438 -29 544 Currency rate USD/NOK +/- 2.0 NOK -85 150 790 605Inflation +/- 1 % point -37 435 355 663Exploration assetsDuring 2022, an impairment charge of USD 10.9 million has been recognized. The impairment charge is mainly related to the Gomez well and has been allocated to capitalized exploration expenditures.Impairment testing of residual goodwillThe residual goodwill is tested for impairment on corporate level. The starting point for the impairment test is the difference between market value and book value of equity, compared to the residual goodwill. At year end 2022 this difference exceeds the carrying amount of residual goodwill by a substantial margin.Impairment testing of other non-current assets (parent)An impairment test of investments in subsidiaries and other non-current assets have been carried out, and an impairment charge of USD 434.2 million has been recognised during 2022. The impairment charge is related to ABP Norway AS prior to the merger with the parent company Aker BP ASA. The impairment charge corresponds to the post-tax decrease in value related to the Wisting and Edvard Grieg & Ivar Aasen CGU. Climate-related risksAs described in note 4 on Climate-related risk, a sensitivity analysis have been performed towards various scenarios from International Energy Agency have been included in a separate sensitivity test as presented below. The price assumptions in those senarios have been provided by IEA at 2030 and 2050 in 2021 real terms. For the sensitivity calculation, a linear development between spot price at year end 2022 and IEA price in 2030, as well as between 2030 and 2050 have been applied. The table below summarizes how the impairment charge would increase (+) or decrease (-) using the oil and gas price assumptions in the following scenarios:Change in impairmentIEA Scenario (USD 1 000 000)Net Zero Announced Pledges Stated PoliciesValhall/Hod 2 223- - Skarv- - - Ula- - - Alvheim 45- - Johan Sverdrup 75- - Edvard Grieg & Ivar Aasen 601- - Yggdrasil 682- - Wisting 11012 -189 Gas USD/mmbtuOil USD/bblScenario price ranges2030 2050 2030 2050Net Zero 35 24 4.6 3.8 Announced Pledges64 60 7.9 6.3 Stated Policies 82 95 8.5 9.2 Impairment testing in 2021In 2021, the net impairment charge was mainly related to two CGU's and allocated to other intagible assets from acquisitions and tangible fixed assets, in addition to an net impairment of exploration assets. The methodology for impairment testing was the same as in 2022 as described in this note.The following assumptions were applied for the impairment testing at year-end 2021:- discount rate of 7.6 percent nominal after tax for both value in use and fair value testing- a long-term inflation of 2.0 percent- a long-term exchange rate of NOK/USD 8.0 (forward curve first three years)- a long-term oil price assumption of 65 USD/barrel, using forward curve first three yearsSummary of impairment/reversal of impairmentsThe following impairments/(reversals) have been recorded:GroupParent(USD 1 000) 2022 2021 2022 2021Impairment/reversal of tangible fixed assets 385 562 184 664 385 562 184 664Impairment/reversal of other intangible assets 258 325 36 301 - 36 301Impairment/reversal of capitalized exploration expenditures 10 869 41 589 10 869 41 589Impairment of goodwill 377 398 - - -Impairment of non-current assets - - 434 220Total impairments 1 032 154 262 554 830 650 262 554Note 16 Accounts receivableThe company's customers are mainly large, financially sound oil companies. Accounts receivable consist of receivables related to the sale of oil and gas.GroupParent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Receivables related to the sale of petroleum 950 942 366 785 950 942 366 785Total accounts receivable 950 942 366 785 950 942 366 785Age distribution of accounts receivable as of 31 December for the group and parent was as follows:Year (USD 1 000)Total Not due <30d 30-90d >90d950 942 950 139 804 - -2022366 785 363 662 2 208 542 3732021Note 17 Other short-term receivablesGroupParent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Prepayments 123 980 45 429 123 980 45 429VAT receivable 12 406 13 354 12 406 13 354Underlift of petroleum 53 630 36 944 53 630 36 944Accrued income from sale of petroleum products 335 505 290 254 335 505 290 254Other receivables, mainly balances with license partners 160 715 114 172 161 139 114 172Total other short-term receivables 686 237 500 154 686 661 500 154Note 18 InventoriesThe inventory mainly consists of equipment for the drilling of exploration and production wells. Group ParentInventory value (USD 1 000)2022 2021 2022 2021Inventories - measured at cost 256 004 144 457 256 004 144 457Provision for obsolete equipment 46 498 18 016 46 498 18 016Book value of inventories 209 506 126 442 209 506 126 442Note 19 Other non-current assetsGroup Parent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Shares in Alvheim AS 10 10 10 10Shares in Det norske oljeselskap AS 1 021 1 021 1 021 1 021Shares in Sandvika Fjellstue AS 1 814 1 814 1 814 1 8141)Investment in subsidiaries2 845 2 845 2 845 2 8452)Continuing involvement - Cognite AS81 400 - 81 400 -Tenancy deposit 1 627 1 810 1 627 1 8103)Unamortized fees - RCF10 975 15 860 10 975 15 860Other non-current assets 7 634 9 789 7 634 9 789Total other non-current assets 104 480 30 304 104 480 30 3041) Alvheim AS, Det norske oljeselskap AS and Sandvika Fjellstue AS have been deemed immaterial for consolidation purposes. The share capital in Aker BP UK is only 100 GBP and is thus not reflected in the table. All companies acquired in the Lundin transaction has been either liquidated or merged with Aker BP ASA in 2022. For more information regarding shares in subsidiaries, see note 3.2) In 2022 the company sold its shares in Cognite AS to Saudi Aramco Development Company for a consideration of USD 118 million. As part of the transaction, Aker BP has granted the buyer an option with maturity in November 2024 which under certain conditions gives the buyer the right to sell the shares back to Aker BP for USD 81.4 million. On this basis, Aker BP is considered to have continuing involvement in Cognite AS, in accordance with guidelines in IFRS 9. Hence, both an asset and a liability of USD 81.4 million is recognised in the statement of financial position at 31 December 2022. 3) Remaining unamortized fees related to the Revolving Credit Facility (RCF). These have been reclassified from other interest-bearing debt as the RCF was undrawn as at 31 December 2022 and 31 December 2021.Note 20 Cash and cash equivalentsThe item 'Cash and cash equivalents' consists of bank accounts and short-term investments that constitute parts of the group's transaction liquidity. GroupParentBreakdown of cash and cash equivalents (USD 1 000)31.12.2022 31.12.2021 31.12.2022 31.12.2021Bank deposits 2 756 012 1 970 906 2 756 008 1 970 906Cash and cash equivalents 2 756 012 1 970 906 2 756 008 1 970 906Unused Revolving Credit Facility 3 400 000 3 400 000 3 400 000 3 400 000The RCF is undrawn as at 31 December 2022 and the remaining unamortized fees of USD 11.0 million related to the facility are therefore included in other non-current assets.The senior unsecured Revolving Credit Facility (RCF) of USD 3.4 billion was established in May 2019 and consist of two tranches: (1) Working Capital Facility with a committed amount of USD 1.4 billion until 2025 with an extension option for one year until 2026, and(2) Liquidity Facility with a committed amount of USD 2.0 billion until 2025 and USD 1.65 billion until 2026. The interest rate for USD is Term SOFR plus a margin of 1.00 percent for the Working Capital Facility and 0.75 percent for the Liquidity Facility. Drawing under the Liquidity Facility will add a utilization fee. A commitment fee of 35 percent of applicable margin is paid on the undrawn part of the total facility. The financial covenants are as follows:- Leverage Ratio: Total net debt divided by EBITDAX shall not exceed 3.5 times- Interest Coverage Ratio: EBITDA divided by Interest expenses shall be a minimum of 3.5 times The financial covenants are calculated on a 12 months rolling basis. As at 31 December 2022 the Leverage Ratio is 0.21 and Interest Coverage Ratio is 73.6 (see APM section for further details). Based on the group's current business plans and applying oil and gas price forward curves at end of 2022, the group\u2019s estimates show that the financial covenants will continue to comply with the covenants by a substantial margin.The financial covenants in the group's current debt facilities exclude the effects from IFRS 16, and therefore cannot be directly derived from the group's financial statements. See reconciliations of Alternative Performance Measures for detailed information.Note 21 Share capital and shareholders GroupParent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Share capital 84 348 57 056 84 348 57 056Total number of shares (in 1 000) 632 022 360 114 632 022 360 114Nominal value per share in NOK 1.00 1.00 1.00 1.00There is only one single class of shares in the company and all shares carry a single voting right.No. of shares Owning Overview of the 20 largest shareholders registered as of 31 December 2022(in 1 000)interestAKER CAPITAL AS 133 75821.16%BP Exploration Op Co Ltd 100 30315.87%NEMESIA S.A.R.L. 90 79814.37%FOLKETRYGDFONDET 29 9924.75%1)JPMorgan Chase Bank, N.A., London19 6813.11%1)State Street Bank and Trust Comp15 1622.40%1)JPMorgan Chase Bank, N.A., London13 8442.19%1)State Street Bank and Trust Comp6 7761.07%1)JPMorgan Chase Bank, N.A., London6 1280.97%1)JPMorgan Chase Bank, N.A., London5 9580.94%1)State Street Bank and Trust Comp5 0470.80%1)JPMorgan Chase Bank, N.A., London5 0160.79%1)CACEIS Bank4 9910.79%1)Avanza Bank AB4 9560.78%1)Swedbank AB3 7250.59%1)CLEARSTREAM BANKING S.A.3 3220.53%VERDIPAPIRFONDET KLP AKSJENORGE IN 3 1920.51%1)State Street Bank and Trust Comp3 0910.49%1)SVENSKA HANDELSBANKEN AB3 0430.48%1)Skandinaviska Enskilda Banken AB2 4230.38%OTHER 170 81627.03%Total 632 022100.00%1) Nominee accountsNote 22 BondsGroup Parent(USD 1 000) Maturity 31.12.2022 31.12.2021 31.12.2022 31.12.2021AKERBP \u2013 USD Senior Notes 3.000% (20/25)Jan 2025 498 172 497 295 498 172 497 295AKERBP \u2013 USD Senior Notes 2.875% (20/26)Jan 2026 497 813 497 103 497 813 497 1031)AKERBP - USD Senior Notes 2.000% (21/26)July 2026 907 387 - 907 387 -AKERBP \u2013 EUR Senior Notes 1.125% (21/29)May 2029 795 304 843 995 795 304 843 995AKERBP \u2013 USD Senior Notes 3.750% (20/30)Jan 2030 994 411 993 622 994 411 993 622AKERBP \u2013 USD Senior Notes 4.000% (20/31)Jan 2031 745 302 744 720 745 302 744 7201)AKERBP - USD Senior Notes 3.100% (21/31)July 2031 840 776 - 840 776 -Long-term bonds - book value 5 279 164 3 576 735 5 279 164 3 576 735Long-term bonds - fair value 4 829 678 3 752 778 4 829 678 3 752 7781) These bonds have a nominal value of USD 1 billion and were recognized at fair value in connection with the Lundin transaction. The difference between fair value and nominal value is linearly amortized over the lifetime of the bonds.Interest is paid on a semi annual basis, except for the EUR Senior Notes which is paid on an annual basis. None of the bonds have financial covenants.The fair value of bonds are based on the listed prices in the active markets (level 1 in fair value hierarchy). Note 23 Provision for abandonment liabilitiesGroupParentRestated Restated(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Provisions as of beginning of period 5 172 354 4 897 275 5 172 354 4 897 275Incurred removal cost -79 236 -185 973 -78 543 -185 973Accretion expense 119 895 61 944 107 907 61 9441)Abandonment liabilities from acquisition of Lundin Energy745 900 - - -Merger with ABP Norway AS - - 598 563 -Foreign currency translation 6 692 - - -Impact of changes to discount rate -1 876 918 -382 458 -1 747 688 -382 458Change in estimates and provisions relating to new drilling and installations 76 911 781 566 113 006 781 566Total provision for abandonment liabilities 4 165 598 5 172 354 4 165 598 5 172 354Breakdown of the provision to short-term and long-term liabilitiesShort-term 115 202 100 863 115 202 100 863Long-term 4 050 396 5 071 491 4 050 396 5 071 491Total provision for abandonment liabilities 4 165 598 5 172 354 4 165 598 5 172 354Estimates are based on executing a concept for abandonment in accordance with the Petroleum Activities Act and international regulations and guidelines. Following the change in accounting principle as described in note 1, the nominal pre tax discount rate (risk free) at end of 2022 is between 3.9 percent and 4.7 percent, depending on the timing of the expected cash flows. The corresponding range at year-end 2021 was between 0.4 and 1.9. The calculations assume an inflation rate of 2.0 percent for all applicable periods.Climate-related risk:As described in note 4 on climate-related risk, a sensitivity analysis have been performed to show the impact on the book value of abandonment provisions as at 31 December 2022, if cease of production of fields with estimated lifetime after 2040 were accelerated by ten years. Such acceleration would result in an increase in the book value of abandonment provision of USD 539 million.Note 24 DerivativesGroupParent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Unrealized gain currency contracts 2 907 1 375 2 907 1 375Long-term derivatives included in assets 2 907 1 375 2 907 1 375Unrealized gain currency contracts 153 096 18 577 153 096 18 577Short-term derivatives included in assets 153 096 18 577 153 096 18 577Total derivatives included in assets 156 003 19 952 156 003 19 952Fair value of option related to sale of Cognite 15 995 - 15 995 -Unrealized losses currency contracts 986 2 370 986 2 370Long-term derivatives included in liabilities 16 981 2 370 16 981 2 370Unrealized losses commodity derivatives - 8 989 - 8 989Unrealized losses currency contracts 34 924 26 094 34 924 26 094Short-term derivatives included in liabilities 34 924 35 082 34 924 35 082Total derivatives included in liabilities 51 905 37 452 51 905 37 452The company has various types of economic hedging instruments, but no hedge accounting is applied. Commodity derivatives are used to hedge the risk of oil price reduction. The company currently has limited exposure towards fluctuations in interest rate, but generally manages such exposure by using interest rate derivatives. Foreign currency exchange derivatives are used to manage the company's exposure to currency risks, mainly costs in NOK, EUR and GBP. These derivatives are mark to market with changes in market value recognized in the income statement. In the income statement, impacts from commodity derivatives are presented as other income, while impacts from other derivatives are presented as financial items.As of year end 2022 the company has used currency derivatives to secure approximately NOK 42 billion in 2023 by selling USD to an average exchange rate of NOK/USD 10.02. Correspondingly, approximately NOK 6 billion in 2023 has been secured by selling EUR to an average rate of NOK/EUR 10.44. Note 25 Other current liabilitiesGroup ParentBreakdown of other current liabilities (USD 1 000)31.12.2022 31.12.2021 31.12.2022 31.12.2021Balances with license partners 43 132 48 456 43 132 48 456Share of other current liabilities in licenses 460 783 311 694 460 783 311 694Overlift of petroleum 30 922 40 044 30 922 40 044Payroll liabilities, accrued interest and other provisions 272 276 224 173 272 053 224 173Total other current liabilities 807 113 624 366 806 891 624 366Note 26 Lease agreementsThe company has entered into leases for rig contracts, other license related commitments and office premises. The leases do not contain any restrictions on the company's dividend policy or financing. To the extent the lease has been approved and committed by the partners in the relevant Aker BP operated licenses, the commitments disclosed represent Aker BP share only.Significant lease agreementsFor 2022, the group and parent had four rig commitments. This included three jack-up rigs from Maersk/Noble; now named Noble Invincible, Noble Integrator and Noble Reacher respectively. Noble Invincible was contracted by the Valhall/Hod licenses until May 2022 and is included as lease in the table below. Noble Reacher was initially hired from August 2021 on a 9 month contract. In January 2022, Noble and Aker BP entered into a rig swap agreement where Noble Reacher was to be replaced by the Noble Integrator under a new contract. The swap occurred in March 2022. Noble Reacher work scope was transferred on to Noble Integrator with an added scope estimated to complete in July 2023. This new Noble Integrator contract has thus been recognised as lease liability in 2022. In addition, we had the semi-submersible rig Deepsea Nordkapp contract with Odfjell Drilling during 2022. After the exercise of the one-year extension option in 2021, committing the Deepsea Nordkapp until June 2023, an additional option was exercised to extend the contract to include the Kobra East Gekko (KEG) scope, which is expected to last until end of Q1 2024 and will thus be recognized in the statement of financial position when commencing the KEG scope in early 2023.Under the drilling and well construction alliance agreements, Aker BP has during 2022 entered into a five-year rig commitment for the jack-up rigs Noble Integrator and Noble Invincible. Different rate structures will apply during the period reflecting different operating modes, agreed incentive schemes, and market developments. There will be different work scopes, with varying durations in the period from 2023 to 2027, including options to cancel the rigs for parts of the period. Noble Integrator is expected to commence operations in Q2 2024, while Noble Invincible is expected to commence operations in late March 2023. The semisubmersible rig Deepsea Stavanger is expected to join the Aker BP rig fleet in first half of 2025 for a five-year contract. These rigs are planned to be deployed on the upcoming Aker BP PDO projects and thus subject to governmental and license approvals.In addition, Aker BP has entered into a rig agreement with Saipem for the semisubmersible drilling rig Scarabeo 8. The contract duration is three years with two one-year options and a mechanism of rate adjustment to market rates from the third year onwards. The rig commenced with Aker BP in January 2023 and will be recognized in the statement of financial position as a lease liability in Q1 2023.The minimum commitments from the lease contracts described above that has not commenced within year end 2022, have been included as other commitments in note 27. Non-lease components such as the service element of rig commitments are not included as part of the lease debt. As at 31 December 2022 this amounts to USD 13 million.The total expenditure relating to short-term leases which are not recognized as part of lease liabilities was USD 71 million in 2022 (USD 66 million in 2021).The group does not have any residual value guarantees or variable lease payments. Extension options are included in the lease liability when, based on management's judgement, it is reasonably certain that an extension will be exercised. No such extension options are recognized as at 31 December 2022. No sublease of right-of-use assets has occured.The incremental borrowing rate applied in discounting of the nominal lease debt is between 1.78 percent and 6.90 percent, dependent on the duration of the lease and when it was intially recognized.ParentGroup(USD 1 000) 2022 2021 2022 2021Lease debt as of beginning of period 136 213 215 760 136 213 215 760New lease debt recognized in the period 33 765 5 989 54 432 5 9891)Payments of lease debt-74 068 -96 173 -67 579 -96 173Interest expense on lease debt 7 496 11 558 7 120 11 558Lease debt from acquisition of Lundin Energy 34 757 - 6 024 -Currency exchange differences -3 769 -921 -1 816 -921Total lease debt 134 393 136 213 134 393 136 213Break down of the lease debt to short-term and long-term liabilitiesShort-term 36 298 44 378 36 298 44 378Long-term 98 095 91 835 98 095 91 835Total lease debt 134 393 136 213 134 393 136 2131) Payments of lease debt split by activities (USD 1 000):2022 2021 2022 2021Investments in fixed assets 46 942 50 423 41 725 50 423Abandonment activity 751 31 715 751 31 715Operating expenditures 13 878 7 499 13 878 7 499Exploration expenditures 6 222 1 858 6 222 1 858Other income 6 275 4 678 5 003 4 678Total 74 068 96 173 67 579 96 173Nominal lease debt maturity breakdown (USD 1 000):Within one year 42 646 51 010 42 646 51 010Two to five years 87 179 68 602 87 179 68 602After five years 26 403 42 837 26 403 42 837Total 156 227 162 448 156 227 162 448See note 14 for disclosures relating to the right-of-use assetsNote 27 CommitmentsCapital commitments and other contractual obligationsAker BP`s net share of capital commitments and other contractual obligations in the table below are mainly related to unavoidable costs related to development projects, non-rig commitments not recognized as lease liabilities, rig leases not yet commenced and booked future gas transportation capacity. Parts of the rig leases have been entered into in the company\u2019s name at the initial signing, and subsequently partly allocated to licenses. The figures have been calculated based on the assumed net share for the company based on the planned use of the related leased assets as at 31 December 2022. The numbers below exclude any liabilities disclosed in note 26 in relation to right-of-use assets. Group Parent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.20211 572 0521 572 052Within one year387 894387 894714 680714 680One to five years263 283263 283283 955283 955After five years61 28861 288Total 2 570 687 712 465 2 570 687 712 465The main part of the commitments within one year in the table above relates to cancellation fees on contracts entered into in connection with the PDO's delivered in 2022GuaranteesThe company has a bank guarantee related to withheld payroll tax of NOK 300 million. Contingent liabilities During the normal course of its business, the company will be involved in disputes, including tax disputes. Potential tax claims related to previous taxable income of acquired companies can to some extent be reimbursed from the sellers. The company has made accruals for probable liabilities related to litigation and claims based on management's best judgment and in line with IAS 37 and IAS 12. As for other licenses on the NCS, the company has unlimited liability for damage, including pollution damage. The company has insured its pro rata liability on the NCS on a par with other oil companies. Installations and liability are covered by an operational liability insurance policy.Note 28 Transactions with related partiesFollowing the Lundin transacation, the three main shareholders in Aker BP is Aker Capital AS, BP Exploration Operating Company and Nemesia S.a.r.l, which are all considered to have significant influence over Aker BP. An overview of the 20 largest shareholders is provided in note 21. Aker BP has no transactions with entities controlled by Nemesia. Entities controlled by either of the Aker Group or BP Group are considered to be related parties under IFRS and are listed in the table below. The figures listed represent net charges to Aker BP. As desribed in note 3, certain subsidaries of Aker BP following the Lundin transaction have been merged with Aker BP ASA during 2022. The group internal transactions listed below (i.e. figures in the parent column only) represent transactions for the period before the mergers. GroupParentRelated party (USD 1 000)Revenues (-) / expenses (+) 31.12.2022 31.12.2021 31.12.2022 31.12.2021ABP Norway AS Interest cost - - 9 152 -ABP Norway AS Interest income - - -7 445 -ABP Norway ASOperating expenses - - 18 539 -1)ABP Norway ASRecharges- - -52 531 -ABP Energy Holding BV Interest cost - - 1 231 -Purchases of consultant and 5 111 880 5 111 880aiZe AStechnology servicesAker ASA Board remuneration etc 904 632 904 632Aker Insurance Services AS Insurances 1 099 11 1 099 11Purchases of consultant and 35 1 243 35 1 243Aker Offshore Wind operating Companyengineering servicesPurchases of consultant and IT 7 046 15 273 7 018 15 2732)Cognite ASservicesLily Akerkvartalet AS Office cost 535 332 535 3323)Platform supply vessel leases 3 853 3 853OCY Frayja Limited3)Platform supply vessel leases 3 853 3 853OCY Orla LimitedOther Aker Group Companies Other operating expenses 469 239 469 239BP Oil International Sales of Oil and NGL -8 796 575 -4 280 791 -5 707 486 -4 280 791BP Gas Marketing Sales of Gas -2 819 700 -1 055 588 -2 956 511 -1 055 588Other BP Group Companies Other operating expenses 419 344 419 344Group ParentRelated party (USD 1 000)Receivables (+) / liabilities (-) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Aker BP UK LtdOther receivables - - 6 225 3 1292)Trade creditors -166 -1 991 -166 -1 991Cognite ASBP Oil International Ltd. Trade debtors 838 468 360 600 400 360 360 600Other related parties Trade creditors -161 -489 -161 -4891) The figure represents total gross charges related to personnel employed by Aker BP ASA working for ABP Norway AS. These charges have been allocated to various licenses and corporate activity based on timewriting. 2) As described in note 19 Aker BP sold its share in Cognite during 2022. Due to the continuing involvement arising from the put option arrangement, the transactions with Cognite is still considered to be within related parties.3) These entities are not deemed related parties to Aker BP ASA from September 2021.Note 29 Financial instrumentsCapital structure and equity The main objective of the company's management of the capital structure is to maximize return to the owners by ensuring competitive conditions for both the company's own capital and borrowed capital.The company is rated by S&P Global, Fitch and Moody's. The investment grade rating assigned by all three rating agencies continue to provide access to capital markets, including bank and bond financing, at attractive terms. The company's production level, financial position and resource and reserve levels are important parameters in relation to the assigned rating. The company continues to optimize its capital structure by balancing the return on equity against liquidity requirements.The company monitors changes in financing needs, risk, assets and cash flows, and evaluates the capital structure continuously. To maintain the desired capital structure, the company considers various types of capital transactions, including refinancing of its debt, purchase or issue new shares or debt instruments, sell assets or pay back capital to the owners.Unless specified otherwise, the numbers below apply both to the group and the parent. Categories of financial assets and liabilities The company has the following financial assets and liabilities: financial assets and liabilities recognized at fair value through profit or loss, cash and receivables, and other liabilities. The latter two are recognized in the accounts at amortized cost, while the first item is recognized at fair value.Categories of financial assets and financial liabilities - Group and ParentFinancial assets Financial liabilities Financial assets at fair value measured at Financial liabilities at fair value through measured at 31.12.2022through profit and lossamortized costprofit and lossamortized costTotalAssetsTrade receivables - 950 942 - - 950 9421) Other short-term receivable- 562 257 - - 562 257Cash and cash equivalents - 2 756 012 - - 2 756 012Long-term receivables 10 974 158 554 - - 169 528Derivatives 156 003 - - - 156 003Total financial assets 166 978 4 427 765 - - 4 594 742LiabilitiesDerivatives - - 51 905 - 51 905Trade creditors - - - 133 875 133 875Bonds - - - 5 279 164 5 279 164Other short-term liabilities - - - 807 113 807 113Total financial liabilities - - 51 905 6 220 152 6 272 0561) Prepayments are not included in other short-term receivables, as they do not meet the definition of financial instruments.Financial assets Financial liabilities Financial assets at fair value measured at Financial liabilities at fair value through measured at 31.12.2021through profit and lossamortized costprofit and lossamortized costTotalAssetsTrade receivables - 366 785 - - 366 7851)Other short-term receivables- 454 724 - - 454 724Cash and cash equivalents - 1 970 906 - - 1 970 906Derivatives 19 952 - - - 19 952Total financial assets 19 952 2 792 415 - - 2 812 367LiabilitiesDerivatives - - 37 452 - 37 452Trade creditors - - - 147 366 147 366Bonds - - - 3 576 735 3 576 735Other short-term liabilities - - - 624 366 624 366Total financial liabilities - - 37 452 4 348 467 4 385 9201) Prepayments are not included in other short-term receivables, as they do not meet the definition of financial instruments.Financial risk The company has financed its activities with bonds (see note 22) and has an undrawn revolving credit facility with a syndication of banks (see note 20). In addition, the company has financial instruments such as trade receivable, trade creditors, cash balances etc., directly related to its day-to-day operations. For hedging purposes, the company has different types of economic hedging instruments, but no hedge accounting is applied. Commodity derivatives are used to hedge the risk for lower oil prices. Foreign currency exchange derivatives are used in order to reduce currency risk related to cash flows. For the year 2022 all outstanding debt hold fixed rate coupons. The group currently has limited exposure towards fluctuations in interest rate, but generally manages such exposure by using interest rate derivatives.The most important financial risks which the company is exposed to relate to lower oil and gas prices, change in foreign exchange rates and access to cost efficient funding.The company's risk management, including financial risk management, is designed to ensure identification, analysis and systematic and cost-efficient handling of risk. Established management procedures provide a sound basis for reporting and monitoring of the company's financial risk exposure. (i) Commodity price riskAker BP's revenues are derived from the sale of petroleum products, and the revenue flow is therefore exposed to oil and gas price fluctuations. The company is continuously evaluating and assessing opportunities for hedging as part of a prudent financial risk management process. The company had no commodity derivatives exposure per 31 December 2022.(ii) Currency riskRevenues from sale of petroleum and gas are mainly in USD, EUR and GBP, while expenditures are mainly in NOK, USD, EUR and GBP. Sales and expenses in the same currency contribute to mitigating some of the currency risk. Currency derivatives may be used to further reduce this risk.The table below shows the company's exposure in NOK as of 31 December:Exposure relating to (USD 1 000)31.12.2022 31.12.2021Tax receivables, cash and cash equivalents and receivables 260 014 192 622Trade creditors, tax payable, leasing liability and other short-term liabilities -5 397 320 -2 038 762Net exposure to NOK -5 137 306 -1 846 140The amounts above does not include tax balances in NOK, as they are not deemed to be financial instruments. The company's management of currency risk takes into account the USD values of non-USD assets, liabilities, opex and investments over time, including those exposures arising from the requirement to perform the tax calculation in NOK while the company's functional currency is USD.The table below shows the impact on profit/loss from changes in NOK/USD exchange rate. (USD 1 000) Change in exchange rate 31.12.2022 31.12.2021Effect on pre-tax profit/loss: + 10% 56 215 25 423- 10% -68 707 -31 072The sensitivity above includes the impact from currency derivatives. In 2022 the company had EUR/USD exposure related to bond, cash and cash equivalents and receivables from gas sales. As the Senior Notes bond is EUR denominated, there is currency risk associated with the translation to the company\u2019s USD functional currency and the cash payments of interest and principle amounts, though EUR denominated gas sales and EUR Time Deposit mitigate the risks associated with payments.The table below shows the company's exposure in EUR as of 31 December:Exposure relating to (USD 1 000)31.12.2022 31.12.2021Cash and cash equivalents and receivables 1 407 531 332 143Bond, trade creditors and other short-term liabilities -861 069 -849 375Net exposure to EUR 546 462 -517 232The table below shows the impact on profit/loss from changes in EUR/USD exchange rate for the EUR bond, cash and cash equivalents and receivables. (USD 1 000) Change in exchange rate 31.12.2022 31.12.2021Effect on pre-tax profit/loss: + 10% -49 678 47 019- 10% 60 718 -57 473In 2022 the company had GBP/USD exposure related cash and cash equivalents and receivables from gas sales.The table below shows the company's exposure in GBP as of 31 December:1)Exposure relating to (USD 1 000)31.12.202231.12.2021Cash and cash equivalents and receivables 402 116Trade creditors and other short-term liabilities -22 535Net exposure to GBP 379 582The table below shows the impact on profit/loss from changes in GBP/USD exchange rate for cash and cash equivalents and receivables.1)(USD 1 000) Change in exchange rate 31.12.202231.12.2021Effect on pre-tax profit/loss: + 10% -34 508- 10% 42 1751) Deemed immaterial in 2021The company is also exposed to changes in other exchange rates, but the amounts are deemed immaterial. (iii) Interest-rate riskIn 2022, the company had no oustanding debt liabilities exposed to floating interest rate risk, which is unchanged from 2021. The company is relatively limited exposed to interest-rate risk related to cash and cash equivalents. The terms of the company's debt instruments are described in notes 22. For all the relevant material financial agreements, Aker BP has in place new benchmark rates or a fallback clause to cater for the discontinuation of IBOR rates. The IBOR reform did not have any current impact on Aker BP and is not expected to significantly affect future periods. All our bonds are at fixed interest rate, and the RCF is currently undrawn. Further, the fallback to SOFR rates adjusted for applicable credit adjustment spread after June 2023 is not expected to materially differ from the IBOR rate.(iv) Liquidity risk/liquidity managementThe company's liquidity risk is the risk that it will not be able to meet its financial obligations as they fall due.Short-term (12 months) and long-term (five years) forecasts are prepared on a regular basis to plan the company's liquidity requirements. These plans are updated regularly for various scenarios and form part of the decision basis for the company's management and Board of Directors. Excess liquidity is defined as the sum of bank account balances, short-term bank deposits and unused credit facilities. For excess liquidity, the requirement for low liquidity risk (i.e. the risk of realization on short notice) is generally more important than maximizing the return.The company's objective for the placement and management of excess capital is to maintain a low risk profile and good liquidity. The company's liquid assets as of 31 December 2022 are deposited in bank accounts and on short term time deposits with banks. As of 31 December 2022, the group had cash reserves of USD 2 756 million (2021: USD 1 971 million). Revenues and expenses are carefully managed on a day-to-day basis for liquidity risk management purposes. The table below shows the payment structure for the company's financial commitments, based on undiscounted contractual payments. For the corresponding information on lease debt, reference is made to note 26.Contract related cash flow31.12.2022 Book value 1-2 years 2-5 years over 5 years SUMLess than 1 yearNon-derivative financial liabilities:Bonds 5 279 164 156 999 156 999 2 391 936 3 890 949 6 596 884Trade creditors and other liabilities 940 988 940 988 - - - 940 988Derivative financial liabilitiesDerivatives 51 905 34 924 16 981 - - 51 905Total as of 31.12.2021 6 272 056 1 132 911 173 980 2 391 936 3 890 949 7 589 776Contract related cash flow31.12.2021 Book value 1-2 years 2-5 years over 5 years SUMLess than 1 yearNon-derivative financial liabilities:Bonds 3 576 735 106 563 106 563 1 290 002 2 894 690 4 397 818Trade creditors and other liabilities 771 732 771 732 - - - 771 732Derivative financial liabilitiesDerivatives 37 452 35 082 2 370 - - 37 452Total as of 31.12.2020 4 385 920 913 378 108 933 1 290 002 2 894 690 5 207 003(v) Credit risk The risk of counterparties being financially incapable of fulfilling their obligations is regarded as minor as there have not historically been any losses on trade receivable. The company's customers and license partners are generally large and credit worthy oil companies, and it has thus not been necessary to make any provision for credit losses.In the management of the company's liquid assets, low credit risk is prioritized. Liquid assets are generally placed in bank deposits that represent a low credit risk. All investments are subject to internal policy that requires a rating equivalent to A-2 from S&P and limits investment with a single counterparty.The maximum credit risk exposure corresponds to the book value of financial assets. The company deems its maximum risk exposure to correspond with the book value of cash and cash equivalents, accounts receivable and other short-term receivables, see notes 16, 17 and 20. Determination of fair value The fair value of forward exchange contracts is determined using the forward exchange rate at the end of the reporting period. The fair value of commodity derivatives is determined using the forward Brent blend curve at the end of the reporting period. The fair value of interest rate swaps and cross currency interest rate swaps is determined by using the expected floating interest rates at the end of the period and is confirmed by external market sources. See note 24 for detailed information about the derivatives.The following of the company's financial instruments have not been valued at fair value: trade debtors, other short-term receivables, long-term receivables, and other short-term liabilities and bonds. The carrying amount of cash and cash equivalents is approximately equal to fair value, since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivable, other receivables, trade creditors and other short-term liabilities is materially the same as their fair value as they are entered into on ordinary terms and conditions.The Senior Notes are all listed on The Luxembourg Stock Exchange. The fair values for disclosure purposes are determined using the quoted value as of 31 December 2022.The following is a comparison between the book value and fair value of the company's financial instruments, except those where the carrying amount is a reasonable approximation of fair value (such as short-term trade receivables and payables in addition to instruments measured to fair value).31.12.2022 31.12.2021Fair value of financial instruments (USD 1 000)Book value Fair value Book value Fair valueFinancial liabilities measured at amortized cost: Bonds 5 279 164 4 829 678 3 576 735 3 752 778Total financial liabilities 5 279 164 4 829 678 3 576 735 3 752 778Fair value hierarchyThe company classifies fair value measurements by employing a value hierarchy that reflects the significance of the input used in preparing the measurements. The fair value hierarchy consists of the following levels:Level 1 - input in the form of listed (unadjusted) prices in active markets for identical assets or liabilities.Level 2 - input other than listed prices of assets and liabilities included in Level 1 that is observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).Level 3 - input for assets or liabilities for which there is no observable market data (non-observable input). The company has no assets or liabilities in Level 3.31.12.2022Financial instruments recognized at fair value (USD 1 000)Level 1 Level 2 Level 3Financial assets or liabilities measured at fair value with changes in value recognized through profit or loss1)Long-term receivables- - 10 9742)Derivatives- 120 093 -15 99531.12.2021Financial instruments recognized at fair value (USD 1 000)Level 1 Level 2 Level 3Financial assets or liabilities measured at fair value with changes in value recognized through profit or lossDerivatives - -17 501 -1) The sale of 2.6 percent of Johan Sverdrup during 2019 (made by Lundin) included a contingent consideration based on future reserve reclassifications and is due in 2026, The valuation is considered level 3 in the fair value hierarchy.2) The level 3 figure relates to the put option granted to the buyer of the shares in Cognite AS, as described in note 19. The valuation is considered level 3 in the fair value hierarchy due to the significance of unobservable market data in the valuation. In the course of the reporting period, there were no changes in the fair value measurements that involved any transfers between levels. Reconciliation of cash flows from financing activitiesThe table below shows a reconciliation between the opening and the closing balances in the statement of financial position for liabilities arising from financing activities.Non-cash changesAmortization and 1)2)31.12.2021 Cash flows Currencyinterest expenseOther31.12.2022Bonds 3 576 735 - 25 880 -49 425 1 725 974 5 279 164Other interest-bearing debt (RCF) - -601 050 - - 601 050 -Interest -53 011 -156 465 134 485 - - -74 991Lease debt136 213 -66 572 - -3 769 68 522 134 393Paid dividends -1 005 731 - - -Treasury shares -8 623 1 524 - - - -7 099Totals 3 651 314 -1 828 294 160 364 -53 194 2 395 546 5 331 4671) Amortization of Bonds in Parent was USD 14.7 million.2) Other includes transfer of bonds and other interest bearing debt to Aker BP in connection with the Lundin transactionNon-cash changesAmortization and 1)31.12.2020 Cash flows Currencyinterest expenseOther31.12.2021Bonds 3 968 566 -383 169 14 658 -61 725 38 405 3 576 735Other interest-bearing debt (RCF) - -7 675 - - - -Interest -46 887 -151 085 144 961 - - -53 011Lease debt215 760 -84 615 - -921 5 989 136 213Paid dividends - -487 500 - - -Treasury shares -28 -8 595 - - - -8 623Totals 4 137 411 -1 122 640 159 619 -62 646 44 394 3 651 3141) Other repesents early redemption fee of bond and discount on new bond.Note 30 Investments in joint operationsFields operated: 31.12.2022 31.12.2021 Fields operated: 31.12.2022 31.12.2021Alvheim80.000 %65.000 % Tambar55.000 %55.000 %B\u00f8yla80.000 %65.000 %Tambar \u00d8st46.200 %46.200 %Edvard Grieg65.000 %0.000 % Ula80.000 %80.000 %Hod90.000 %90.000 % Valhall90.000 %90.000 %Ivar Aasen Unit36.171 %34.786 % Vilje46.904 %46.904 %Skogul65.000 %65.000 % Volund100.000 %65.000 %Skarv23.835 %23.835 % Volve50.000 %0.000 %Solveig65.000 %0.000 %\u00c6rfugl Nord30.000 %30.000 %Production licenses in which Aker BP is the operator:License: 31.12.2022 31.12.2021 License: 31.12.2022 31.12.2021PL 001B35.000 %35.000 % PL 212E30.000 %30.000 %PL 006B90.000 %90.000 % PL 24235.000 %35.000 %PL 01980.000 %80.000 % PL 26170.000 %60.000 %PL 019E80.000 %80.000 % PL 261C23.835 %23.835 %PL 019F55.000 %55.000 % PL 26230.000 %30.000 %PL 02687.700 %87.700 % PL 30055.000 %55.000 %PL 026B87.700 %87.700 % PL 33377.800 %77.800 %PL 028B35.000 %35.000 % PL33865.000 %0.000 %PL 03390.000 %90.000 % PL338BS50.000 %0.000 %PL 033B90.000 %90.000 % PL338C80.000 %0.000 %PL 036C80.000 %65.000 % PL338DS65.000 %0.000 %PL 036D46.904 %46.904 % PL 338E80.000 %0.000 %PL 036E61.260 %48.420 % PL 34080.000 %65.000 %PL 036F61.260 %48.420 % PL 340BS80.000 %65.000 %PL 06555.000 %55.000 % PL 35965.000 %0.000 %PL 065B55.000 %55.000 % PL 36487.700 %87.700 %PL 088BS80.000 %65.000 % PL 44287.700 %87.700 %PL 102D50.000 %44.000 % PL 442B87.700 %87.700 %PL 102F61.260 %48.420 % PL 442C87.700 %87.700 %PL 102G61.260 %48.420 % PL 46065.000 %65.000 %PL 102H50.000 %44.000 % PL 492100.000 %40.000 %PL 127C68.083 %88.083 % PL 50137.384 %0.000 %PL 127DS88.083 %0.000 % PL 501B37.384 %0.000 %PL 14677.800 %77.800 % PL 60955.000 %0.000 %PL 146B77.800 %77.800 % PL 609B55.000 %0.000 %PL 150100.000 %65.000 % PL 609D55.000 %0.000 %PL 159D23.835 %23.835 % PL 6850.000 %40.000 %PL 16750.000 %10.000 % PL 78440.000 %40.000 %PL 167B50.000 %10.000 % PL 81560.000 %0.000 %PL 167C50.000 %10.000 % PL 81840.000 %40.000 %PL 20380.000 %65.000 % PL 818B40.000 %40.000 %PL 21230.000 %30.000 % PL 822S87.700 %60.000 %PL 212B30.000 %30.000 % PL 83040.000 %0.000 %Production licenses in which Aker BP is the operator:License: 31.12.2022 31.12.2021 License: 31.12.2022 31.12.2021PL 83835.000 %35.000 % PL 105160.000 %0.000 %PL 8580.000 %40.000 % PL 105760.000 %0.000 %PL 86780.000 %80.000 % PL 106650.000 %50.000 %PL 867B80.000 %80.000 % PL 108250.000 %0.000 %PL 86980.000 %65.000 % PL 108340.000 %0.000 %PL 87347.700 %47.700 % PL 108460.000 %0.000 %PL 87487.700 %87.700 % PL 108555.000 %55.000 %PL 88660.000 %0.000 % PL 108877.800 %77.800 %PL 886B60.000 %0.000 % PL 108950.000 %0.000 %PL 90650.000 %50.000 % PL 109140.000 %0.000 %PL 914S0.000 %34.786 % PL 109250.000 %0.000 %PL 9150.000 %35.000 % PL 109460.000 %0.000 %PL 91980.000 %65.000 % PL 109550.000 %0.000 %PL 93260.000 %60.000 % PL 109770.000 %40.000 %PL 94170.000 %80.000 % PL 109940.000 %40.000 %PL 941B70.000 %0.000 % PL 110260.000 %0.000 %PL 94230.000 %30.000 % PL 111040.000 %40.000 %PL 97640.000 %0.000 % PL 112423.835 %23.835 %PL 97960.000 %60.000 % PL 113335.000 %0.000 %PL 9860.000 %50.000 % PL 113435.000 %0.000 %PL 100540.000 %40.000 % PL 113940.000 %0.000 %PL 100890.000 %90.000 % PL114170.000 %0.000 %PL 10260.000 %40.000 % PL114282.060 %0.000 %PL 10280.000 %50.000 % PL114382.060 %0.000 %PL 103240.000 %0.000 % PL114440.000 %0.000 %PL 104170.000 %55.000 % PL 115340.000 %0.000 %PL 104240.000 %40.000 % PL 115760.000 %0.000 %PL 104580.000 %65.000 % PL 115840.000 %0.000 %PL 1045B80.000 %65.000 % PL 116250.000 %0.000 %PL 10470.000 %40.000 % PL 116440.000 %0.000 %PL 104850.000 %0.000 % PL 117035.000 %0.000 %Number of licenses in which Aker BP is the operator 120 84 Fields non-operated: 31.12.2022 31.12.2021Atla10.000 %10.000 %Enoch2.000 %2.000 %Johan Sverdrup31.573 %11.573 %Oda15.000 %15.000 %Production licenses in which Aker BP is a partner:License: 31.12.2022 31.12.2021 License: 31.12.2022 31.12.2021PL 006C35.000 %35.000 % PL 89410.000 %0.000 %PL 006E0.000 %15.000 % PL 89630.000 %0.000 %PL 006F0.000 %15.000 % PL 91740.000 %0.000 %PL 03550.000 %50.000 % PL 917B40.000 %0.000 %PL 035C50.000 %50.000 % PL 92910.000 %0.000 %PL 048D10.000 %10.000 % PL 93520.000 %0.000 %PL 102C10.000 %10.000 % PL 94320.000 %10.000 %PL 12750.000 %50.000 % PL 95620.000 %0.000 %PL 127B0.000 %50.000 % PL 96830.000 %20.000 %PL 211CS15.000 %0.000 % PL 9810.000 %40.000 %PL 22015.000 %15.000 % PL 98530.000 %20.000 %PL 229E50.000 %0.000 % PL 98930.000 %0.000 %PL 229G50.000 %0.000 % PL 104030.000 %30.000 %PL 26527.384 %20.000 % PL 10520.000 %20.000 %PL 27250.000 %50.000 % PL 10540.000 %30.000 %PL 272B50.000 %50.000 % PL 106420.000 %20.000 %PL 272C50.000 %0.000 % PL 10690.000 %50.000 %PL 40515.000 %15.000 % PL 108750.000 %0.000 %PL 457BS40.000 %40.000 % PL 109030.000 %0.000 %PL 50222.222 %22.222 % PL 110440.000 %0.000 %PL 5330.000 %35.000 % PL 110620.000 %0.000 %PL 53735.000 %0.000 % PL 112220.000 %20.000 %PL 537B35.000 %0.000 % PL 112330.000 %30.000 %PL 55430.000 %30.000 % PL 112630.000 %0.000 %PL 554B30.000 %30.000 % PL 112930.000 %0.000 %PL 554C30.000 %30.000 % PL 113120.000 %0.000 %PL 554D30.000 %30.000 % PL 113830.000 %0.000 %PL 7220.000 %20.000 % PL 114040.000 %0.000 %PL 782S20.000 %20.000 % PL 114540.000 %0.000 %PL 782SB20.000 %20.000 % PL 114720.000 %0.000 %PL 782SC20.000 %20.000 % PL 114930.000 %0.000 %PL 782SD20.000 %20.000 % PL 115120.000 %0.000 %PL 820S41.000 %0.000 % PL 115250.000 %0.000 %PL 820SB41.000 %0.000 % PL 115430.000 %0.000 %PL 838B30.000 %30.000 % PL 116320.000 %0.000 %PL 8920.000 %30.000 % PL 116540.000 %0.000 %Number of licenses in which Aker BP is a partner 62 39 Note 31 Events after the balance sheet dateOn 23 February 2023, Aker BP disbursed USD 347.6 million in dividend to shareholders. In March 2023, it was decided to not accede the PDO for the Troldhaugen project. This will likely lead to an impairment charge of the book value related to the project of approximately USD 90 million on a pre-tax basis, which will be recognized in Q1 2023.",
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"value": "The acquisition of the Lundin Energy\u2019s oil and gas business (\u201cLundin Energy\u201d) was completed on 30 June 2022. The activity of Lundin Energy has been fully reflected in the financial statements from 30 June 2022, including effects from the fair value adjustment of Lundin Energy in line with IFRS 3, as described in note 2 At year end 2022 all legal entities acquired in the Lundin transaction were either liquidated or merged into Aker BP ASA. See note 3 for more information about subsidiaries.The financial statements were approved by the Board of Directors on 15 March 2023 and will be presented for approval at the Annual General Meeting on 14 April 2023.",
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"value": "The financial statements were approved by the Board of Directors on 15 March 2023 and will be presented for approval at the Annual General Meeting on 14 April 2023.",
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"value": "NOTE 1: SUMMARY OF IFRS ACCOUNTING POLICIES1.2 Functional currency and presentation currencyThe presentation currency in the Group\u2019s consolidated financial statements is United States Dollars (\u201cUSD\u201d). The parent company of the Group, Aker BP ASA, has USD as its functional currency as most revenue and financing are in USD and represents the primary economic environment in which the entity operates. Balance sheet items of subsidiaries in other functional currencies are translated into the presentation currency, USD, according to the exchange rates prevailing on the balance sheet date, while profit or loss items are translated according to average quarterly exchange rates for the relevant quarters.In all material respects, the activity of Lundin Energy has been conducted in the legal entity ABP Norway AS (previously Lundin Energy Norway AS), which had NOK as its functional currency. In line with accounting guidance, the related purchase price allocation (PPA) has been fixed in NOK accordingly, and thus given rise to foreign currency translation in the group accounts recognized in the statement of comprehensive income during the second half of 2022. At 31 December 2022, ABP Norway AS merged with Aker BP ASA, meaning that the mentioned impact on comprehensive impact will cease from 1 January 2023.Successful Effort Method - explorationExpenses relating to the drilling of exploration wells are temporarily recognized in the Statement of financial position as capitalized exploration expenditures, pending an evaluation of potential oil and gas discoveries. If resources are not discovered, or if recovery of the resources is considered technically or commercially unviable, the costs of exploration wells are expensed. Judgments as to whether this expenditure should remain capitalized or be expensed at the reporting date may materially affect the operating result for the periodDecommissioning and removal obligationsThe company has obligations to decommission and remove offshore installations at the end of their production period. Obligations associated with decommissioning and removal of long-term assets are recognized at present value of future expenditures at the date they are expected to be incurred. At the initial recognition of an obligation, the estimated cost is capitalized as property, plant and equipment and depreciated over the useful life of the asset (typically by application of the unit-of-production method). There is significant future uncertainty in the estimate of costs for decommissioning and removal, as these estimates are based on currently applicable laws and regulations, and existing technologies. Many decommissioning and removal activities will take place many decades in the future, and the technology and related costs are expected to evolve in this time. The estimates include costs based on expected removal concepts using existing technology and estimated costs of maritime operations, hiring of single-lift and heavy-lift barges and drilling rigs. As as result, there may be significant adjustments to the estimates of decommissioning liabilities and associated assets that can affect future financial results. Changes in the estimated decommissioning liabilities are booked towards property, plant and equipment. See note 23 \u2018Provision for abandonment liabilities\u2019 for further details about decommissioning and removal obligations.1.4 Foreign currency transactions Transactions and balancesTransactions denominated in foreign currencies are translated using the exchange rate on the transaction date. Monetary items denominated in foreign currencies in the Statement of Financial Position are translated using the exchange rates at the reporting date. Foreign exchange gains and losses are recognized as incurred. Non-monetary items that are measured at historical costs in a foreign currency are translated using the exchange rates on the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rate on the date when the fair value is determined.1.5 Revenue recognition Revenue from the sale of liquids or gas is recognised at the point in time when the company\u2019s contractual performance obligations have been fulfilled and control is transferred to the customer, which will ordinarily be at the point of delivery when title passes (sales method). This is normally at the time of loading oil or NGL on vessels used for transport, or at agreed point of delivery for dry gas.There is no significant judgement applying IFRS 15 \u2018Revenue from contracts with customers\u2019 to the company\u2019s revenue generating contracts.Changes in over/underlift balances are valued at production cost including depreciation and presented as an adjustment to cost. See note 7 for further details. Gains or losses on asset disposals as described in section 1.9 are included in other operating income. Tariff revenue from processing of oil and gas is recognized as earned in line with underlying agreements.1.6 Interests in licenses and partnerships IFRS defines a joint arrangement as an arrangement over which two or more parties have joint control. Joint control is the contractually agreed sharing of control which exists only when decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control. The company has interests in licenses on the Norwegian Continental Shelf. Under IFRS 11 Joint Arrangements, a joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. The company recognizes investments in joint operations (oil and gas production licenses) by reporting its share of related revenues, expenses, assets, liabilities and cash flows under the respective items in the company\u2019s financial statements. For those licenses that are not deemed to be joint arrangements pursuant to the definition in IFRS 11 as there is no joint control, the company recognizes its share of related expenses, assets, liabilities and cash flows on a line-by-line basis in the financial statements by analogy to IFRS 11 and in accordance with applicable IFRSs.1.7 Classification in statement of financial position Current assets and current liabilities include items that fall due for payment less than a year from the end of the reporting period and items relating to the ordinary business cycle. The following year\u2019s instalments on long-term liabilities are classified as current liabilities. Financial investments in shares are classified as current assets, while strategic investments are classified as non-current assets.1.8 Business combinations and goodwill In order to consider an acquisition as a business combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and substantive processes applied to these inputs that have the ability to create outputs. Amendments to IFRS 3 effective in January 2020 introduce a new optional \u2018concentration test\u2019 which may result in a business combination being accounted for as an asset acquisition if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group or similar identifiable assets.Acquired businesses are included in the financial statements from the transaction date. The transaction date is defined as the date on which the company obtains control over the financial and operating assets. This date may differ from the actual date on which the assets are transferred. For accounting purposes, the acquisition method is applied to the purchase of businesses. Acquisition cost equals the fair value of consideration, including contingent consideration, equity instruments issued and liabilities assumed in connection with the transfer of control. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identifiable intangible assets are regognized in connection with acquisitions if they can be separated from other assets or meet the legal contractual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets (when the acquiring entity achieves control of the transferring entity), goodwill arises. In a business combination, if the fair value of the net identifiable assets acquired exceeds the acquisition cost on the acquisition date, the excess amount is taken to the Income statement immediately. In a business combination, goodwill is allocated to the CGUs or groups of CGUs that are expected to benefit from synergies of the acquisition. The allocation of goodwill may vary depending on the basis for its initial recognition. The majority of the company\u2019s goodwill is related to the requirement to recognize deferred tax for the difference between the assigned fair values and the related tax base (\u201ctechnical goodwill\u201d). The fair value of the company\u2019s licenses, all of which are located on the Norwegian Continental Shelf, are based on cash flows after tax. This is because these licenses are only sold in an after-tax market based on the tax carry-over principles pursuant to the Petroleum Taxation Act section 10. The purchaser is therefore not entitled to a tax deduction for the consideration paid over and above the seller\u2019s tax values. In accordance with IAS 12 paragraphs 15 and 24, a provision is made for deferred tax corresponding to the difference between the acquisition cost and the transferred tax depreciation basis. The offsetting entry to this deferred tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax. Technical goodwill is tested for impairment separately for each CGU which give rise to the technical goodwill. A CGU may be individual oil fields, or a group of oil fields that are connected to the same infrastructure/production facilities. The estimation of fair value and goodwill may be adjusted up to 12 months after the acquisition if new information has emerged about facts and circumstances that existed at the time of the acquisition and which, had they been known, would have affected the calculation of the amounts recognized.Acquisition-related costs, except costs to issue related debt or equity securities, are expensed as incurred.1.9 Acquisitions, sales and license swaps On acquisition of a license that involves the right to explore for and produce petroleum resources, it is considered in each case whether the acquisition should be treated as a business combination (see Item 1.8) or an asset purchase. Generally, purchases of licenses in a development or production phase will be regarded as a business combination. Other license purchases regarded as asset purchases are described below.Oil and gas production licensesFor licenses in the development phase, the acquisition cost is allocated between capitalized exploration expenses, license rights and production plant.When entering into agreements regarding the purchase/swap of assets, the parties agree on an effective date for the takeover of the net cash flow (usually 1 January in the calendar year which would also normally be the effective date for tax purposes). In the period between the effective date and the completion date, the seller will include its sold share of the license in the financial statements. In accordance with the purchase agreement, there is a settlement with the seller of the net cash flow from the asset in the period from the effective date to the completion date (pro & contra settlement). The pro & contra settlement will be adjusted to the seller\u2019s losses/gains and to the assets for the purchaser, in that the settlement (after a tax reduction) is deemed to be part of the consideration in the transaction. Revenues and expenses from the relevant license are included in the purchaser\u2019s Income statement from the acquisition date, as defined in 1.8 above. For tax purposes, the purchaser will include the net cash flow (pro & contra) and any other income and costs as from the effective date. Deferred tax is not recognized when acquiring licenses that are defined as asset acquisitions. Farm-in agreementsFarm-in agreements are usually entered into in the exploration phase and are characterised by the transferor waiving future financial benefits in the form of reserves, in exchange for reduced future financing obligations. For example, a license interest is taken over in return for a share of the transferor\u2019s expenses relating to the drilling of a well. In the exploration phase, the company normally accounts for farm-in agreements on a historical cost basis, as the fair value cannot be reliably determined. SwapsSwaps of assets are calculated at the fair value of the asset being surrendered, unless the transaction lacks commercial substance, or neither the fair value of the asset received, nor the fair value of the asset surrendered, can be reliably measured. In the exploration phase, the company normally recognizes swaps based on historical cost, as the fair value cannot be reliably measured.1.10 Unitizations According to Norwegian law, a unitization is required if a petroleum deposit extends over several production licenses and these production licenses have different ownership interests. Consensus must be achieved with regard to the most beneficial coordination of the joint development and ownership distribution of the petroleum deposit. A unitization agreement shall be approved by the Ministry of Petroleum and Energy.The company normally recognizes unitizations in the exploration phase based on historical cost, as the fair value cannot be reliably measured. For unitizations involving licenses outside the exploration phase, it has to be considered whether the transaction has commercial substance. If so, the unitization is recognized at fair value.1.11 Tangible fixed assets and intangible assets GeneralTangible fixed assets are recognized on a historical cost basis. The book value of tangible fixed assets consists of acquisition cost net of accumulated depreciation and impairment losses.Operating assets related to petroleum activitiesExploration and development costs relating to oil and gas fieldsCapitalized exploration expenditures are classified as intangible assets and reclassified to tangible assets at the start of development. For accounting purposes, the field is considered to enter the development phase when the technical feasibility and commercial viability of extracting hydrocarbons from the field are demonstrable, normally at the time of concept selection. All costs relating to the development of commercial oil and/or gas fields are recognized as tangible assets. Pre-operational costs are expensed as they are incurred. The company employs the \u2019successful efforts\u2019 method to account for exploration and development costs. All exploration costs (including seismic shooting, seismic studies and \u2018own time\u2019), with the exception of acquisition costs of licenses and drilling costs for exploration wells, are expensed as incurred. When exploration drilling is ongoing in a period after the reporting date and the result of the drilling is subsequently not successful, the capitalized exploration cost as of the reporting date is expensed if the evaluation of the well is completed before the date when the financial statements are authorized for issue. Drilling cost for exploration wells are temporarily capitalized pending the evaluation of potential discoveries of oil and gas resources. Such costs can remain capitalized for more than one year. The main criteria is that there must be plans for future activity in the license area or that a development decision is expected in the near future. If no resources are discovered, or if recovery of the resources is considered technically or commercially unviable, expenses relating to the drilling of exploration wells are charged to expense.Acquired license rights are recognized as intangible assets at the time of acquisition. Acquired license rights related to fields in the exploration phase remain as intangible assets also when the related fields enter the development or production phase.Ordinary repair and maintenance costs relating to day-to-day operations are charged to the Income statement in the period in which they are incurred.Gains and losses relating to the disposal of assets are determined by comparing the selling price with the book value, and are included in other operating income/expenses on a post tax basis. Assets held for sale are measured at the lower of the book value and the fair value less cost to sell.Depreciation of oil and gas fieldsCapitalized exploration and evaluation expenditures, development expenditures from construction, installation or completion of infrastructure facilities such as platforms, pipelines and production wells, and field-dedicated transport systems for oil and gas are capitalized as production facilities and are depreciated using the unit-of-production method based on proven and probable developed reserves expected to be recovered from the area during the concession or contract period. Acquired assets used for the recovery and production of petroleum deposits, including license rights, are also depreciated using the unit-of-production method based on proven and probable reserves. The reserve basis used for depreciation purposes is updated at least annually. Any changes in the reserves affecting unit-of-production calculations are reflected prospectively. Depreciation of assets other than oil and gas fields, including right of use assets, is calculated using the straight-line method over estimated useful lives and adjusted for any impairment or change in residual value, if applicable.1.12 Impairment Tangible fixed assets and intangible assetsTangible fixed assets and intangible assets (including license rights, exclusive of goodwill) with a finite useful life will be assessed for potential impairment when events or changes in circumstances indicate that the book value of the assets is higher than the recoverable amount. The unit of account for assessment of impairment is based on the lowest level at which it is possible to identify cash inflows that are independent of cash inflows from other groups of fixed assets. For oil and gas assets, this is typically the field or license level. Impairment is recognized when the book value of the CGU (including any allocated goodwill) exceeds the recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less cost of disposal and value in use. When estimating value in use and fair value less cost of disposal, expected future cash flows are discounted to the net present value by applying a discount rate after tax that reflects the current market valuation of the time value of money and the specific risk related to the asset. The discount rate is derived from the Weighted Average Cost of Capital (WACC).The lifetime of the field for the purpose of impairment testing is normally determined by the point in time when the operating cash flow from the field becomes negative.For exploration licenses, impairment is based on an assessment of whether plans for further activities have been established or, if applicable, an evaluation of whether development will be decided on in the near future as described in section 1.11.A previously recognized impairment can only be reversed if changes have occurred in the estimates used for the calculation of the recoverable amount. However, the reversal cannot be to an amount that is higher than it would have been if the impairment had not previously been recognized. Such reversals are recognized in the Income statement. After a reversal, the depreciation amount is adjusted in future periods in order to distribute the asset\u2019s revised book value, minus any residual value, on a systematic basis over the asset\u2019s expected remaining life.GoodwillGoodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the value may be impaired. Impairment is recognized if the recoverable amount of the CGU (or group of CGUs) to which the goodwill is related is less than the book value, including associated goodwill and deferred tax as described in section 1.8. Losses relating to impairment of goodwill cannot be reversed in future periods. 1.13 Financial instruments The group\u2019s financial assets and liabilities comprise non-listed equity instruments, derivative financial instruments (assets and liabilities), receivables, cash and cash equivalents, payables, other short-term liabilities and non-current liabilities. The classification of financial assets and liabilities at initial recognition depends on the financial instrument\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The company has classified the financial instruments into the following categories of financial assets and liabilities: \u2013 Financial assets at fair value through profit or loss \u2013 Financial assets measured at amortized cost \u2013 Financial liabilities at fair value through profit or loss \u2013 Financial liabilities measured at amortized costsThe Group measures financial instruments at amortized cost if the following conditions are met: \u2013 The financial instrument is held within a business model with the objective to hold financial instruments in order to collect or pay contractual cash flows and, the contractual terms of the financial instrument give rise on specified dates to or requires cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial instruments at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment testing. Gains and losses are recognised in profit or loss when the instrument is derecognised, modified or impaired. The group\u2019s financial instruments at amortized cost includes trade receivables and other short-term deposits, trade payables and other current and non-current liabilities. Receivables are initially recognised at fair value less impairment losses. Accounts receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15. Cash and cash equivalents are measured at fair value, loans and borrowings and other liabilities are measured at amortised cost. Financial assets with fixed or determinable cash flows that are not quoted in an active market are classified as loans and receivables. Financial liabilities that do not form part of the \u201cheld for trading purposes\u201d category and which have not been designated as being at fair value with changes in value through profit or loss are classified as other financial liabilities. Further details on fair values of financial instruments are provided in note 29 \u2018Financial instruments\u2019.1.14 Impairment of financial assets Financial assets that are held at amortized cost are impaired when, based on objective evidence, it is likely that the instrument\u2019s cash flows have been negatively affected by one or more events that have occurred after initial recognition. In addition, the loss event must have an impact on estimated future cash flows that can be reliably estimated. The impairment is recognized in the Income statement. 1.15 Research and development Research consists of original, planned studies carried out with a view to achieving new scientific or technical knowledge or understanding, and the associated costs are expensed as incurred. Development consists of the application of information gained through research, or of other knowledge, to a plan or design for the production of new or significantly improved materials, facilities, products, processes, systems or services before commercial production or use commences. Development costs are capitalized when the underlying project is technically feasible.1.16 Presentation of payroll and administration costs The company presents its payroll and administration costs based on the functions in development, operational and exploration activities respectively, based on allocation of registered hours worked, net of amounts recharged to operated licenses.1.17 Leases At the inception of a contract, the company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.The lease liability is recognized at the commencement date and measured at the present value of the remaining lease payments, discounted using the company\u2019s incremental borrowing rate at the commencement date. The borrowing rate is derived from the terms of the company\u2019s existing credit facilities. Right-of-use (RoU) assets are depreciated over the lease term as this is ordinarily shorter than the useful life of the assets. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the company is reasonably certain to exercise this option.The company applies the exemption for short term leases (12 months or less) and low value leases. As such, related lease payments are not recognized in the balance sheet, but expensed or capitalized in line with the accounting treatment for other non-lease expenses. The inclusion of non-lease components may vary across different lease categories, but for the most material class of assets (rigs), the company has excluded the non-lease components when measuring the lease liability.The company may enter into lease contracts as an operator on behalf of a license, and may for such leases only recognize its net share of the related lease liability. Whether a contract is entered into on behalf of the license is subject to a contract specific assessment, but the general principle is that there needs to be a direct link between the lease contract and the license or field on which the RoU asset shall be used. Other lease contracts, such as offices and supply vessels not linked to specific fields, are recognized on a gross basis although the related cashflows are charged to the license partners, typically via cost pools. For such contracts, the partner\u2019s share of the cost recovered by the company are presented as other income.1.18 Trade debtors Trade debtors are recognized in the Statement of Financial Position at nominal value after a deduction for the provision for credit losses. Historically there have been no significant credit losses.1.19 Borrowing costs Borrowing costs that can be directly ascribed to procurement, processing or production of a qualifying asset are capitalized as part of the asset\u2019s acquisition cost. Borrowing cost is only capitalized during the development phase. Other borrowing costs are expensed in the period in which they are incurred. A qualifying asset is one that necessarily takes a substantial period of time to be made ready for its intended use or sale. Qualifying assets are generally those that are subject to major development or construction projects.1.20 Inventories Inventories mainly consist of equipment for the drilling of exploration and production wells and are valued at the lower of cost price (based on weighted average cost) and net realizable value. 1.21 Cash and cash equivalents Cash and cash equivalents include cash, bank deposits, and other short-term highly liquid investments with an original due date of three months or less. Bank overdrafts are included in the Statement of Financial Position as short-term loans.1.22 Interest-bearing debt All borrowings are initially recognized at transaction price, which equals the fair value of the amount received net of costs directly related to the establishment of the loan or issuance of debt. Subsequently, interest-bearing borrowings are valued at amortized cost using the effective interest method; the difference between the transaction price (after transaction costs) and the face value is recognized in the Income statement in the period until the loan falls due. Amortized costs are calculated by considering all issue costs on the settlement date, except for any discount or premium expensed immediately.1.23 Tax GeneralTax consists of tax payable and changes in deferred tax. Deferred tax/tax benefits are calculated on the basis of the differences between book value and tax basis values of assets and liabilities, with the exception of temporary differences on acquisition of licenses that are defined as asset purchases.Deferred tax is measured using the expected tax rate when the tax benefit is realised or the tax liability is met, based on tax rates and tax regulations that have been enacted or substantively enacted at the reporting date.Tax payable and deferred tax is recognized directly against equity or other comprehensive income insofar as the tax items are related to equity transactions or items of other comprehensive income.Deferred tax and tax benefits are presented net, where netting is legally permitted and the deferred tax benefit and liability are related to the same tax subject and are payable to the same tax authorities.Functional currencyThe company\u2019s functional currency is USD, while it is a statutory requirement to calculate the current tax based on NOK functional currency. This may impact the effective tax rate when the exchange rate between NOK and USD fluctuates. The revaluation of tax receivable and payable is presented as foreign exchange gain/loss, while the impact on deferred tax from revaluation of tax balances is presented as tax expense / income. Petroleum taxationAs an oil and gas company in Norway, Aker BP is subject to the special provisions of the Petroleum Taxation Act. Taxable profits from activities on the Norwegian Continental Shelf are liable to ordinary company tax and special tax. For 2021 the tax rate for general corporate tax was 22 percent and the rate for special tax was 56 percent, giving a combined tax rate of 78 percent.In June 2022, changes to the Petroleum Tax Act were enacted with effect from 1 January 2022. The combined tax rate of 78 percent is maintained, but according to the new rules the special petroleum tax (56 percent) is converted into a cash-based tax. When calculating the special petroleum tax for 2022 and onwards, companies can make immediate deductions for expenses incurred, but with no right for uplift. In addition, the corporate tax (22 percent) is deductible in the special tax base (56 percent). In order to maintain the overall tax rate of 78 percent, the special tax rate is increased to 71.8 percent [56 percent / (1-22 percent)].Tax depreciationInvestments in pipelines and production facilities can be depreciated by up to 16 2/3 percent annually, i.e., using the straight-line method over six years. Tax depreciation commences when the expenses are incurred. When a field stops producing, any remaining tax values may be deducted in that year. Changes to the Petroleum Taxation Act were enacted in June 2022 with effect from 1 January 2022. Under the new rules, investments are immediately deducted in the special tax base, while the ordinary depreciation rules still apply to the corporate tax base.In 2020, certain temporary changes were enacted in the Petroleum Tax Act. The changes included temporary rules for depreciation and uplift, whereby all investments incurred for income year 2020 and 2021 including uplift could be deducted for special tax in the year of investment. The temporary changes are also applicable for investments up to and including year of production start in accordance with new PDOs delivered within 31 December 2022 and approved within 31 December 2023.UpliftUplift is a special income deduction in the basis for calculation of special tax. Uplift is calculated on the basis of investments in pipelines and production facilities, and can be regarded as an extra depreciation deduction in the special tax regime. Uplift is recognized in the year it is deducted in the companies\u2019 tax returns, and this has a similar effect on the tax for the period as a permanent difference. The uplift rate was 5.2 percent in 2019 over a period of four years, totalling 20.8. Under the temporary tax rule enacted in 2020, the uplift is 24% for income year 2021 and can be deducted for special tax (56%) in the year of investment. As part of the introduction of new tax rules in 2022, the uplift rate for investments made under the temporary tax system has been revised to a technically adjusted level of 17.69 percent results from the fact that the marginal tax rate has increased to 71.8 percent.Financial itemsInterest on debt with associated currency losses/gains (net financial expenses on interest-bearing debt) is distributed between the offshore and onshore tax regimes. Offshore interest deduction is calculated as the net financial costs of interest-bearing debt multiplied by 50 percent of the ratio between net asset value for tax purposes allocated to the offshore tax regime as of 31 December in the income year and the average interest-bearing debt through the income year.Remaining financial expenses, currency losses and all interest income as well as currency gains are allocated to the onshore jurisdiction.Uncovered losses in the onshore tax jurisdictions resulting from the distribution of net financial items can be allocated to the offshore tax jurisdictions and deducted from regular income. Only 50 percent of other losses in the onshore tax jurisdictions are permitted to be reallocated to the offshore tax jurisdictions as deductions in regular income.Tax lossAs a consequence of the changes in the Petroleum Tax Act effective from 1 January 2022, the cessation refund is no longer applicable. However, companies subject to special tax may, without time limitations, carry forward corporate losses. Special petroleum tax losses are reimbursed by the state in the following year as part of the ordinary tax assessment. The tax position can be transferred on realisation of the company or merger. 1.24 Employee benefits Pension schemesThe company complies with the requirement to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d). The company makes contributions to the pension plan for full-time employees equal to 7 percent for salary up to 7.1 G and 25.1 percent between 7.1 and 12 G. The pension premiums are charged to expenses as they are incurred.An early retirement scheme (AFP) has been introduced for all employees. The scheme is a multi-employer defined benefit plan, but is accounted for as a defined contribution pension, and premiums are expensed as incurred.1.25 Provisions A provision is recognized when the company incurs a commitment (legal or constructive) as a result of a past event, it is probable that financial settlement will take place as a result of this commitment, and the amount can be reliably calculated. Provisions are evaluated at each period end and are adjusted to reflect the best estimate.An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. A provision for onerous contracts is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. If the discounting effect is significant, provisions are discounted using a discount rate before tax that reflects the market\u2019s pricing of the time value and risk specifically associated with the commitment. As discounting unwinds, the book value of the provisions is increased in each period to reflect the change in time relative to the due date of the commitment. The effect of this increase is expensed as an accretion expense.Decommissioning and removal costs:In accordance with the license terms and conditions for the licenses in which the company participates, the Norwegian State can require license owners to remove the installation in whole or in part when production ceases or the license period expires.In the initial recognition of the decommissioning and removal obligations, the company provides for the net present value of future costs related to decommissioning and removal. A corresponding asset is capitalized as a tangible fixed asset and depreciated using the unit-of-production method. Changes in the time value (net present value) of the obligation related to decommissioning and removal accretion are charged to income as financial expenses and increase the balance-sheet liability related to future decommissioning and removal expenses. Changes in the best estimate for expenses related to decommissioning and removal are recognized in the Statement of financial position (property, plant and equipment), except where it relates to licenses with no future production. The discount rate used in the calculation of the fair value of the decommissioning and removal obligation is the risk-free rate.1.26 SegmentSince its formation, the company has conducted its entire business in one consistent segment, defined as exploration for and production of petroleum in Norway. The company conducts its activities on the Norwegian Continental Shelf, and management monitors the company at this level. The financial information relating to geographical distribution and large customers is presented in note 5.1.27 Earnings per share Earnings per share are calculated by dividing the net profit/loss attributable to ordinary equity holders of the parent entity by the weighted average number of the total outstanding shares. Shares issued during the year are weighted in relation to the period in which they have been outstanding. The weighted average number of shares used to calculate diluted earnings per share includes contingently issuable ordinary shares to the extent that they would be issuable as at the reporting date if it were the end of the contingency period.1.28 Contingent liabilities and assets Except for in the event of a business combination, neither contingent liabilities nor contingent assets are recognized. A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.Contingent liabilities are disclosed with the exception of contingent liabilities where the probability of the liability having to be settled is remote.Contingent assets are possible assets that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Information about such contingent assets is provided if inflow of economic benefits is probable.",
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"pp-value-13-1": {
"value": "1.1 Basis of preparationThe group and the parent company financial statements have been prepared in accordance with the Norwegian Accounting Act and International Financial Reporting Standards as adopted by the EU (\u201cIFRS\u201d).",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-13-2": {
"value": "1.1 Basis of preparationThe group and the parent company financial statements have been prepared in accordance with the Norwegian Accounting Act and International Financial Reporting Standards as adopted by the EU (\u201cIFRS\u201d).The financial statements have been prepared on a historical cost basis with the exception of the following accounting items which are measured on an alternative basis at each reporting date \u2013 Financial instruments at fair value through profit or loss. \u2013 Loans, receivables and other financial liabilities, which are recognized at amortized cost.All amounts have been rounded to the nearest thousand unless otherwise stated. As a result of rounding adjustments, the figures in one or more rows or columns included in the financial statements and notes may not add up to the total of that row or column.The group financial statements for Aker BP ASA include the subsidiaries as described in note 3. The accounting policies are applied consistently when consolidating ownership interests in subsidiaries and are based on the same reporting periods as those used for the parent company. When preparing the consolidated financial statements, intragroup transactions and balances, along with gains and losses on transactions between group units, are eliminated.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-16-3": {
"value": "1.2 Functional currency and presentation currencyThe presentation currency in the Group\u2019s consolidated financial statements is United States Dollars (\u201cUSD\u201d). The parent company of the Group, Aker BP ASA, has USD as its functional currency as most revenue and financing are in USD and represents the primary economic environment in which the entity operates. Balance sheet items of subsidiaries in other functional currencies are translated into the presentation currency, USD, according to the exchange rates prevailing on the balance sheet date, while profit or loss items are translated according to average quarterly exchange rates for the relevant quarters.In all material respects, the activity of Lundin Energy has been conducted in the legal entity ABP Norway AS (previously Lundin Energy Norway AS), which had NOK as its functional currency. In line with accounting guidance, the related purchase price allocation (PPA) has been fixed in NOK accordingly, and thus given rise to foreign currency translation in the group accounts recognized in the statement of comprehensive income during the second half of 2022. At 31 December 2022, ABP Norway AS merged with Aker BP ASA, meaning that the mentioned impact on comprehensive impact will cease from 1 January 2023.",
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"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-17-2": {
"value": "1.3 Important accounting judgments, estimates and assumptionsThe preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that have an effect on the application of accounting policies and the reported assets, liabilities, income and expenses.The important judgments management has made regarding the application of accounting policies are as follows:Goodwill allocation and methodology for impairment testingFor the purpose of impairment testing, goodwill is allocated to a cash-generating unit (CGU), or groups of CGUs that are expected to benefit from the synergies of the business combination from which it arose. The allocation of goodwill requires judgment and may significantly impact any subsequent impairment charge. Although not an IFRS term, \u201ctechnical goodwill\u201d is used by Aker BP to describe the category of goodwill arising as an offsetting account to deferred tax liabilities recognised in business combinations, as described in section 1.8 below. There are no specific IFRS guidelines pertaining to the allocation of technical goodwill, and management has therefore applied the general guidelines for allocating goodwill. In general, technical goodwill is allocated at the CGU level for impairment testing purposes, while residual goodwill may be allocated across all CGUs based on the facts and circumstances of the business combination. When performing the impairment test for technical goodwill, deferred tax liabilities recognized in relation to the acquired licenses reduce the net carrying value prior to any impairment charges. This methodology avoids an immediate impairment of all technical goodwill. When deferred tax liabilities from the initial recognition decreases, additional technical goodwill is \u2018exposed\u2019 to impairment. Subsequent to the initial purchase price allocation, depreciation of book values will result in decreasing deferred tax liabilities. When applicable, technical goodwill is impaired before the asset.Accounting estimates are used to determine reported amounts, including the depreciation of assets, the cost and timing of decommissioning activities, impairment testing of goodwill and the recognition and measurement of tax liabilities. Whilst these estimates are based on management\u2019s best judgment and assessments of previous and current events and actions, the actual results may deviate from the original estimates. Changes to accounting estimates are recognized in the period when they arise. The main sources of uncertainty when making estimates and judgments relate to the following:Proven and probable oil and gas reservesOil and gas reserves are estimated by the company\u2019s experts in accordance with industry standards. The estimates are based on Aker BP\u2019s own assessment of internal information and information received from operators. In addition, proven and probable reserves are certified by an external party. Proven and probable oil and gas reserves consist of the estimated quantities of crude oil, natural gas and condensates shown by geological and technical data to be recoverable with reasonable certainty from known reservoirs under existing economic and operational conditions, i.e. on the date that the estimates are prepared. Current market prices are used in the estimates.Proven and probable reserves and production volumes are used to calculate the depreciation of oil and gas fields by applying the unit-of-production method. Reserve estimates are also used as basis for impairment testing of license-related assets and goodwill. Changes in petroleum prices and cost estimates may change reserve estimates and accordingly economic cut-off, which may impact the timing of assumed decommissioning and removal activities. Changes to reserve estimates can also result from updated production and reservoir information. Future changes to proven and probable oil and gas reserves can have a material effect on depreciation, life of field, impairment of license-related assets and goodwill, and operating results. Successful Effort Method - explorationExpenses relating to the drilling of exploration wells are temporarily recognized in the Statement of financial position as capitalized exploration expenditures, pending an evaluation of potential oil and gas discoveries. If resources are not discovered, or if recovery of the resources is considered technically or commercially unviable, the costs of exploration wells are expensed. Judgments as to whether this expenditure should remain capitalized or be expensed at the reporting date may materially affect the operating result for the periodFair value measurementThe fair values of non-financial assets and liabilities are required to be determined, for example in a business combination, to determine the allocation of purchase price in an asset deal or when the recoverable amount of an asset or CGU is based on fair value less cost to sell. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. The fair value of oil fields in production and development phase is normally based on discounted cash flow models, where the determination of inputs to the model may require significant judgment, as described in the section below regarding impairment. Impairment/reversal of impairmentChanges in the expected future value/cash flows of CGUs results in impairment if the estimated recoverable value is lower than the book value (including any allocated goodwill) or the reversal of previously recognized impairment if the recoverable value is higher than the book value (though impairment of goodwill is not reversed). Estimates of recoverable value involve the application of judgment and assumptions, including the modelling of future cash flows to estimate the CGUs value in use or fair value.The evaluation of impairment requires long-term assumptions concerning a number of often volatile economic factors, including future oil prices, oil production, currency exchange rates and discount rates. Such assumptions require the estimation of relevant factors such as long-term prices, the levels of capex and opex, production estimates and decommissioning costs. These evaluations are also necessary to determine a CGU\u2019s fair value unless information can be obtained from an actual observable market transaction. See note 14 \u2019Tangible fixed assets and intangible assets\u2019 and note 15 \u2019Impairments\u2019 for details of impairments.Decommissioning and removal obligationsThe company has obligations to decommission and remove offshore installations at the end of their production period. Obligations associated with decommissioning and removal of long-term assets are recognized at present value of future expenditures at the date they are expected to be incurred. At the initial recognition of an obligation, the estimated cost is capitalized as property, plant and equipment and depreciated over the useful life of the asset (typically by application of the unit-of-production method). There is significant future uncertainty in the estimate of costs for decommissioning and removal, as these estimates are based on currently applicable laws and regulations, and existing technologies. Many decommissioning and removal activities will take place many decades in the future, and the technology and related costs are expected to evolve in this time. The estimates include costs based on expected removal concepts using existing technology and estimated costs of maritime operations, hiring of single-lift and heavy-lift barges and drilling rigs. As as result, there may be significant adjustments to the estimates of decommissioning liabilities and associated assets that can affect future financial results. Changes in the estimated decommissioning liabilities are booked towards property, plant and equipment. See note 23 \u2018Provision for abandonment liabilities\u2019 for further details about decommissioning and removal obligations.Income taxIncome tax expense, tax payables or receivables, and deferred taxes are based on management\u2019s interpretation of applicable laws and regulations, and on relevant court decisions where relevant. These estimates are dependent on management\u2019s ability to interpret and apply the requirements of tax and other relevant legislation, and requires judgment in respect of the recognition and measurement of any uncertain tax positions. See note 12 \u2018Taxes\u2019 for further details.",
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"pp-value-18-3": {
"value": "Goodwill allocation and methodology for impairment testingFor the purpose of impairment testing, goodwill is allocated to a cash-generating unit (CGU), or groups of CGUs that are expected to benefit from the synergies of the business combination from which it arose. The allocation of goodwill requires judgment and may significantly impact any subsequent impairment charge. Although not an IFRS term, \u201ctechnical goodwill\u201d is used by Aker BP to describe the category of goodwill arising as an offsetting account to deferred tax liabilities recognised in business combinations, as described in section 1.8 below. There are no specific IFRS guidelines pertaining to the allocation of technical goodwill, and management has therefore applied the general guidelines for allocating goodwill. In general, technical goodwill is allocated at the CGU level for impairment testing purposes, while residual goodwill may be allocated across all CGUs based on the facts and circumstances of the business combination. When performing the impairment test for technical goodwill, deferred tax liabilities recognized in relation to the acquired licenses reduce the net carrying value prior to any impairment charges. This methodology avoids an immediate impairment of all technical goodwill. When deferred tax liabilities from the initial recognition decreases, additional technical goodwill is \u2018exposed\u2019 to impairment. Subsequent to the initial purchase price allocation, depreciation of book values will result in decreasing deferred tax liabilities. When applicable, technical goodwill is impaired before the asset.Accounting estimates are used to determine reported amounts, including the depreciation of assets, the cost and timing of decommissioning activities, impairment testing of goodwill and the recognition and measurement of tax liabilities. Whilst these estimates are based on management\u2019s best judgment and assessments of previous and current events and actions, the actual results may deviate from the original estimates. Changes to accounting estimates are recognized in the period when they arise. The main sources of uncertainty when making estimates and judgments relate to the following:Impairment/reversal of impairmentChanges in the expected future value/cash flows of CGUs results in impairment if the estimated recoverable value is lower than the book value (including any allocated goodwill) or the reversal of previously recognized impairment if the recoverable value is higher than the book value (though impairment of goodwill is not reversed). Estimates of recoverable value involve the application of judgment and assumptions, including the modelling of future cash flows to estimate the CGUs value in use or fair value.The evaluation of impairment requires long-term assumptions concerning a number of often volatile economic factors, including future oil prices, oil production, currency exchange rates and discount rates. Such assumptions require the estimation of relevant factors such as long-term prices, the levels of capex and opex, production estimates and decommissioning costs. These evaluations are also necessary to determine a CGU\u2019s fair value unless information can be obtained from an actual observable market transaction. See note 14 \u2019Tangible fixed assets and intangible assets\u2019 and note 15 \u2019Impairments\u2019 for details of impairments.1.14 Impairment of financial assets Financial assets that are held at amortized cost are impaired when, based on objective evidence, it is likely that the instrument\u2019s cash flows have been negatively affected by one or more events that have occurred after initial recognition. In addition, the loss event must have an impact on estimated future cash flows that can be reliably estimated. The impairment is recognized in the Income statement. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-20-2": {
"value": "Proven and probable oil and gas reservesOil and gas reserves are estimated by the company\u2019s experts in accordance with industry standards. The estimates are based on Aker BP\u2019s own assessment of internal information and information received from operators. In addition, proven and probable reserves are certified by an external party. Proven and probable oil and gas reserves consist of the estimated quantities of crude oil, natural gas and condensates shown by geological and technical data to be recoverable with reasonable certainty from known reservoirs under existing economic and operational conditions, i.e. on the date that the estimates are prepared. Current market prices are used in the estimates.Proven and probable reserves and production volumes are used to calculate the depreciation of oil and gas fields by applying the unit-of-production method. Reserve estimates are also used as basis for impairment testing of license-related assets and goodwill. Changes in petroleum prices and cost estimates may change reserve estimates and accordingly economic cut-off, which may impact the timing of assumed decommissioning and removal activities. Changes to reserve estimates can also result from updated production and reservoir information. Future changes to proven and probable oil and gas reserves can have a material effect on depreciation, life of field, impairment of license-related assets and goodwill, and operating results. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-22-4": {
"value": "Successful Effort Method - explorationExpenses relating to the drilling of exploration wells are temporarily recognized in the Statement of financial position as capitalized exploration expenditures, pending an evaluation of potential oil and gas discoveries. If resources are not discovered, or if recovery of the resources is considered technically or commercially unviable, the costs of exploration wells are expensed. Judgments as to whether this expenditure should remain capitalized or be expensed at the reporting date may materially affect the operating result for the periodDepreciation of oil and gas fieldsCapitalized exploration and evaluation expenditures, development expenditures from construction, installation or completion of infrastructure facilities such as platforms, pipelines and production wells, and field-dedicated transport systems for oil and gas are capitalized as production facilities and are depreciated using the unit-of-production method based on proven and probable developed reserves expected to be recovered from the area during the concession or contract period. Acquired assets used for the recovery and production of petroleum deposits, including license rights, are also depreciated using the unit-of-production method based on proven and probable reserves. The reserve basis used for depreciation purposes is updated at least annually. Any changes in the reserves affecting unit-of-production calculations are reflected prospectively. Depreciation of assets other than oil and gas fields, including right of use assets, is calculated using the straight-line method over estimated useful lives and adjusted for any impairment or change in residual value, if applicable.1.15 Research and development Research consists of original, planned studies carried out with a view to achieving new scientific or technical knowledge or understanding, and the associated costs are expensed as incurred. Development consists of the application of information gained through research, or of other knowledge, to a plan or design for the production of new or significantly improved materials, facilities, products, processes, systems or services before commercial production or use commences. Development costs are capitalized when the underlying project is technically feasible.1.16 Presentation of payroll and administration costs The company presents its payroll and administration costs based on the functions in development, operational and exploration activities respectively, based on allocation of registered hours worked, net of amounts recharged to operated licenses.1.19 Borrowing costs Borrowing costs that can be directly ascribed to procurement, processing or production of a qualifying asset are capitalized as part of the asset\u2019s acquisition cost. Borrowing cost is only capitalized during the development phase. Other borrowing costs are expensed in the period in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-23-3": {
"value": "Fair value measurementThe fair values of non-financial assets and liabilities are required to be determined, for example in a business combination, to determine the allocation of purchase price in an asset deal or when the recoverable amount of an asset or CGU is based on fair value less cost to sell. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. The fair value of oil fields in production and development phase is normally based on discounted cash flow models, where the determination of inputs to the model may require significant judgment, as described in the section below regarding impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-26-4": {
"value": "Decommissioning and removal obligationsThe company has obligations to decommission and remove offshore installations at the end of their production period. Obligations associated with decommissioning and removal of long-term assets are recognized at present value of future expenditures at the date they are expected to be incurred. At the initial recognition of an obligation, the estimated cost is capitalized as property, plant and equipment and depreciated over the useful life of the asset (typically by application of the unit-of-production method). There is significant future uncertainty in the estimate of costs for decommissioning and removal, as these estimates are based on currently applicable laws and regulations, and existing technologies. Many decommissioning and removal activities will take place many decades in the future, and the technology and related costs are expected to evolve in this time. The estimates include costs based on expected removal concepts using existing technology and estimated costs of maritime operations, hiring of single-lift and heavy-lift barges and drilling rigs. As as result, there may be significant adjustments to the estimates of decommissioning liabilities and associated assets that can affect future financial results. Changes in the estimated decommissioning liabilities are booked towards property, plant and equipment. See note 23 \u2018Provision for abandonment liabilities\u2019 for further details about decommissioning and removal obligations.Decommissioning and removal costs:In accordance with the license terms and conditions for the licenses in which the company participates, the Norwegian State can require license owners to remove the installation in whole or in part when production ceases or the license period expires.In the initial recognition of the decommissioning and removal obligations, the company provides for the net present value of future costs related to decommissioning and removal. A corresponding asset is capitalized as a tangible fixed asset and depreciated using the unit-of-production method. Changes in the time value (net present value) of the obligation related to decommissioning and removal accretion are charged to income as financial expenses and increase the balance-sheet liability related to future decommissioning and removal expenses. Changes in the best estimate for expenses related to decommissioning and removal are recognized in the Statement of financial position (property, plant and equipment), except where it relates to licenses with no future production. The discount rate used in the calculation of the fair value of the decommissioning and removal obligation is the risk-free rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-3": {
"value": "1.4 Foreign currency transactions Transactions and balancesTransactions denominated in foreign currencies are translated using the exchange rate on the transaction date. Monetary items denominated in foreign currencies in the Statement of Financial Position are translated using the exchange rates at the reporting date. Foreign exchange gains and losses are recognized as incurred. Non-monetary items that are measured at historical costs in a foreign currency are translated using the exchange rates on the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rate on the date when the fair value is determined.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-3": {
"value": "1.5 Revenue recognition Revenue from the sale of liquids or gas is recognised at the point in time when the company\u2019s contractual performance obligations have been fulfilled and control is transferred to the customer, which will ordinarily be at the point of delivery when title passes (sales method). This is normally at the time of loading oil or NGL on vessels used for transport, or at agreed point of delivery for dry gas.There is no significant judgement applying IFRS 15 \u2018Revenue from contracts with customers\u2019 to the company\u2019s revenue generating contracts.Changes in over/underlift balances are valued at production cost including depreciation and presented as an adjustment to cost. See note 7 for further details. Gains or losses on asset disposals as described in section 1.9 are included in other operating income. Tariff revenue from processing of oil and gas is recognized as earned in line with underlying agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-30-3": {
"value": "1.6 Interests in licenses and partnerships IFRS defines a joint arrangement as an arrangement over which two or more parties have joint control. Joint control is the contractually agreed sharing of control which exists only when decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control. The company has interests in licenses on the Norwegian Continental Shelf. Under IFRS 11 Joint Arrangements, a joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. The company recognizes investments in joint operations (oil and gas production licenses) by reporting its share of related revenues, expenses, assets, liabilities and cash flows under the respective items in the company\u2019s financial statements. For those licenses that are not deemed to be joint arrangements pursuant to the definition in IFRS 11 as there is no joint control, the company recognizes its share of related expenses, assets, liabilities and cash flows on a line-by-line basis in the financial statements by analogy to IFRS 11 and in accordance with applicable IFRSs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-30-4": {
"value": "1.6 Interests in licenses and partnerships IFRS defines a joint arrangement as an arrangement over which two or more parties have joint control. Joint control is the contractually agreed sharing of control which exists only when decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control. The company has interests in licenses on the Norwegian Continental Shelf. Under IFRS 11 Joint Arrangements, a joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. The company recognizes investments in joint operations (oil and gas production licenses) by reporting its share of related revenues, expenses, assets, liabilities and cash flows under the respective items in the company\u2019s financial statements. For those licenses that are not deemed to be joint arrangements pursuant to the definition in IFRS 11 as there is no joint control, the company recognizes its share of related expenses, assets, liabilities and cash flows on a line-by-line basis in the financial statements by analogy to IFRS 11 and in accordance with applicable IFRSs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-3": {
"value": "1.7 Classification in statement of financial position Current assets and current liabilities include items that fall due for payment less than a year from the end of the reporting period and items relating to the ordinary business cycle. The following year\u2019s instalments on long-term liabilities are classified as current liabilities. Financial investments in shares are classified as current assets, while strategic investments are classified as non-current assets.1.18 Trade debtors Trade debtors are recognized in the Statement of Financial Position at nominal value after a deduction for the provision for credit losses. Historically there have been no significant credit losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-4": {
"value": "1.7 Classification in statement of financial position Current assets and current liabilities include items that fall due for payment less than a year from the end of the reporting period and items relating to the ordinary business cycle. The following year\u2019s instalments on long-term liabilities are classified as current liabilities. Financial investments in shares are classified as current assets, while strategic investments are classified as non-current assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-5": {
"value": "1.7 Classification in statement of financial position Current assets and current liabilities include items that fall due for payment less than a year from the end of the reporting period and items relating to the ordinary business cycle. The following year\u2019s instalments on long-term liabilities are classified as current liabilities. Financial investments in shares are classified as current assets, while strategic investments are classified as non-current assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-3": {
"value": "1.8 Business combinations and goodwill In order to consider an acquisition as a business combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and substantive processes applied to these inputs that have the ability to create outputs. Amendments to IFRS 3 effective in January 2020 introduce a new optional \u2018concentration test\u2019 which may result in a business combination being accounted for as an asset acquisition if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group or similar identifiable assets.Acquired businesses are included in the financial statements from the transaction date. The transaction date is defined as the date on which the company obtains control over the financial and operating assets. This date may differ from the actual date on which the assets are transferred. For accounting purposes, the acquisition method is applied to the purchase of businesses. Acquisition cost equals the fair value of consideration, including contingent consideration, equity instruments issued and liabilities assumed in connection with the transfer of control. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identifiable intangible assets are regognized in connection with acquisitions if they can be separated from other assets or meet the legal contractual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets (when the acquiring entity achieves control of the transferring entity), goodwill arises. In a business combination, if the fair value of the net identifiable assets acquired exceeds the acquisition cost on the acquisition date, the excess amount is taken to the Income statement immediately. In a business combination, goodwill is allocated to the CGUs or groups of CGUs that are expected to benefit from synergies of the acquisition. The allocation of goodwill may vary depending on the basis for its initial recognition. The majority of the company\u2019s goodwill is related to the requirement to recognize deferred tax for the difference between the assigned fair values and the related tax base (\u201ctechnical goodwill\u201d). The fair value of the company\u2019s licenses, all of which are located on the Norwegian Continental Shelf, are based on cash flows after tax. This is because these licenses are only sold in an after-tax market based on the tax carry-over principles pursuant to the Petroleum Taxation Act section 10. The purchaser is therefore not entitled to a tax deduction for the consideration paid over and above the seller\u2019s tax values. In accordance with IAS 12 paragraphs 15 and 24, a provision is made for deferred tax corresponding to the difference between the acquisition cost and the transferred tax depreciation basis. The offsetting entry to this deferred tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax. Technical goodwill is tested for impairment separately for each CGU which give rise to the technical goodwill. A CGU may be individual oil fields, or a group of oil fields that are connected to the same infrastructure/production facilities. The estimation of fair value and goodwill may be adjusted up to 12 months after the acquisition if new information has emerged about facts and circumstances that existed at the time of the acquisition and which, had they been known, would have affected the calculation of the amounts recognized.Acquisition-related costs, except costs to issue related debt or equity securities, are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-4": {
"value": "1.8 Business combinations and goodwill In order to consider an acquisition as a business combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and substantive processes applied to these inputs that have the ability to create outputs. Amendments to IFRS 3 effective in January 2020 introduce a new optional \u2018concentration test\u2019 which may result in a business combination being accounted for as an asset acquisition if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group or similar identifiable assets.Acquired businesses are included in the financial statements from the transaction date. The transaction date is defined as the date on which the company obtains control over the financial and operating assets. This date may differ from the actual date on which the assets are transferred. For accounting purposes, the acquisition method is applied to the purchase of businesses. Acquisition cost equals the fair value of consideration, including contingent consideration, equity instruments issued and liabilities assumed in connection with the transfer of control. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identifiable intangible assets are regognized in connection with acquisitions if they can be separated from other assets or meet the legal contractual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets (when the acquiring entity achieves control of the transferring entity), goodwill arises. In a business combination, if the fair value of the net identifiable assets acquired exceeds the acquisition cost on the acquisition date, the excess amount is taken to the Income statement immediately. In a business combination, goodwill is allocated to the CGUs or groups of CGUs that are expected to benefit from synergies of the acquisition. The allocation of goodwill may vary depending on the basis for its initial recognition. The majority of the company\u2019s goodwill is related to the requirement to recognize deferred tax for the difference between the assigned fair values and the related tax base (\u201ctechnical goodwill\u201d). The fair value of the company\u2019s licenses, all of which are located on the Norwegian Continental Shelf, are based on cash flows after tax. This is because these licenses are only sold in an after-tax market based on the tax carry-over principles pursuant to the Petroleum Taxation Act section 10. The purchaser is therefore not entitled to a tax deduction for the consideration paid over and above the seller\u2019s tax values. In accordance with IAS 12 paragraphs 15 and 24, a provision is made for deferred tax corresponding to the difference between the acquisition cost and the transferred tax depreciation basis. The offsetting entry to this deferred tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax. Technical goodwill is tested for impairment separately for each CGU which give rise to the technical goodwill. A CGU may be individual oil fields, or a group of oil fields that are connected to the same infrastructure/production facilities. The estimation of fair value and goodwill may be adjusted up to 12 months after the acquisition if new information has emerged about facts and circumstances that existed at the time of the acquisition and which, had they been known, would have affected the calculation of the amounts recognized.Acquisition-related costs, except costs to issue related debt or equity securities, are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-5": {
"value": "1.8 Business combinations and goodwill In order to consider an acquisition as a business combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and substantive processes applied to these inputs that have the ability to create outputs. Amendments to IFRS 3 effective in January 2020 introduce a new optional \u2018concentration test\u2019 which may result in a business combination being accounted for as an asset acquisition if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group or similar identifiable assets.Acquired businesses are included in the financial statements from the transaction date. The transaction date is defined as the date on which the company obtains control over the financial and operating assets. This date may differ from the actual date on which the assets are transferred. For accounting purposes, the acquisition method is applied to the purchase of businesses. Acquisition cost equals the fair value of consideration, including contingent consideration, equity instruments issued and liabilities assumed in connection with the transfer of control. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identifiable intangible assets are regognized in connection with acquisitions if they can be separated from other assets or meet the legal contractual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets (when the acquiring entity achieves control of the transferring entity), goodwill arises. In a business combination, if the fair value of the net identifiable assets acquired exceeds the acquisition cost on the acquisition date, the excess amount is taken to the Income statement immediately. In a business combination, goodwill is allocated to the CGUs or groups of CGUs that are expected to benefit from synergies of the acquisition. The allocation of goodwill may vary depending on the basis for its initial recognition. The majority of the company\u2019s goodwill is related to the requirement to recognize deferred tax for the difference between the assigned fair values and the related tax base (\u201ctechnical goodwill\u201d). The fair value of the company\u2019s licenses, all of which are located on the Norwegian Continental Shelf, are based on cash flows after tax. This is because these licenses are only sold in an after-tax market based on the tax carry-over principles pursuant to the Petroleum Taxation Act section 10. The purchaser is therefore not entitled to a tax deduction for the consideration paid over and above the seller\u2019s tax values. In accordance with IAS 12 paragraphs 15 and 24, a provision is made for deferred tax corresponding to the difference between the acquisition cost and the transferred tax depreciation basis. The offsetting entry to this deferred tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax. Technical goodwill is tested for impairment separately for each CGU which give rise to the technical goodwill. A CGU may be individual oil fields, or a group of oil fields that are connected to the same infrastructure/production facilities. The estimation of fair value and goodwill may be adjusted up to 12 months after the acquisition if new information has emerged about facts and circumstances that existed at the time of the acquisition and which, had they been known, would have affected the calculation of the amounts recognized.Acquisition-related costs, except costs to issue related debt or equity securities, are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-3": {
"value": "1.9 Acquisitions, sales and license swaps On acquisition of a license that involves the right to explore for and produce petroleum resources, it is considered in each case whether the acquisition should be treated as a business combination (see Item 1.8) or an asset purchase. Generally, purchases of licenses in a development or production phase will be regarded as a business combination. Other license purchases regarded as asset purchases are described below.Oil and gas production licensesFor licenses in the development phase, the acquisition cost is allocated between capitalized exploration expenses, license rights and production plant.When entering into agreements regarding the purchase/swap of assets, the parties agree on an effective date for the takeover of the net cash flow (usually 1 January in the calendar year which would also normally be the effective date for tax purposes). In the period between the effective date and the completion date, the seller will include its sold share of the license in the financial statements. In accordance with the purchase agreement, there is a settlement with the seller of the net cash flow from the asset in the period from the effective date to the completion date (pro & contra settlement). The pro & contra settlement will be adjusted to the seller\u2019s losses/gains and to the assets for the purchaser, in that the settlement (after a tax reduction) is deemed to be part of the consideration in the transaction. Revenues and expenses from the relevant license are included in the purchaser\u2019s Income statement from the acquisition date, as defined in 1.8 above. For tax purposes, the purchaser will include the net cash flow (pro & contra) and any other income and costs as from the effective date. Deferred tax is not recognized when acquiring licenses that are defined as asset acquisitions. Farm-in agreementsFarm-in agreements are usually entered into in the exploration phase and are characterised by the transferor waiving future financial benefits in the form of reserves, in exchange for reduced future financing obligations. For example, a license interest is taken over in return for a share of the transferor\u2019s expenses relating to the drilling of a well. In the exploration phase, the company normally accounts for farm-in agreements on a historical cost basis, as the fair value cannot be reliably determined. SwapsSwaps of assets are calculated at the fair value of the asset being surrendered, unless the transaction lacks commercial substance, or neither the fair value of the asset received, nor the fair value of the asset surrendered, can be reliably measured. In the exploration phase, the company normally recognizes swaps based on historical cost, as the fair value cannot be reliably measured.1.10 Unitizations According to Norwegian law, a unitization is required if a petroleum deposit extends over several production licenses and these production licenses have different ownership interests. Consensus must be achieved with regard to the most beneficial coordination of the joint development and ownership distribution of the petroleum deposit. A unitization agreement shall be approved by the Ministry of Petroleum and Energy.The company normally recognizes unitizations in the exploration phase based on historical cost, as the fair value cannot be reliably measured. For unitizations involving licenses outside the exploration phase, it has to be considered whether the transaction has commercial substance. If so, the unitization is recognized at fair value.Operating assets related to petroleum activitiesExploration and development costs relating to oil and gas fieldsCapitalized exploration expenditures are classified as intangible assets and reclassified to tangible assets at the start of development. For accounting purposes, the field is considered to enter the development phase when the technical feasibility and commercial viability of extracting hydrocarbons from the field are demonstrable, normally at the time of concept selection. All costs relating to the development of commercial oil and/or gas fields are recognized as tangible assets. Pre-operational costs are expensed as they are incurred. The company employs the \u2019successful efforts\u2019 method to account for exploration and development costs. All exploration costs (including seismic shooting, seismic studies and \u2018own time\u2019), with the exception of acquisition costs of licenses and drilling costs for exploration wells, are expensed as incurred. When exploration drilling is ongoing in a period after the reporting date and the result of the drilling is subsequently not successful, the capitalized exploration cost as of the reporting date is expensed if the evaluation of the well is completed before the date when the financial statements are authorized for issue. Drilling cost for exploration wells are temporarily capitalized pending the evaluation of potential discoveries of oil and gas resources. Such costs can remain capitalized for more than one year. The main criteria is that there must be plans for future activity in the license area or that a development decision is expected in the near future. If no resources are discovered, or if recovery of the resources is considered technically or commercially unviable, expenses relating to the drilling of exploration wells are charged to expense.Acquired license rights are recognized as intangible assets at the time of acquisition. Acquired license rights related to fields in the exploration phase remain as intangible assets also when the related fields enter the development or production phase.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "1.11 Tangible fixed assets and intangible assets GeneralTangible fixed assets are recognized on a historical cost basis. The book value of tangible fixed assets consists of acquisition cost net of accumulated depreciation and impairment losses.Operating assets related to petroleum activitiesExploration and development costs relating to oil and gas fieldsCapitalized exploration expenditures are classified as intangible assets and reclassified to tangible assets at the start of development. For accounting purposes, the field is considered to enter the development phase when the technical feasibility and commercial viability of extracting hydrocarbons from the field are demonstrable, normally at the time of concept selection. All costs relating to the development of commercial oil and/or gas fields are recognized as tangible assets. Pre-operational costs are expensed as they are incurred. The company employs the \u2019successful efforts\u2019 method to account for exploration and development costs. All exploration costs (including seismic shooting, seismic studies and \u2018own time\u2019), with the exception of acquisition costs of licenses and drilling costs for exploration wells, are expensed as incurred. When exploration drilling is ongoing in a period after the reporting date and the result of the drilling is subsequently not successful, the capitalized exploration cost as of the reporting date is expensed if the evaluation of the well is completed before the date when the financial statements are authorized for issue. Drilling cost for exploration wells are temporarily capitalized pending the evaluation of potential discoveries of oil and gas resources. Such costs can remain capitalized for more than one year. The main criteria is that there must be plans for future activity in the license area or that a development decision is expected in the near future. If no resources are discovered, or if recovery of the resources is considered technically or commercially unviable, expenses relating to the drilling of exploration wells are charged to expense.Acquired license rights are recognized as intangible assets at the time of acquisition. Acquired license rights related to fields in the exploration phase remain as intangible assets also when the related fields enter the development or production phase.Ordinary repair and maintenance costs relating to day-to-day operations are charged to the Income statement in the period in which they are incurred.Gains and losses relating to the disposal of assets are determined by comparing the selling price with the book value, and are included in other operating income/expenses on a post tax basis. Assets held for sale are measured at the lower of the book value and the fair value less cost to sell.Depreciation of oil and gas fieldsCapitalized exploration and evaluation expenditures, development expenditures from construction, installation or completion of infrastructure facilities such as platforms, pipelines and production wells, and field-dedicated transport systems for oil and gas are capitalized as production facilities and are depreciated using the unit-of-production method based on proven and probable developed reserves expected to be recovered from the area during the concession or contract period. Acquired assets used for the recovery and production of petroleum deposits, including license rights, are also depreciated using the unit-of-production method based on proven and probable reserves. The reserve basis used for depreciation purposes is updated at least annually. Any changes in the reserves affecting unit-of-production calculations are reflected prospectively. Depreciation of assets other than oil and gas fields, including right of use assets, is calculated using the straight-line method over estimated useful lives and adjusted for any impairment or change in residual value, if applicable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-4": {
"value": "1.11 Tangible fixed assets and intangible assets GeneralTangible fixed assets are recognized on a historical cost basis. The book value of tangible fixed assets consists of acquisition cost net of accumulated depreciation and impairment losses.Operating assets related to petroleum activitiesExploration and development costs relating to oil and gas fieldsCapitalized exploration expenditures are classified as intangible assets and reclassified to tangible assets at the start of development. For accounting purposes, the field is considered to enter the development phase when the technical feasibility and commercial viability of extracting hydrocarbons from the field are demonstrable, normally at the time of concept selection. All costs relating to the development of commercial oil and/or gas fields are recognized as tangible assets. Pre-operational costs are expensed as they are incurred. The company employs the \u2019successful efforts\u2019 method to account for exploration and development costs. All exploration costs (including seismic shooting, seismic studies and \u2018own time\u2019), with the exception of acquisition costs of licenses and drilling costs for exploration wells, are expensed as incurred. When exploration drilling is ongoing in a period after the reporting date and the result of the drilling is subsequently not successful, the capitalized exploration cost as of the reporting date is expensed if the evaluation of the well is completed before the date when the financial statements are authorized for issue. Drilling cost for exploration wells are temporarily capitalized pending the evaluation of potential discoveries of oil and gas resources. Such costs can remain capitalized for more than one year. The main criteria is that there must be plans for future activity in the license area or that a development decision is expected in the near future. If no resources are discovered, or if recovery of the resources is considered technically or commercially unviable, expenses relating to the drilling of exploration wells are charged to expense.Acquired license rights are recognized as intangible assets at the time of acquisition. Acquired license rights related to fields in the exploration phase remain as intangible assets also when the related fields enter the development or production phase.Gains and losses relating to the disposal of assets are determined by comparing the selling price with the book value, and are included in other operating income/expenses on a post tax basis. Assets held for sale are measured at the lower of the book value and the fair value less cost to sell.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-5": {
"value": "1.11 Tangible fixed assets and intangible assets GeneralTangible fixed assets are recognized on a historical cost basis. The book value of tangible fixed assets consists of acquisition cost net of accumulated depreciation and impairment losses.Operating assets related to petroleum activitiesExploration and development costs relating to oil and gas fieldsCapitalized exploration expenditures are classified as intangible assets and reclassified to tangible assets at the start of development. For accounting purposes, the field is considered to enter the development phase when the technical feasibility and commercial viability of extracting hydrocarbons from the field are demonstrable, normally at the time of concept selection. All costs relating to the development of commercial oil and/or gas fields are recognized as tangible assets. Pre-operational costs are expensed as they are incurred. The company employs the \u2019successful efforts\u2019 method to account for exploration and development costs. All exploration costs (including seismic shooting, seismic studies and \u2018own time\u2019), with the exception of acquisition costs of licenses and drilling costs for exploration wells, are expensed as incurred. When exploration drilling is ongoing in a period after the reporting date and the result of the drilling is subsequently not successful, the capitalized exploration cost as of the reporting date is expensed if the evaluation of the well is completed before the date when the financial statements are authorized for issue. Drilling cost for exploration wells are temporarily capitalized pending the evaluation of potential discoveries of oil and gas resources. Such costs can remain capitalized for more than one year. The main criteria is that there must be plans for future activity in the license area or that a development decision is expected in the near future. If no resources are discovered, or if recovery of the resources is considered technically or commercially unviable, expenses relating to the drilling of exploration wells are charged to expense.Acquired license rights are recognized as intangible assets at the time of acquisition. Acquired license rights related to fields in the exploration phase remain as intangible assets also when the related fields enter the development or production phase.Gains and losses relating to the disposal of assets are determined by comparing the selling price with the book value, and are included in other operating income/expenses on a post tax basis. Assets held for sale are measured at the lower of the book value and the fair value less cost to sell.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-4": {
"value": "Ordinary repair and maintenance costs relating to day-to-day operations are charged to the Income statement in the period in which they are incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-5": {
"value": "Depreciation of oil and gas fieldsCapitalized exploration and evaluation expenditures, development expenditures from construction, installation or completion of infrastructure facilities such as platforms, pipelines and production wells, and field-dedicated transport systems for oil and gas are capitalized as production facilities and are depreciated using the unit-of-production method based on proven and probable developed reserves expected to be recovered from the area during the concession or contract period. Acquired assets used for the recovery and production of petroleum deposits, including license rights, are also depreciated using the unit-of-production method based on proven and probable reserves. The reserve basis used for depreciation purposes is updated at least annually. Any changes in the reserves affecting unit-of-production calculations are reflected prospectively. Depreciation of assets other than oil and gas fields, including right of use assets, is calculated using the straight-line method over estimated useful lives and adjusted for any impairment or change in residual value, if applicable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-3": {
"value": "1.12 Impairment Tangible fixed assets and intangible assetsTangible fixed assets and intangible assets (including license rights, exclusive of goodwill) with a finite useful life will be assessed for potential impairment when events or changes in circumstances indicate that the book value of the assets is higher than the recoverable amount. The unit of account for assessment of impairment is based on the lowest level at which it is possible to identify cash inflows that are independent of cash inflows from other groups of fixed assets. For oil and gas assets, this is typically the field or license level. Impairment is recognized when the book value of the CGU (including any allocated goodwill) exceeds the recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less cost of disposal and value in use. When estimating value in use and fair value less cost of disposal, expected future cash flows are discounted to the net present value by applying a discount rate after tax that reflects the current market valuation of the time value of money and the specific risk related to the asset. The discount rate is derived from the Weighted Average Cost of Capital (WACC).The lifetime of the field for the purpose of impairment testing is normally determined by the point in time when the operating cash flow from the field becomes negative.For exploration licenses, impairment is based on an assessment of whether plans for further activities have been established or, if applicable, an evaluation of whether development will be decided on in the near future as described in section 1.11.A previously recognized impairment can only be reversed if changes have occurred in the estimates used for the calculation of the recoverable amount. However, the reversal cannot be to an amount that is higher than it would have been if the impairment had not previously been recognized. Such reversals are recognized in the Income statement. After a reversal, the depreciation amount is adjusted in future periods in order to distribute the asset\u2019s revised book value, minus any residual value, on a systematic basis over the asset\u2019s expected remaining life.GoodwillGoodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the value may be impaired. Impairment is recognized if the recoverable amount of the CGU (or group of CGUs) to which the goodwill is related is less than the book value, including associated goodwill and deferred tax as described in section 1.8. Losses relating to impairment of goodwill cannot be reversed in future periods. 1.14 Impairment of financial assets Financial assets that are held at amortized cost are impaired when, based on objective evidence, it is likely that the instrument\u2019s cash flows have been negatively affected by one or more events that have occurred after initial recognition. In addition, the loss event must have an impact on estimated future cash flows that can be reliably estimated. The impairment is recognized in the Income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-4": {
"value": "1.12 Impairment Tangible fixed assets and intangible assetsTangible fixed assets and intangible assets (including license rights, exclusive of goodwill) with a finite useful life will be assessed for potential impairment when events or changes in circumstances indicate that the book value of the assets is higher than the recoverable amount. The unit of account for assessment of impairment is based on the lowest level at which it is possible to identify cash inflows that are independent of cash inflows from other groups of fixed assets. For oil and gas assets, this is typically the field or license level. Impairment is recognized when the book value of the CGU (including any allocated goodwill) exceeds the recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less cost of disposal and value in use. When estimating value in use and fair value less cost of disposal, expected future cash flows are discounted to the net present value by applying a discount rate after tax that reflects the current market valuation of the time value of money and the specific risk related to the asset. The discount rate is derived from the Weighted Average Cost of Capital (WACC).The lifetime of the field for the purpose of impairment testing is normally determined by the point in time when the operating cash flow from the field becomes negative.For exploration licenses, impairment is based on an assessment of whether plans for further activities have been established or, if applicable, an evaluation of whether development will be decided on in the near future as described in section 1.11.A previously recognized impairment can only be reversed if changes have occurred in the estimates used for the calculation of the recoverable amount. However, the reversal cannot be to an amount that is higher than it would have been if the impairment had not previously been recognized. Such reversals are recognized in the Income statement. After a reversal, the depreciation amount is adjusted in future periods in order to distribute the asset\u2019s revised book value, minus any residual value, on a systematic basis over the asset\u2019s expected remaining life.GoodwillGoodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the value may be impaired. Impairment is recognized if the recoverable amount of the CGU (or group of CGUs) to which the goodwill is related is less than the book value, including associated goodwill and deferred tax as described in section 1.8. Losses relating to impairment of goodwill cannot be reversed in future periods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-3": {
"value": "1.13 Financial instruments The group\u2019s financial assets and liabilities comprise non-listed equity instruments, derivative financial instruments (assets and liabilities), receivables, cash and cash equivalents, payables, other short-term liabilities and non-current liabilities. The classification of financial assets and liabilities at initial recognition depends on the financial instrument\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The company has classified the financial instruments into the following categories of financial assets and liabilities: \u2013 Financial assets at fair value through profit or loss \u2013 Financial assets measured at amortized cost \u2013 Financial liabilities at fair value through profit or loss \u2013 Financial liabilities measured at amortized costsThe Group measures financial instruments at amortized cost if the following conditions are met: \u2013 The financial instrument is held within a business model with the objective to hold financial instruments in order to collect or pay contractual cash flows and, the contractual terms of the financial instrument give rise on specified dates to or requires cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial instruments at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment testing. Gains and losses are recognised in profit or loss when the instrument is derecognised, modified or impaired. The group\u2019s financial instruments at amortized cost includes trade receivables and other short-term deposits, trade payables and other current and non-current liabilities. Receivables are initially recognised at fair value less impairment losses. Accounts receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15. Cash and cash equivalents are measured at fair value, loans and borrowings and other liabilities are measured at amortised cost. Financial assets with fixed or determinable cash flows that are not quoted in an active market are classified as loans and receivables. Financial liabilities that do not form part of the \u201cheld for trading purposes\u201d category and which have not been designated as being at fair value with changes in value through profit or loss are classified as other financial liabilities. Further details on fair values of financial instruments are provided in note 29 \u2018Financial instruments\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-47-4": {
"value": "1.15 Research and development Research consists of original, planned studies carried out with a view to achieving new scientific or technical knowledge or understanding, and the associated costs are expensed as incurred. Development consists of the application of information gained through research, or of other knowledge, to a plan or design for the production of new or significantly improved materials, facilities, products, processes, systems or services before commercial production or use commences. Development costs are capitalized when the underlying project is technically feasible.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-50-3": {
"value": "1.17 Leases At the inception of a contract, the company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.The lease liability is recognized at the commencement date and measured at the present value of the remaining lease payments, discounted using the company\u2019s incremental borrowing rate at the commencement date. The borrowing rate is derived from the terms of the company\u2019s existing credit facilities. Right-of-use (RoU) assets are depreciated over the lease term as this is ordinarily shorter than the useful life of the assets. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the company is reasonably certain to exercise this option.The company applies the exemption for short term leases (12 months or less) and low value leases. As such, related lease payments are not recognized in the balance sheet, but expensed or capitalized in line with the accounting treatment for other non-lease expenses. The inclusion of non-lease components may vary across different lease categories, but for the most material class of assets (rigs), the company has excluded the non-lease components when measuring the lease liability.The company may enter into lease contracts as an operator on behalf of a license, and may for such leases only recognize its net share of the related lease liability. Whether a contract is entered into on behalf of the license is subject to a contract specific assessment, but the general principle is that there needs to be a direct link between the lease contract and the license or field on which the RoU asset shall be used. Other lease contracts, such as offices and supply vessels not linked to specific fields, are recognized on a gross basis although the related cashflows are charged to the license partners, typically via cost pools. For such contracts, the partner\u2019s share of the cost recovered by the company are presented as other income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-4": {
"value": "1.19 Borrowing costs Borrowing costs that can be directly ascribed to procurement, processing or production of a qualifying asset are capitalized as part of the asset\u2019s acquisition cost. Borrowing cost is only capitalized during the development phase. Other borrowing costs are expensed in the period in which they are incurred. A qualifying asset is one that necessarily takes a substantial period of time to be made ready for its intended use or sale. Qualifying assets are generally those that are subject to major development or construction projects.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-54-3": {
"value": "1.20 Inventories Inventories mainly consist of equipment for the drilling of exploration and production wells and are valued at the lower of cost price (based on weighted average cost) and net realizable value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-3": {
"value": "1.21 Cash and cash equivalents Cash and cash equivalents include cash, bank deposits, and other short-term highly liquid investments with an original due date of three months or less. Bank overdrafts are included in the Statement of Financial Position as short-term loans.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-3": {
"value": "1.22 Interest-bearing debt All borrowings are initially recognized at transaction price, which equals the fair value of the amount received net of costs directly related to the establishment of the loan or issuance of debt. Subsequently, interest-bearing borrowings are valued at amortized cost using the effective interest method; the difference between the transaction price (after transaction costs) and the face value is recognized in the Income statement in the period until the loan falls due. Amortized costs are calculated by considering all issue costs on the settlement date, except for any discount or premium expensed immediately.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-3": {
"value": "1.23 Tax GeneralTax consists of tax payable and changes in deferred tax. Deferred tax/tax benefits are calculated on the basis of the differences between book value and tax basis values of assets and liabilities, with the exception of temporary differences on acquisition of licenses that are defined as asset purchases.Deferred tax is measured using the expected tax rate when the tax benefit is realised or the tax liability is met, based on tax rates and tax regulations that have been enacted or substantively enacted at the reporting date.Tax payable and deferred tax is recognized directly against equity or other comprehensive income insofar as the tax items are related to equity transactions or items of other comprehensive income.Deferred tax and tax benefits are presented net, where netting is legally permitted and the deferred tax benefit and liability are related to the same tax subject and are payable to the same tax authorities.Functional currencyThe company\u2019s functional currency is USD, while it is a statutory requirement to calculate the current tax based on NOK functional currency. This may impact the effective tax rate when the exchange rate between NOK and USD fluctuates. The revaluation of tax receivable and payable is presented as foreign exchange gain/loss, while the impact on deferred tax from revaluation of tax balances is presented as tax expense / income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-4": {
"value": "1.23 Tax GeneralTax consists of tax payable and changes in deferred tax. Deferred tax/tax benefits are calculated on the basis of the differences between book value and tax basis values of assets and liabilities, with the exception of temporary differences on acquisition of licenses that are defined as asset purchases.Deferred tax is measured using the expected tax rate when the tax benefit is realised or the tax liability is met, based on tax rates and tax regulations that have been enacted or substantively enacted at the reporting date.Tax payable and deferred tax is recognized directly against equity or other comprehensive income insofar as the tax items are related to equity transactions or items of other comprehensive income.Deferred tax and tax benefits are presented net, where netting is legally permitted and the deferred tax benefit and liability are related to the same tax subject and are payable to the same tax authorities.Functional currencyThe company\u2019s functional currency is USD, while it is a statutory requirement to calculate the current tax based on NOK functional currency. This may impact the effective tax rate when the exchange rate between NOK and USD fluctuates. The revaluation of tax receivable and payable is presented as foreign exchange gain/loss, while the impact on deferred tax from revaluation of tax balances is presented as tax expense / income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-3": {
"value": "1.24 Employee benefits Pension schemesThe company complies with the requirement to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d). The company makes contributions to the pension plan for full-time employees equal to 7 percent for salary up to 7.1 G and 25.1 percent between 7.1 and 12 G. The pension premiums are charged to expenses as they are incurred.An early retirement scheme (AFP) has been introduced for all employees. The scheme is a multi-employer defined benefit plan, but is accounted for as a defined contribution pension, and premiums are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-3": {
"value": "1.25 Provisions A provision is recognized when the company incurs a commitment (legal or constructive) as a result of a past event, it is probable that financial settlement will take place as a result of this commitment, and the amount can be reliably calculated. Provisions are evaluated at each period end and are adjusted to reflect the best estimate.An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. A provision for onerous contracts is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. If the discounting effect is significant, provisions are discounted using a discount rate before tax that reflects the market\u2019s pricing of the time value and risk specifically associated with the commitment. As discounting unwinds, the book value of the provisions is increased in each period to reflect the change in time relative to the due date of the commitment. The effect of this increase is expensed as an accretion expense.Decommissioning and removal costs:In accordance with the license terms and conditions for the licenses in which the company participates, the Norwegian State can require license owners to remove the installation in whole or in part when production ceases or the license period expires.In the initial recognition of the decommissioning and removal obligations, the company provides for the net present value of future costs related to decommissioning and removal. A corresponding asset is capitalized as a tangible fixed asset and depreciated using the unit-of-production method. Changes in the time value (net present value) of the obligation related to decommissioning and removal accretion are charged to income as financial expenses and increase the balance-sheet liability related to future decommissioning and removal expenses. Changes in the best estimate for expenses related to decommissioning and removal are recognized in the Statement of financial position (property, plant and equipment), except where it relates to licenses with no future production. The discount rate used in the calculation of the fair value of the decommissioning and removal obligation is the risk-free rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-3": {
"value": "1.26 SegmentSince its formation, the company has conducted its entire business in one consistent segment, defined as exploration for and production of petroleum in Norway. The company conducts its activities on the Norwegian Continental Shelf, and management monitors the company at this level. The financial information relating to geographical distribution and large customers is presented in note 5.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-66-3": {
"value": "1.27 Earnings per share Earnings per share are calculated by dividing the net profit/loss attributable to ordinary equity holders of the parent entity by the weighted average number of the total outstanding shares. Shares issued during the year are weighted in relation to the period in which they have been outstanding. The weighted average number of shares used to calculate diluted earnings per share includes contingently issuable ordinary shares to the extent that they would be issuable as at the reporting date if it were the end of the contingency period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-67-3": {
"value": "1.28 Contingent liabilities and assets Except for in the event of a business combination, neither contingent liabilities nor contingent assets are recognized. A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.Contingent liabilities are disclosed with the exception of contingent liabilities where the probability of the liability having to be settled is remote.Contingent assets are possible assets that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Information about such contingent assets is provided if inflow of economic benefits is probable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-68-2": {
"value": "1.29 Changes to accounting standards and interpretations that: Have entered into force: The group has applied the following standards and amendment for the first time for their annual reporting period commencing 1 January 2022:Amendments to IAS 16,\u2019 Property, plant and equipment:IAS 16 requires that the cost of an asset includes any costs attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. One of those costs is testing whether the asset is functioning properly.The amendment to IAS 16 prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling products produced while the entity is preparing the asset for its intended use (for example, pre-production revenue from hydrocarbons produced as part of getting a field on stream). The proceeds from selling such volumes, together with the costs of producing them, are now recognised in profit or loss. Cost will not include depreciation of the asset being tested because it is not ready for its intended use.The amendment also clarifies that an entity is \u2018testing whether the asset is functioning properly\u2019 when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. An asset might therefore be capable of operating as intended by management and subject to depreciation before it has achieved the level of operating performance expected by management. The application of the amendment did not have a material impact on the income statement in 2022.Have been issued but have not entered into force:Certain new accounting standards and interpretations are issued, but not yet effective as of 31 December 2022. These standards are not expected to have a material impact on the group in the current or future reporting periods.Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income taxes (IAS 12):In May 2021, amendments to IAS 12 were published to require companies to recognise deferred tax on particular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments will typically apply to transactions where assets and liabilities are recognised from a single transaction, such as leases for the lessee and decommissioning and restoration obligations. The amendments are effective for annual reporting periods beginning on or after 1 January 2023.Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2:The IASB amended IAS 1 to require entities to disclose their material rather than their significant accounting policies. The amendments define what is \u2018material accounting policy information\u2019 and explain how to identify when accounting policy information is material. They further clarify that immaterial accounting policy information does not need to be disclosed. If it is disclosed, it should not obscure material accounting information.To support this amendment, the IASB also amended IFRS Practice Statement 2 Making Materiality Judgements to provide guidance on how to apply the concept of materiality to accounting policy disclosures.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
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"value": "1.29 Changes to accounting standards and interpretations that: Have entered into force: The group has applied the following standards and amendment for the first time for their annual reporting period commencing 1 January 2022:Amendments to IAS 16,\u2019 Property, plant and equipment:IAS 16 requires that the cost of an asset includes any costs attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. One of those costs is testing whether the asset is functioning properly.The amendment to IAS 16 prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling products produced while the entity is preparing the asset for its intended use (for example, pre-production revenue from hydrocarbons produced as part of getting a field on stream). The proceeds from selling such volumes, together with the costs of producing them, are now recognised in profit or loss. Cost will not include depreciation of the asset being tested because it is not ready for its intended use.The amendment also clarifies that an entity is \u2018testing whether the asset is functioning properly\u2019 when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. An asset might therefore be capable of operating as intended by management and subject to depreciation before it has achieved the level of operating performance expected by management. The application of the amendment did not have a material impact on the income statement in 2022.Have been issued but have not entered into force:Certain new accounting standards and interpretations are issued, but not yet effective as of 31 December 2022. These standards are not expected to have a material impact on the group in the current or future reporting periods.Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income taxes (IAS 12):In May 2021, amendments to IAS 12 were published to require companies to recognise deferred tax on particular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments will typically apply to transactions where assets and liabilities are recognised from a single transaction, such as leases for the lessee and decommissioning and restoration obligations. The amendments are effective for annual reporting periods beginning on or after 1 January 2023.Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2:The IASB amended IAS 1 to require entities to disclose their material rather than their significant accounting policies. The amendments define what is \u2018material accounting policy information\u2019 and explain how to identify when accounting policy information is material. They further clarify that immaterial accounting policy information does not need to be disclosed. If it is disclosed, it should not obscure material accounting information.To support this amendment, the IASB also amended IFRS Practice Statement 2 Making Materiality Judgements to provide guidance on how to apply the concept of materiality to accounting policy disclosures.1.30 Voluntarily changes in accounting policies: Change in discount rate for abandonment provisions:The accounting policy for abandonment provisions have been changed in 2022. The discount rate for calculating abandonment provisions has historically included a credit element in addition to a risk-free rate. In line with the development in industry practice with regards to the interpretation of the relevant guidelines in IAS 37, the company has changed the discount rate so that this no longer includes a credit element. Comparative figures from 1 January 2021 have been restated accordingly. Based on the complexity in the calculations, it has been deemed impracticable to measure the impact on equity at 1 January 2021. As a result, the company has recorded the difference between the remeasured abandonment provision and the historical abandonment provision at 1 January 2021 as an adjustment to Property, plant and equipment. The following table shows the effects of the change in accounting policy. The effect is similar for both group and parent in 2021: BREAKDOWN OF RESTATEMENT IMPACT ON 2021THE INCOME STATEMENT (USD 1000)Depreciation - prior to restatement 964 083Depreciation - after restatement 1 192 889Change 228 807Impairment - prior to restatement 262 554Impairment - after restatement 262 554Change -Net financial items - prior to restatement -241 718Net financial items - after restatement -189 913Change -51 804Tax expense/income - prior to restatement 2 222 080Tax expense/income - after restatement 2 084 012Change -138 069Net profit/loss - prior to restatement 850 704Net profit/loss - after restatement 811 771Change -38 933BREAKDOWN OF RESTATEMENT 31.12.2021 01.01.2021IMPACT ON THE STATEMENT OF FINANCIAL POSITION (USD 1000)Property, plant and equipment - 7 976 308 7 266 137prior to restatementProperty, plant and equipment - 10 214 438 9 357 906Change 2 238 131 2 091 768Long-term abandonment provision 2 656 358 2 805 507- prior to restatementLong-term abandonment provision 5 071 491 4 897 275- after restatementChange 2 415 133 2 091 768Deferred tax - prior to restatement 3 323 213 2 642 461Deferred tax - after restatement 3 185 144 2 642 461Change -138 069 -Equity - prior to restatement 2 341 891 1 987 281Equity - after restatement 2 302 957 1 987 281Change -38 933 -Change in deferred tax on capitalised interest:The tax regime for oil and gas companies in Norway limits the tax deduction on parts of the company\u2019s interest expenses to 22 percent, while the general tax rate in the industry is 78 percent. Parts of these interest expenses have been capitalised as Property, plant and equipment, and deferred tax has been calculated at 22 percent in line with the tax deduction outside the special tax regime, in line with industry peers. The company has revised its accounting policy, and concluded to change the applied deferred tax rate from 22 to 78 percent for interest capitalised as Property, plant and equipment, to better reflect the tax consequences that would follow from the manner in which the company expects to recover the carrying amount of Property, plant and equipment. Prior periods have been restated accordingly. The following table shows the effects of the change in accounting policy. The effect is similar for both group and partent in 2021. The figures below include the restatements related to abandonment provisions in the table above, to the extent applicable. BREAKDOWN OF RESTATING IMPACT ON THE 2021INCOME STATEMENT (USD 1000)Tax expense/income - prior to restating 2 084 012Tax expense/income - after restating 2 067 855Change -16 157Net profit/loss - prior to restatement 811 771Net profit/loss - after restatement 827 928Change 16 157BREAKDOWN OF RESTATING IMPACT 31.12.2021 01.01.2021ON THE STATEMENT OF FINANCIAL POSITION (USD 1000)Deferred tax - prior to restating 3 185 144 2 642 461Deferred tax - after restating 3 291 287 2 764 761Change 106 143 122 300Equity - prior to restating 2 302 957 1 987 281Equity - after restating 2 196 814 1 864 982Change -106 143 -122 300",
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"value": "1.30 Voluntarily changes in accounting policies: Change in discount rate for abandonment provisions:The accounting policy for abandonment provisions have been changed in 2022. The discount rate for calculating abandonment provisions has historically included a credit element in addition to a risk-free rate. In line with the development in industry practice with regards to the interpretation of the relevant guidelines in IAS 37, the company has changed the discount rate so that this no longer includes a credit element. Comparative figures from 1 January 2021 have been restated accordingly. Based on the complexity in the calculations, it has been deemed impracticable to measure the impact on equity at 1 January 2021. As a result, the company has recorded the difference between the remeasured abandonment provision and the historical abandonment provision at 1 January 2021 as an adjustment to Property, plant and equipment. The following table shows the effects of the change in accounting policy. The effect is similar for both group and parent in 2021: BREAKDOWN OF RESTATEMENT IMPACT ON 2021THE INCOME STATEMENT (USD 1000)Depreciation - prior to restatement 964 083Depreciation - after restatement 1 192 889Change 228 807Impairment - prior to restatement 262 554Impairment - after restatement 262 554Change -Net financial items - prior to restatement -241 718Net financial items - after restatement -189 913Change -51 804Tax expense/income - prior to restatement 2 222 080Tax expense/income - after restatement 2 084 012Change -138 069Net profit/loss - prior to restatement 850 704Net profit/loss - after restatement 811 771Change -38 933BREAKDOWN OF RESTATEMENT 31.12.2021 01.01.2021IMPACT ON THE STATEMENT OF FINANCIAL POSITION (USD 1000)Property, plant and equipment - 7 976 308 7 266 137prior to restatementProperty, plant and equipment - 10 214 438 9 357 906Change 2 238 131 2 091 768Long-term abandonment provision 2 656 358 2 805 507- prior to restatementLong-term abandonment provision 5 071 491 4 897 275- after restatementChange 2 415 133 2 091 768Deferred tax - prior to restatement 3 323 213 2 642 461Deferred tax - after restatement 3 185 144 2 642 461Change -138 069 -Equity - prior to restatement 2 341 891 1 987 281Equity - after restatement 2 302 957 1 987 281Change -38 933 -Change in deferred tax on capitalised interest:The tax regime for oil and gas companies in Norway limits the tax deduction on parts of the company\u2019s interest expenses to 22 percent, while the general tax rate in the industry is 78 percent. Parts of these interest expenses have been capitalised as Property, plant and equipment, and deferred tax has been calculated at 22 percent in line with the tax deduction outside the special tax regime, in line with industry peers. The company has revised its accounting policy, and concluded to change the applied deferred tax rate from 22 to 78 percent for interest capitalised as Property, plant and equipment, to better reflect the tax consequences that would follow from the manner in which the company expects to recover the carrying amount of Property, plant and equipment. Prior periods have been restated accordingly. The following table shows the effects of the change in accounting policy. The effect is similar for both group and partent in 2021. The figures below include the restatements related to abandonment provisions in the table above, to the extent applicable. BREAKDOWN OF RESTATING IMPACT ON THE 2021INCOME STATEMENT (USD 1000)Tax expense/income - prior to restating 2 084 012Tax expense/income - after restating 2 067 855Change -16 157Net profit/loss - prior to restatement 811 771Net profit/loss - after restatement 827 928Change 16 157BREAKDOWN OF RESTATING IMPACT 31.12.2021 01.01.2021ON THE STATEMENT OF FINANCIAL POSITION (USD 1000)Deferred tax - prior to restating 3 185 144 2 642 461Deferred tax - after restating 3 291 287 2 764 761Change 106 143 122 300Equity - prior to restating 2 302 957 1 987 281Equity - after restating 2 196 814 1 864 982Change -106 143 -122 300",
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"value": "Note 2 Business combinationOn 30 June 2022, Aker BP finalized the acquisition of Lundin Energy. The transaction was announced on 21 December 2021, and Aker BP issued 271.91 million new shares to the owners of Lundin Energy as compensation. In addition, the group paid a cash consideration of USD 2.22 billion. The purpose of the transaction is to create the E&P company of the future which will offer low CO2 emmisions, low cost and an attractive growth pipeline in the industry. The acquisition includes three Dutch and one Swiss legal entity, in addition to Lundin Energy Norway AS (renamed to ABP Norway AS at completion of the transaction). All oil and gas assets included in the transaction are located on the Norwegian Continental Shelf. The acquisition date for accounting purposes corresponds to the finalization of the transaction on 30 June 2022. The acquisition is regarded as a business combination and has been accounted for using the acquisition method of accounting in accordance with IFRS 3. A purchase price allocation (PPA) has been performed to allocate the consideration to fair value of assets and liabilities in Lundin Energy. The PPA is performed as of the acquisition date, 30 June 2022. The 30 June closing share price at Oslo Stock Exchange (NOK 342.1) and the closing currency exchange rate (USD/NOK 9.9629) were used as a basis for measuring the value of the shares consideration, as set forth below. The value of the cash consideration is adjusted for certain settlement arrangements and currency impacts as the cash was transferred in Swedish Kronor. (USD 1 000) 30.06.2022Value of cash consideration 2 221 805 Value of share consideration 9 336 636 Total value of consideration 11 558 441 Estimated transaction cost incurred in Aker BP is approximately USD 8 million, and is included in the income statement as other operating expenses.Each identifiable asset and liability is measured at its acquisition date fair value based on guidance in IFRS 13. The standard defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This definition emphasizes that fair value is a market-based measurement, not an entity-specific measurement. When measuring fair value, the group uses the assumptions that market participants would use when pricing the asset or liability under current market conditions, including assumptions about risk. Acquired property, plant and equipment have been valued using the cost approach (replacement cost), while intangible assets (value of licenses) have been valued using the income approach. Accounts receivable are recognized at gross contractual amounts due, as they relate to large and credit-worthy customers. Historically, there has been no significant uncollectible accounts receivable in Lundin Energy.Purchase price allocation (USD 1 000)(USD 1 000) 30.06.2022Goodwill 12 542 852 1)Other intangible assets1 282 230 Property, plant and equipment 7 663 300 Right-of-use assets 34 757 Long-term receivables 12 550 Other non-current assets 241 Inventories 40 156 Trade receivables 389 758 Other short-term receivables 217 474 Intercompany 57 048 Cash and cash equivalents 937 619 Total assets 23 177 984 (USD 1 000) 30.06.2022Deferred taxes 5 802 641 Long-term abandonment provision 724 320 Long-term bonds 1 725 965 Long-term derivatives 4 277 Long-term lease debt 20 251 Other interest-bearing debt 600 000 Trade creditors 17 858 Accrued public charges and indirect taxes 33 109 Tax payable 2 181 017 Short-term derivatives 199 367 Short-term abandonment provision 21 580 Short-term lease debt 14 506 Other current liabilities 274 655 Total liabilities 11 619 544 Net assets and liabilities recognized 11 558 441 Fair value of consideration paid on acquisition 11 558 441 1) Mainly related to undeveloped oil and gas assetsThe goodwill of USD 12.5 billion arises principally because of the following factors:1. The ability to capture synergies that can be realized from managing a larger portfolio of both acquired and existing fields on the Norwegian Continental Shelf, including workforce (\"residual goodwill\").2. The requirement to recognize deferred tax assets and liabilities for the difference between the assigned fair values and the tax bases of assets acquired and liabilities assumed in a business combination. Licences under development and licences in production can only be sold in a market after tax, based on a decision made by the Norwegian Ministry of Finance pursuant to the Petroleum Taxation Act Section 10. The assessment of fair value of such licences is therefore based on cash flows after tax. Nevertheless, in accordance with IAS 12 Sections 15 and 19, a provision is made for deferred tax corresponding to the tax rate multiplied by the difference between the acquisition cost and the tax base. The offsetting entry to this deferred tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax (\"technical goodwill\"). None of the goodwill recognized will be deductable for tax purposes.Reconciliation of goodwill from the acquisition of Lundin Energy (USD 1 000)30.06.2022Goodwill related to synergies - residual goodwill 6 291 672 Goodwill as a result of deferred tax - technical goodwill 6 251 180 Net goodwill from the acquisition of Lundin Energy 12 542 852 If the acquisition had taken place at the beginning of 2022, revenue would have increased by USD 3.7 billion and net income would have increased by USD 422 million. The purchase price allocation above is preliminary and based on currently available information about fair values as of the acquisition date. If new information becomes available within 12 months from the acquisition date, the group may change the fair value assessment in the PPA, in accordance with guidance in IFRS 3.Parent company - accounting effect of mergers:As of 13 October 2022, the wholly owned subsidiary ABP Energy Holding BV was merged with the parent company Aker BP ASA. The merger was carried out in accordance with the Public Limited Liability Companies Act section 13-25, and the merger was carried out based on group continuity for accounting purposes. Upon completion of the merger, all assets, rights and obligations of ABP Energy Holding BV was transferred to Aker BP ASA without any consideration being rendered. At the same time, ABP Energy Holding BV was liquidated. The merger is considered a transaction for tax purposes. As of 31 December 2022, the wholly owned subsidiary ABP Norway AS was merged with the parent company Aker BP ASA. The merger was carried out in accordance with the Public Limited Liability Companies Act section 13-24, and the merger was carried out based on group continuity for accounting purposes. Upon completion of the merger, all assets, rights and obligations of ABP Norway AS was transferred to Aker BP ASA without any consideration being rendered. At the same time, ABP Norway AS was liquidated. The merger is based on company continuity from 1 January 2022 for tax purposes",
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"pp-value-77-2": {
"value": "Note 3 Overview of subsidiariesCompanies acquired as part of the Lundin transactionAs described in note 2, Aker BP finalised the acquisition of Lundin Energy at 30 June 2022. The transaction included the companies mentioned below, of which all of them have been either liquidated or merged with the parent company Aker BP ASA within year end 2022. The companies were generally renamed from \"Lundin\" to \"ABP\" at closing of the Lundin transaction.ABP Finance BV: This was the financing company in the previous Lundin structure, and included two external bonds of USD 1 000 million each as well as intercompany receivables towards ABP Energy Holding BV. The company was merged with ABP Energy Holding BV in September 2022. ABP Services BV: A service company with limited activity in 2022. The company was liquidated in September 2022. ABP Marketing SA: Company used for trading and sale of Petroleum in the previous Lundin structure. This activity was transferred to Aker BP ASA at closing 30 June 2022 and the company was liquidated in November 2022. ABP Norway AS: The Norwegian company which included all oil & gas activity at the Norwegian Continental Shelf in the previous Lundin structure. All employees were transferred to Aker BP ASA 1 October 2022 and the company was merged with Aker BP ASA at 31 December 2022. ABP Energy Holding BV: The holding company in the previous Lundin structure. It was the surviving entity of the merger with ABP Finance BV in September 2022 and merged with Aker BP ASA in October 2022. Aker BP UK Limited (100 percent)Aker BP UK Limited was established as a subsidiary of Det norske oljeselskap AS during 2020. In 2021, the company entered into an agreement with Eni UK to acquire a 50 percent non-operated interest in license P2511 on the UK continental shelf. The main activity has been to acquire and interpret seismic in the area. License P2511 is located to the borderline of the Norwegian continental shelf. The key objective for the partnership between Eni UK and Aker BP UK is to explore the resource potential, based on the knowledge obtained in the Alvheim area.Aker BP ASA has three other subsidiaries which are not consolidated in the group accounts in 2022 due to materiality considerations:Det norske oljeselskap AS (100 percent)Det norske oljeselskap AS, previously Marathon Oil Norge AS, was acquired by Aker BP in October 2014. All activity was transferred to Aker BP on 31 October 2014. During 2020, Aker BP UK Limited (see above) was established as a subsidiary of Det norske oljeselskap AS. Except for the subsidiary, the only asset in this company is cash equivalents reflecting the share capital amounting to USD 1.0 million.Alvheim AS (80 percent)The sole purpose of Alvheim AS is to act as legal owner of MST Alvheim, the floating production facility which is used to produce oil and gas from the Alvheim fields. The costs of and benefits from operating the MST Alvheim will be carried by the partners in the Alvheim field. Hence, Alvheim AS only has the formal ownership rather than the actual value of the production facilities. Following the Lundin transaction, Aker BP has a 80 percent share in Alvheim AS, which corresponds to the ownership in the Alvheim field. There were no activities in 2022.Sandvika Fjellstue AS (100 percent)Sandvika Fjellstue AS owns a conference centre used by Aker BP, located in Sandvika in Verdal.Note 19 Other non-current assetsGroup Parent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Shares in Alvheim AS 10 10 10 10Shares in Det norske oljeselskap AS 1 021 1 021 1 021 1 021Shares in Sandvika Fjellstue AS 1 814 1 814 1 814 1 8141)Investment in subsidiaries2 845 2 845 2 845 2 8452)Continuing involvement - Cognite AS81 400 - 81 400 -Tenancy deposit 1 627 1 810 1 627 1 8103)Unamortized fees - RCF10 975 15 860 10 975 15 860Other non-current assets 7 634 9 789 7 634 9 789Total other non-current assets 104 480 30 304 104 480 30 3041) Alvheim AS, Det norske oljeselskap AS and Sandvika Fjellstue AS have been deemed immaterial for consolidation purposes. The share capital in Aker BP UK is only 100 GBP and is thus not reflected in the table. All companies acquired in the Lundin transaction has been either liquidated or merged with Aker BP ASA in 2022. For more information regarding shares in subsidiaries, see note 3.2) In 2022 the company sold its shares in Cognite AS to Saudi Aramco Development Company for a consideration of USD 118 million. As part of the transaction, Aker BP has granted the buyer an option with maturity in November 2024 which under certain conditions gives the buyer the right to sell the shares back to Aker BP for USD 81.4 million. On this basis, Aker BP is considered to have continuing involvement in Cognite AS, in accordance with guidelines in IFRS 9. Hence, both an asset and a liability of USD 81.4 million is recognised in the statement of financial position at 31 December 2022. 3) Remaining unamortized fees related to the Revolving Credit Facility (RCF). These have been reclassified from other interest-bearing debt as the RCF was undrawn as at 31 December 2022 and 31 December 2021.",
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"value": "Note 5 Segment informationThe group's business is entirely related to exploration for and production of petroleum on, or to the borderline of, the Norwegian continental shelf. The group's activities are considered to have a homogeneous risk and return profile before tax, and the business is located in the geographical area Norway, except for one exploration license in the UK. The group operates within a single operating segment which matches the internal reporting to the company's executive management. In 2022 the group had sales transactions with two customers, which represented more than 10% of total sales, BP Oil International Limited accounted for USD 8 797 million and BP Gas Marketing Limited accounted for USD 2 820 million. In 2021 the sales transactions with BP Oil International Ltd were USD 4 281 million, and transactions with BP Gas Marketing Ltd were USD 1 056 million. The parent company`s transactions with BP Oil International LTD accounted for USD 5 709 million, and transactions with BP Gas Marketing Limited accounted for USD 2 820 million. In 2021 the parent sales transactions with BP Oil International Limited were USD 4 281 million, and transactions with BP Gas Marketing Limited were USD 1 056 million. ",
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"pp-value-82-2": {
"value": "Note 6 IncomeGroup ParentBreakdown of petroleum revenues (USD 1 000)2022 2021 2022 2021Sales of liquids 8 986 404 4 392 625 5 834 612 4 392 625Sales of gas 3 898 895 1 233 314 3 412 515 1 233 314Tariff income 10 883 14 051 10 883 14 051Total petroleum revenues 12 896 182 5 639 990 9 258 009 5 639 990Sales of liquids (boe 1 000) 91 816 63 447 57 830 63 447Sales of gas (boe 1 000) 20 164 13 935 17 558 13 935Other income (USD 1 000)Realized gain/loss (-) on oil derivatives 27 003 -19 362 27 003 -19 362Unrealized gain/loss (-) on oil derivatives 8 989 -5 449 8 989 -5 449Gain on license transactions 11 000 - 11 000 -Other income 66 725 53 568 64 311 53 568Total other income 113 716 28 757 111 302 28 757Refer to note 24 and 29 for further details regarding commodity derivatives.",
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"value": "Note 6 IncomeGroup ParentBreakdown of petroleum revenues (USD 1 000)2022 2021 2022 2021Sales of liquids 8 986 404 4 392 625 5 834 612 4 392 625Sales of gas 3 898 895 1 233 314 3 412 515 1 233 314Tariff income 10 883 14 051 10 883 14 051Total petroleum revenues 12 896 182 5 639 990 9 258 009 5 639 990Sales of liquids (boe 1 000) 91 816 63 447 57 830 63 447Sales of gas (boe 1 000) 20 164 13 935 17 558 13 935",
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"pp-value-83-3": {
"value": "Other income (USD 1 000)Realized gain/loss (-) on oil derivatives 27 003 -19 362 27 003 -19 362Unrealized gain/loss (-) on oil derivatives 8 989 -5 449 8 989 -5 449Gain on license transactions 11 000 - 11 000 -Other income 66 725 53 568 64 311 53 568Total other income 113 716 28 757 111 302 28 757Refer to note 24 and 29 for further details regarding commodity derivatives.",
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"value": "Other income (USD 1 000)Realized gain/loss (-) on oil derivatives 27 003 -19 362 27 003 -19 362Unrealized gain/loss (-) on oil derivatives 8 989 -5 449 8 989 -5 449Gain on license transactions 11 000 - 11 000 -Other income 66 725 53 568 64 311 53 568Total other income 113 716 28 757 111 302 28 757Refer to note 24 and 29 for further details regarding commodity derivatives.",
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"pp-value-84-2": {
"value": "Note 7 Production costsGroup ParentProduction costs (USD 1 000)2022 2021 2022 2021Cost of operations 682 681 472 791 597 570 472 791Shipping and handling 231 513 179 579 188 082 179 579Environmental taxes 63 944 47 637 54 355 47 637Production cost based on produced volumes 978 139 700 007 840 007 700 007Adjustment for over/underlift (-) -45 269 45 306 -25 554 45 306Production cost based on sold volumes 932 870 745 313 814 453 745 313Total produced volumes (boe 1 000) 112 853 76 439 75 436 76 439Production cost per boe produced (USD/boe) 8.7 9.2 11.1 9.2Note 8 Exploration expensesGroup ParentBreakdown of exploration expenses (USD 1 000)2022 2021 2022 2021Seismic 34 424 23 138 30 047 23 138Area fees 12 324 18 891 13 292 18 891Field evaluation 10 749 176 969 8 101 176 969Dry well expenses 135 800 98 827108 560 98 827Other exploration expenses 48 896 35 208 36 187 35 208Total exploration expenses 224422119933335533003344119966118877335533003344Note 9 Payroll expenses and remunerationGroup Parent Breakdown of payroll expenses (USD 1 000)2022 2021 2022 2021Payroll expenses 342 985 328 324 327 320 328 324 Pension 34 036 31 197 32 151 31 197 Social security tax 53 594 51 090 51 115 51 090 Other personnel costs 20 363 7 039 19 828 7 039 Total payroll expenses 445500997788441177664499443300441144441177664499The payroll expenses are allocated to activities and partners based on timewriting.GroupParentRestated RestatedDepreciation in the Income statement (USD 1 000)2022 2021 2022 2021Depreciation of tangible fixed assets 1 675 245 1 105 014 1 141 051 1 105 014Depreciation of right-of-use assets 18 716 10 416 17 555 10 416Depreciation of other intangible assets 91 711 77 459 73 169 77 459Total depreciation in the Income statement 1 785 672 1 192 889 1 231 775 1 192 889Impairment in the Income statement (USD 1 000)Impairment/reversal of tangible fixed assets385 562 184 664 385 562 184 664Impairment/reversal of other intangible assets258 325 36 301 - 36 301Impairment/reversal of capitalized exploration expenditures10 869 41 589 10 869 41 589Impairment of goodwill377 398 - - -Total impairments of tangible and intangible assets 1 032 154 262 554 396 431 262 554See note 15 for information regarding impairment charges, including impairment of other non-current assets for the parent company.",
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"value": "Note 7 Production costsGroup ParentProduction costs (USD 1 000)2022 2021 2022 2021Cost of operations 682 681 472 791 597 570 472 791Shipping and handling 231 513 179 579 188 082 179 579Environmental taxes 63 944 47 637 54 355 47 637Production cost based on produced volumes 978 139 700 007 840 007 700 007Adjustment for over/underlift (-) -45 269 45 306 -25 554 45 306Production cost based on sold volumes 932 870 745 313 814 453 745 313Total produced volumes (boe 1 000) 112 853 76 439 75 436 76 439Production cost per boe produced (USD/boe) 8.7 9.2 11.1 9.2Note 8 Exploration expensesGroup ParentBreakdown of exploration expenses (USD 1 000)2022 2021 2022 2021Seismic 34 424 23 138 30 047 23 138Area fees 12 324 18 891 13 292 18 891Field evaluation 10 749 176 969 8 101 176 969Dry well expenses 135 800 98 827108 560 98 827Other exploration expenses 48 896 35 208 36 187 35 208Total exploration expenses 224422119933335533003344119966118877335533003344Note 9 Payroll expenses and remunerationGroup Parent Breakdown of payroll expenses (USD 1 000)2022 2021 2022 2021Payroll expenses 342 985 328 324 327 320 328 324 Pension 34 036 31 197 32 151 31 197 Social security tax 53 594 51 090 51 115 51 090 Other personnel costs 20 363 7 039 19 828 7 039 Total payroll expenses 445500997788441177664499443300441144441177664499The payroll expenses are allocated to activities and partners based on timewriting.GroupParentRestated RestatedDepreciation in the Income statement (USD 1 000)2022 2021 2022 2021Depreciation of tangible fixed assets 1 675 245 1 105 014 1 141 051 1 105 014Depreciation of right-of-use assets 18 716 10 416 17 555 10 416Depreciation of other intangible assets 91 711 77 459 73 169 77 459Total depreciation in the Income statement 1 785 672 1 192 889 1 231 775 1 192 889Impairment in the Income statement (USD 1 000)Impairment/reversal of tangible fixed assets385 562 184 664 385 562 184 664Impairment/reversal of other intangible assets258 325 36 301 - 36 301Impairment/reversal of capitalized exploration expenditures10 869 41 589 10 869 41 589Impairment of goodwill377 398 - - -Total impairments of tangible and intangible assets 1 032 154 262 554 396 431 262 554See note 15 for information regarding impairment charges, including impairment of other non-current assets for the parent company.",
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"value": "Employee share programThe company has an annual share purchase program for all employees, including senior executives. The shares in the program are offered at a 25 percent discount and are subject to a three-year lock-up during which employees are not allowed to sell the shares. In connection with the share purchase program, all employees are also offered an interest free loan of 60 percent of the basic amount in the National Insurance scheme (\"G\"), to be repaid within one year. In total, employees subscribed for USD 15.5 million in 2022, compared to USD 12.6 million in 2021",
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"value": "Description of Remuneration arrangementsExcept for the new LTIP scheme described below, the company`s remuneration policy has in 2022 been in accordance with the guidelines described in the Board of Director`s Report for 2021 and submitted to the annual general meeting for an advisory vote in April 2022.The Board makes guidelines for executive remuneration, including the CEO\u2019s remuneration and other terms and conditions of employment. These guidelines set out the main principles applied in determining the salary and other remuneration of executive personnel and are addressed as a separate item at the General Meeting. Adjustment of the CEO's base salary is decided by the Board. Adjustment of the base salaries for other senior executives is decided by the CEO within the wage settlement framework adopted by the Board. Senior executives receive a basic salary, adjusted annually. Executives receive non-monetary benefits such as electronic equipment, yearly health checks and other company-specific general benefit and welfare programs. In addition, executives may participate in customary employee benefit programmes, e.g. employee share programmes. In special cases, the company may offer other benefits in order to recruit personnel, including to compensate for bonus rights earned in previous employment. General bonus schemeThe bonus for all employees, including the CEO and EMT, is determined by the company\u2019s performance on a pre-defined set of key performance indicators (KPIs) and Company Priorities, which are important improvement initiatives or activities with clear deliverables that are critical for the company's future success.Normally, the bonus is based on full year measure of the same KPI\u2019s and the company's priorities throughout the year. Due to the closing of the Lundin transaction at 30 June 2022, there was a change in the measures at that point in time, and 2022 has thus been split in two in relation to bonus outcome, as reflected in the tables below;1H 2022 2H 2022Key Performance indicators for Aker BP 2022Actual ActualSafety (SIF/1 mill hrs)0.2 0.5Production (mboepd)195 422Production Cost (USD/boe)11.8 7.2Net reserve additions (mmboe)13.5 563Relatively Shareholder Return-1.8 % -17.4 %CO2 Intensity (kg CO2/boe) - operated fields4.3 3.3Value creation (change in Risked NPV)-2.5 % N/A3.9 78%People & Organisation - Puls survey KPIs Company Priorities for the first half of 2022\u2022 Deliver Hod first oil by end of Q1 at planned quality and cost\u2022 Finalise Aker BP barrier management framework and requirements including barrier status panel \u2022 Enable robust economics for small targets and utilise IOR potential around our assets through the delivery of low-cost reservoir access project\u2022 Drive an increase in plan stability in the Execution Window\u2022 Deliver New ways of working initiative as a first step to transform operating efficiency in Aker BP\u2022 Establish and operatinalise project portfolio safeguarding in order to mitigate risks, ensure standardisation, capture and document synergies across projects, including regular portfolio outlook reviews by the Executive Management Team\u2022 Establish a prioritised and high-graded hoppe of 10-15 (6-8 operated) exploration drill ready for the combined company to meet economic hurdles\u2022 Develop plan for and successfully integrate Lundin and Aker BPCompany Priorities for the second half of 2022\u2022 Deliver the Kobra East Gekko (KEG) project at planned quality and cost\u2022 Identify and realise 600 000 boe gross through production optimisation, increased production efficiency and well interventions\u2022 Realise value from identified integration synergies\u2022 Revitalise alliance culture and improve alliance agreements and incentive models to balance risk and strengthen value creation\u2022 Deliver valuable energy efficiency projects to reduce environmental footprint by 10 000 tonnes (15 000 tonnes stretch target) per annum\u2022 Deliver Walk to Work project on (Normally) Unmanned Installations\u2022 Deliver Yggdrasil (renamed from NOAKA) sanctioning and PDO with break-even price below USD 30/boe\u2022 Deliver the Fenris (previously named NCP/King Lear) sanctioning and PDO with break-even price below USD 30/boe\u2022 Integrate and deliver the Utsira High project PDO\u2022 Deliver successful \u201cday 1\u201d in Aker BP/Lundin and deliver remaining 2022 integration programThe KPIs and Company Priorities are each weighted 50 percent when estimating the bonus outcome . The final bonus outcome, following the formulaic assessment of performance relative to targets is specifically reserved as a matter for the CEO and the Organisational Development and Compensation Committee. Accordingly, the committee may exercise its discretion to adjust the outcome upwards or downwards. The CEO had maximum bonus potential corresponding to 100 percent of base salary until 30 June 2022. From 1 July 2022 the CEO\u2019s maximum bonus potential was adjusted to 60 percent, which the same level as for other members of EMT. The maximum bonus for employees outside the EMT varies from 10 percent to 30 percent depending on position level.Bonus for the first half was paid in October 2022 and was set to 61% of maximum potential based on the applicable KPIs and priorities. The corresponding figure for the second half was 80%.Long Term Incentive Program (LTIP) for EMTPayout of previous LTIP Certain members of the EMT participated in a five-year incentive program started in January 2019, through December 2023, linked to the relative performance of the Aker BP share price versus a benchmark index consisting of the average of the Oslo Energy Index and the Stoxx 600 Europe Oil & Gas index (each weighted 50 percent). The incentive program payment was calculated as a linear function of market outperformance, where an outperformance of 30 percent or more would result in a payment of the maximum cap. The maximum total payment was capped at 200 percent of the executive\u2019s annual base salary. The CEO incentive program had the same mechanics and start/end date and was capped at NOK 30 million.Due to change of control mechanisms, the Lundin Energy transaction triggered payment of the long term incentive plan in Lundin Energy Norway AS. Correspondingly, the Board of Directors decided to settle Aker BPs five-year incentive program (LTIP) as described above, in order to put in place a new LTIP for the combined company. The market outperformance by the Aker BP share as of Q2 2022 was above 30 percent, and the Board of Directors decided to pay 90 percent of maximum payment in July 2022 to the CEO and the EMT members participating in the previous LTIP scheme. The payment is reflected in a separate column in the table below. New LTIP from 1 July 2022A new long-term incentive program for the combined company has been developed and is subject for approval of the General Meeting in April 2023. The program is designed to incentivize the executive directors to deliver on the long-term business objectives and to maximize alignment with shareholder value creation. The proposed program is an equity settled share-based payment scheme with a three-year vesting period. Grants will be made under the program on an annual basis for all members of the EMT, starting as of July 2022 when an award of 28 674 shares was made with a vesting date of July 2025 (being the base number of awards before any performance adjustments as described below). The number of awards made corresponds to 20 percent of the employee\u2019s base salary divided by the Aker BP share price on the award date. The award includes a three year performance condition at the end of which there will be an assessment of the company\u2019s total shareholder return measured against Oslo Energy Index, Stoxx 600Europe Oil & Gas index and the S&P Commodity Producers Oil & Gas Exploration & Production Index (each weighted 33,3 percent), to reflect the company\u2019s business strategy and key ambitions. Based on performance, the number of shares awarded will be adjusted as follows: Outperformance of the market Payoutindexes 30 % or above 200%15% 150%0% 100%-15% 50%Less than -15 % 0%The shares convert to ordinary shares upon vesting, with a subsequent lock-in period for the employee of one year. None of the grants were forfeited as at 31 December 2022. The LTIP agreement includes a clawback clause.The fair value of the grants has been measured using a Monte Carlo simulation. Service conditions were not taken into account when measuring fair value. The post-vesting lock-in non-vesting condition has been incorporated into the grant date fair value by applying a discount to the valuation by estimating the probability that the employee will not comply with this condition . The inputs used in the measurement of the 1 July 2022 grant date fair values were as follows: Fair value at grant date NOK 446.18Aker BP share price at grant dateNOK 350.41Expected volatility:Aker BP 49%Oslo Energy Index 36%Stoxx 600 Europe Oil & Gas Index33%SS&P Commodity Producers Oil & Gas E&P & Index44%Expected life 3 yearsRisk free interest rate (based on government bonds)2.8%Expected volatility has been based on an evaluation of the historical volatility of the Company\u2019s share price, particularly over the historical period commensurate with the expected term. The expected term of the grants has been based on three-year vesting period.Pension scheme and notice periodThe pension scheme continues to be a defined contribution plan capped at twelve times the National Insurance scheme basic amount (12G) for all employees including the executive management.The CEO and members of the EMT have six months mutual notice period. For all other employees, the notice period is three months. The chief executive officer and the chief financial officer are entitled to a severance payment equivalent to six months\u2019 salary, commencing after the six months\u2019 notice period, when the resignation is requested by the company. ",
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"value": "Group Parent Number of full time equivalents employed during the year 2022 2021 2022 2021Europe 2 462 1 773 2 036 1 773Total 2 462 1 773 2 036 1 773",
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"value": "Remuneration of senior executives in 2022*Payments in Total Total number of Number of grants (USD 1 000)Salary LTIP***Bonus**kind/Otherremuneration Pension costsshares****awarded*****Karl Johnny Hersvik (Chief Executive Officer) 967 520 2 805 64 4 356 23 10 355 4 9251)Per Harald Kongelf (Chief Operating Officer)417 184 686 2 1 289 23 5 546 2 125David Torvik T\u00f8nne (Chief Financial Officer)390 178 620 9 1 197 22 18 935 1 9212)Paula Doyle (Chief Digital Officer)182 103 - 209 494 11 - 2 028Knut Arne Kristian Sandvik (SVP projects) 370 189 601 3 1 164 23 5 111 1 863Tommy Sigmundstad (SVP D&W) 367 161 621 3 1 151 23 10 451 1 9223)Evy Gl\u00f8rstad (SVP Exploration & Reservoir Development)188 - - 8 195 6 N/A -4)Morten Heir (SVP Exploration & Reservoir Development)261 98 - 6 364 23 1 856 -5)Per \u00d8yvind Seljebotn (SVP Exploration & Reservoir Development)121 110 - 1 232 8 619 1 3476)Brit Tone Bergman (SVP People and Organisation)257 106 - 3 366 22 - -7)Marit Blaasmo (SVP People & Safety)287 136 477 2 902 23 6 754 1 4688)Jan Rosnes (SVP Strategy and Business Development)254 118 - 5 377 23 683 -9)Georg Olav Vidnes (SVP Operations)269 88 - 8 366 23 1 553 1 39810)Ine Dolve (SVP Alvheim)360 170 594 8 1 132 24 6 773 1 84011)Lars H\u00f8ier (SVP NOAKA)349 164 601 17 1 131 23 7 770 1 85012)Ole Johan Molvig (SVP Valhall)357 106 609 3 1 076 23 15 169 1 88613)Thomas Hoff-Hansen (SVP Ula)264 80 - 14 358 23 3 110 1 38614) Kari Nielsen (SVP Edvard Grieg & Ivar Aasen)78 100 - 178 6 413 1 43915)Thomas \u00d8vretveit (SVP Skarv)170 65 - 62 297 17 309 1 276Total remuneration of senior executives in 2022 5 908 2 675 7 614 426 16 624 367 95 407 28 6741) SVP Digitalisation & Business Transformation until 30.09.2022. Chief Operating Officer since 01.10.2022.2) /Chief Digital Officer since 01.07.2022. Payments in kindOther includes signing on fee3) SVP Exploration & Reservoir Development until 31.03.20224) SVP Exploration & Reservoir Development from 01.04.2022 until 30.09.2022.5) SVP Exploration & Reservoir Development since 01.10.2022.6) SVP People & Organisation until 30.09.2022.7) SVP Health, Safety, Security, Environment & Quality until 30.09.2022. SVP People and Safety since 01.10.2022.8) SVP Strategy & Business Development until 30.09.2022.9) SVP Operations since 01.10.2022.10) SVP Operations & Asset Development until 30.09.2022. SVP Alvheim since 01.10.2022.11) SVP Operations & Asset Development - NOAKA until 30.09.2022. SVP NOAKA since 01.10.2022.12) SVP Valhall since 01.10.2022.13) SVP Ula since 01.10.2022.14) SVP Edvard Grieg & Ivar Aasen since 01.10.2022.15) /SVP Skarv since 01.10.2022. Payment in kindOther includes signing on fee.* All remuneration to senior executives is paid in NOK and converted to USD using a yearly average USD/NOK-rate of 9.6245. For executives who have been in the Executive Management Team only parts of the year, the figures include payroll for the full year.** Numbers represent actual ordinary bonus earned in 2022. For the total amount in this column, USD 223 thousand relates to the new LTIP from 1 July 2022 as described above*** Payment related to the previous LTIP from 1 January 2019, as described above*** These shares have been purchased by the individuals and are not part of the remuneration. The numbers include shares held in companies where the senior executives have controlling interest. **** The numbers of grants awarded to each EMT member/individual as part of the new LTIP from 1 July 2022 as described aboveRemuneration of senior executives in 2021*Payments Total Total number of Owning (USD 1 000)SalaryBonus**in kind Otherremuneration Pension costsshares***interestKarl Johnny Hersvik (Chief Executive Officer) 929 651 121 19 1 719 24 10 355 0.0 %1)\u00d8yvind Bratsberg (Special Advisor)344 91 1 780 1 216 12 N/A N/APer Harald Kongelf (SVP Improvement) 423 171 3 - 598 24 5 546 0.0 %Tommy Sigmundstad (SVP D&W) 380 154 12 7 553 24 10 038 0.0 %Evy Gl\u00f8rstad (SVP Exploration & Reservoir Development)392 160 7 - 559 25 9 423 0.0 %2)Lene Land\u00f8y (SVP Strategy and Business Development)340 451 5 6 802 16 N/A N/ADavid Torvik T\u00f8nne (Chief Financial Officer) 384 154 6 3 547 23 16 869 0.0 %Marit Blaasmo (SVP HSSEQ) 287 111 3 - 401 24 4 688 0.0 %Knut Arne Kristian Sandvik (SVP projects) 377 224 7 - 608 25 4 078 0.0 %Ine Dolve (SVP Operations & Asset Development) 369 130 5 6 510 25 5 534 0.0 %Lars H\u00f8ier (SVP Operations & Asset Development - NOAKA)359 138 4 1 503 24 6 671 0.0 %3)Jan Rosnes (SVP Strategy and Business Development)209 49 4 - 263 24 408 0.0 %Total remuneration of senior executives in 2021 4 793 2 487 177 822 8 279 269 73 610 0.0 %1) Special Advisor until 30.06.2021. Other includes payments arising from a mutual agreement in relation to Bratsberg leaving the company. 2) SVP Strategy and Business Development until 31.08.20213) SVP Strategy and Business Development since 01.09.2021* All remuneration to senior executives is paid in NOK and converted to USD using a yearly average USD/NOK-rate of 8.5991. For executives who have been in the Executive Management Team only parts of the year, the figures include payroll for the full year.** Numbers represent actual ordinary bonus earned in 2021, excluding LTIP (see description above).*** These shares have been purchased by the individuals and are not part of the remuneration. The numbers include shares held in companies where the senior executives have controlling interest. Fees in 2022*Fee Total number of OwningName Comments(USD 1 000)sharesinterest \u00d8yvind EriksenChairman of the Board from 11.03.2016. Chair of the Organizational Development and Compensation committee. 96 - -Deputy Chair from 17.04.2013. Member of the Audit & Risk committee and Organizational Development and Anne Marie Cannon69 12 078 0.0 %Compensation committee.Kjell Inge R\u00f8kkeBoard member from 17.04.2013. 42 - -Murray AuchinclossBoard member from 16.04.2020 - - -Trond BrandsrudBoard member from 11.03.2016. Chairman of the Audit & Risk committee from 28.04.2016. 68 - -Kate ThomsonBoard member from 30.09.2016. Member of the Audit & Risk committee from 04.10.2016.- - -Valborg Lundegaard Board member from 05.04.2022.28 - -Board member from 07.07. 2022.Charles Ashley Heppenstall 21 852 587 0.2 %Terje SolheimEmployee rep. from 20.03.2014. Member of the Organizational Development and Compensation committee.24 637 0.0 %Ingard Haugeberg Employee representative from 30.08.2018. 20 948 0.0 %Hilde K.BrevikDeputy employee representative from 30.08.2018. 20 1 510 0.0 %Tore VikEmployee representative from 14.07.2021. 20 4 539 0.0 %Sarah Alexandra BergDeputy employee representative from 07.07.2021. 3 2 225 0.0 %Rune K. FauskangerDeputy employee representative from 07.07.2021. 3 7 888 0.0 %Thomas Husv\u00e6g Deputy employee representative from 07.07.2021. 3 132 0.0 %\u00d8rjan K.Brakstad Deputy employee representative from 07.07.2021. 3 420 0.0 %Svein Oskar Stoknes Chair of the Nomination committee from 16.04.2020. 4 - -Ingebret Hisdal Member of the Nomination committee from 16.04.2020. 4 - -Donna Riley Member of the Nomination committee from 16.04.2020. - - -Member until 05.04.2022Paula DoyleBoard member from 15.04.2021 until 05.04.2022. 14 N/A N/ATotal 445 882 964 0.2 %* Fee to board members are paid in NOK and converted to USD using a yearly average USD/NOK-rate of 9.6245Fees in 2021*Fee Total number of OwningName Comments(USD 1 000)sharesinterest \u00d8yvind EriksenChairman of the Board from 11.03.2016. Chair of the Organizational Development and Compensation committee. 104 - -Deputy Chair from 17.04.2013. Member of the Audit & Risk committee and Organizational Development and Anne Marie Cannon71 12 078 0.0 %Compensation committee.Kjell Inge R\u00f8kkeBoard member from 17.04.2013. 46 - -Murray AuchinclossBoard member from 16.04.2020 - - -Trond BrandsrudBoard member from 11.03.2016. Chairman of the Audit & Risk committee from 28.04.2016. 69 - -Kate ThomsonBoard member from 30.09.2016. Member of the Audit & Risk committee from 04.10.2016.- - -Paula Doyle Board member from 15.04.2021. 34 - -Terje SolheimEmployee rep. from 20.03.2014. Member of the Organizational Development and Compensation committee.26 637 0.0 %Ingard Haugeberg Employee representative from 30.08.2018. 23 948 0.0 %Hilde K.BrevikDeputy employee representative from 30.08.2018. 13 1 201 0.0 %Tore VikEmployee representative from 14.07.2021. 11 3 594 0.0 %Sarah Alexandra BergDeputy employee representative from 07.07.2021. 2 1 949 0.0 %Rune K. FauskangerDeputy employee representative from 07.07.2021. 2 6 649 0.0 %Thomas Husv\u00e6g Deputy employee representative from 07.07.2021. 2 132 0.0 %\u00d8rjan K.Brakstad Deputy employee representative from 07.07.2021. 2 423 0.0 %Svein Oskar Stoknes Chair of the Nomination committee from 16.04.2020. - - -Ingebret Hisdal Member of the Nomination committee from 16.04.2020. 7 - -Donna Riley Member of the Nomination committee from 16.04.2020. - - --Member until -Gro Kielland Board member from 20.03.2014 to 15.04.2021. 19 N/A N/A\u00d8rjan Holstad Employee representative from 01.11.2017 to 07.07.2021. 13 N/A N/AAnette Hoel Helgesen Employee representative from 30.08.2018 to 07.07.2021. 13 N/A N/ANina Aas Deputy employee representative from 30.08.2018 to 07.07.2021. 2 N/A N/AOddbj\u00f8rn Aune Deputy employee representative from 30.08.2018 to 07.07.2021. 2 N/A N/ATotal 463 27 611 0.0 %* Fee to board members are paid in NOK and converted to USD using a yearly average USD/NOK-rate of 8.5991.",
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"value": "Note 10 Auditors feeGroup Parent(USD 1 000) 2022 2021 2022 2021Fees for statutory audit services - PWC (excluding VAT) 230 - 200 -Fees for statutory audit services - KPMG (excluding VAT) 132 432 132 432Fees for other services - PWC (excluding VAT) 533 - 533 -Fees for other services - KPMG (excluding VAT) 202 124 202 124Total auditor's fees 1 098 555 1 068 555KPMG was the statutory auditor of Aker BP until April 2022, and was then replaced by PwC.",
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"value": "Note 11 Financial itemsParentGroupRestated Restated(USD 1 000) 2022 2021 2022 2021Total interest income 25 9592244881123 019 22448811Realized gains on derivatives 33 466 27 392 33 466 27 392Change in fair value of derivatives 333 674 - 333 674 -Net currency gains 308 373 88 779 193 887 88 7791) Other financial income98 774 - 98 774 -Total other financial income 774 287 116 171 659 801 116 171Nominal interest expenses 154 019 145 651 147 304 145 6512)Amortized loan costs31 815 22 460 19 164 22 460Interest on lease debt 7 496 11 558 7 120 11 558Capitalized interest cost, development projects -85 612 -40 136 -53 344 -40 136Total interest expenses 107 718 139 533 120 244 139 533Net currency loss 269 434 - - -Realised loss on derivatives 480 945 23 249 480 945 23 249Change in fair value of derivatives - 44 565 - 44 565Accretion expenses related to abandonment provisions 119 895 61 944 107 907 61 944Other financial expenses 9 834 39 274 8 220 39 274Total other financial expenses 880 109 169 032 597 072 169 032Net financial items -187 581 -189 913 -34 496 -189 9131) Related to gain from the sale of shares in Cognite in 2022 (see note 19)2) The figure includes amortization of the difference between fair value and nominal value on the bonds acquired in the Lundin transaction in 2022The rate (weighted average interest rate) used to determine the amount of borrowing cost eligible for capitalisation in 2022 is 3.69 percent. The corresponding rate for 2021 was 4.46 percent. Climate-related risk:As described in note 4 on climate-related risk, a sensitivity analysis have been performed to show the estimated impact of a two percent increase in credit spreads on current loan balances as of 31 December 2022 . This would result in an increased interest expenses of USD 111 million.",
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"value": "Note 11 Financial itemsParentGroupRestated Restated(USD 1 000) 2022 2021 2022 2021Total interest income 25 9592244881123 019 22448811Realized gains on derivatives 33 466 27 392 33 466 27 392Change in fair value of derivatives 333 674 - 333 674 -Net currency gains 308 373 88 779 193 887 88 7791) Other financial income98 774 - 98 774 -Total other financial income 774 287 116 171 659 801 116 171Nominal interest expenses 154 019 145 651 147 304 145 6512)Amortized loan costs31 815 22 460 19 164 22 460Interest on lease debt 7 496 11 558 7 120 11 558Capitalized interest cost, development projects -85 612 -40 136 -53 344 -40 136Total interest expenses 107 718 139 533 120 244 139 533Net currency loss 269 434 - - -Realised loss on derivatives 480 945 23 249 480 945 23 249Change in fair value of derivatives - 44 565 - 44 565Accretion expenses related to abandonment provisions 119 895 61 944 107 907 61 944Other financial expenses 9 834 39 274 8 220 39 274Total other financial expenses 880 109 169 032 597 072 169 032Net financial items -187 581 -189 913 -34 496 -189 9131) Related to gain from the sale of shares in Cognite in 2022 (see note 19)2) The figure includes amortization of the difference between fair value and nominal value on the bonds acquired in the Lundin transaction in 2022The rate (weighted average interest rate) used to determine the amount of borrowing cost eligible for capitalisation in 2022 is 3.69 percent. The corresponding rate for 2021 was 4.46 percent. Climate-related risk:As described in note 4 on climate-related risk, a sensitivity analysis have been performed to show the estimated impact of a two percent increase in credit spreads on current loan balances as of 31 December 2022 . This would result in an increased interest expenses of USD 111 million.",
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"pp-value-96-4": {
"value": "Note 11 Financial itemsParentGroupRestated Restated(USD 1 000) 2022 2021 2022 2021Total interest income 25 9592244881123 019 22448811Realized gains on derivatives 33 466 27 392 33 466 27 392Change in fair value of derivatives 333 674 - 333 674 -Net currency gains 308 373 88 779 193 887 88 7791) Other financial income98 774 - 98 774 -Total other financial income 774 287 116 171 659 801 116 171Nominal interest expenses 154 019 145 651 147 304 145 6512)Amortized loan costs31 815 22 460 19 164 22 460Interest on lease debt 7 496 11 558 7 120 11 558Capitalized interest cost, development projects -85 612 -40 136 -53 344 -40 136Total interest expenses 107 718 139 533 120 244 139 533Net currency loss 269 434 - - -Realised loss on derivatives 480 945 23 249 480 945 23 249Change in fair value of derivatives - 44 565 - 44 565Accretion expenses related to abandonment provisions 119 895 61 944 107 907 61 944Other financial expenses 9 834 39 274 8 220 39 274Total other financial expenses 880 109 169 032 597 072 169 032Net financial items -187 581 -189 913 -34 496 -189 9131) Related to gain from the sale of shares in Cognite in 2022 (see note 19)2) The figure includes amortization of the difference between fair value and nominal value on the bonds acquired in the Lundin transaction in 2022The rate (weighted average interest rate) used to determine the amount of borrowing cost eligible for capitalisation in 2022 is 3.69 percent. The corresponding rate for 2021 was 4.46 percent. Climate-related risk:As described in note 4 on climate-related risk, a sensitivity analysis have been performed to show the estimated impact of a two percent increase in credit spreads on current loan balances as of 31 December 2022 . This would result in an increased interest expenses of USD 111 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-96-5": {
"value": "Note 11 Financial itemsParentGroupRestated Restated(USD 1 000) 2022 2021 2022 2021Total interest income 25 9592244881123 019 22448811Realized gains on derivatives 33 466 27 392 33 466 27 392Change in fair value of derivatives 333 674 - 333 674 -Net currency gains 308 373 88 779 193 887 88 7791) Other financial income98 774 - 98 774 -Total other financial income 774 287 116 171 659 801 116 171Nominal interest expenses 154 019 145 651 147 304 145 6512)Amortized loan costs31 815 22 460 19 164 22 460Interest on lease debt 7 496 11 558 7 120 11 558Capitalized interest cost, development projects -85 612 -40 136 -53 344 -40 136Total interest expenses 107 718 139 533 120 244 139 533Net currency loss 269 434 - - -Realised loss on derivatives 480 945 23 249 480 945 23 249Change in fair value of derivatives - 44 565 - 44 565Accretion expenses related to abandonment provisions 119 895 61 944 107 907 61 944Other financial expenses 9 834 39 274 8 220 39 274Total other financial expenses 880 109 169 032 597 072 169 032Net financial items -187 581 -189 913 -34 496 -189 9131) Related to gain from the sale of shares in Cognite in 2022 (see note 19)2) The figure includes amortization of the difference between fair value and nominal value on the bonds acquired in the Lundin transaction in 2022The rate (weighted average interest rate) used to determine the amount of borrowing cost eligible for capitalisation in 2022 is 3.69 percent. The corresponding rate for 2021 was 4.46 percent. Climate-related risk:As described in note 4 on climate-related risk, a sensitivity analysis have been performed to show the estimated impact of a two percent increase in credit spreads on current loan balances as of 31 December 2022 . This would result in an increased interest expenses of USD 111 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-96-6": {
"value": "Note 11 Financial itemsParentGroupRestated Restated(USD 1 000) 2022 2021 2022 2021Total interest income 25 9592244881123 019 22448811Realized gains on derivatives 33 466 27 392 33 466 27 392Change in fair value of derivatives 333 674 - 333 674 -Net currency gains 308 373 88 779 193 887 88 7791) Other financial income98 774 - 98 774 -Total other financial income 774 287 116 171 659 801 116 171Nominal interest expenses 154 019 145 651 147 304 145 6512)Amortized loan costs31 815 22 460 19 164 22 460Interest on lease debt 7 496 11 558 7 120 11 558Capitalized interest cost, development projects -85 612 -40 136 -53 344 -40 136Total interest expenses 107 718 139 533 120 244 139 533Net currency loss 269 434 - - -Realised loss on derivatives 480 945 23 249 480 945 23 249Change in fair value of derivatives - 44 565 - 44 565Accretion expenses related to abandonment provisions 119 895 61 944 107 907 61 944Other financial expenses 9 834 39 274 8 220 39 274Total other financial expenses 880 109 169 032 597 072 169 032Net financial items -187 581 -189 913 -34 496 -189 9131) Related to gain from the sale of shares in Cognite in 2022 (see note 19)2) The figure includes amortization of the difference between fair value and nominal value on the bonds acquired in the Lundin transaction in 2022The rate (weighted average interest rate) used to determine the amount of borrowing cost eligible for capitalisation in 2022 is 3.69 percent. The corresponding rate for 2021 was 4.46 percent. Climate-related risk:As described in note 4 on climate-related risk, a sensitivity analysis have been performed to show the estimated impact of a two percent increase in credit spreads on current loan balances as of 31 December 2022 . This would result in an increased interest expenses of USD 111 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-97-2": {
"value": "Note 12 TaxesParentGroupRestated RestatedTax for the period (USD 1 000)2022 2021 2022 2021Current year tax payable/receivable 7 162 988 1 526 236 4 826 060 1 526 236Current tax related to change in tax system -176 391 - -176 391 -Prior period adjustments to current tax -17 752 15 093 -18 977 15 093Current tax expense (+)/income (-) 6 968 845 1 541 329 4 630 692 1 541 329Change in current year deferred tax -12 294 530 497 240 850 530 497Deferred tax related to change in tax system 189 444 - 189 444 -Prior period adjustments to deferred tax 27 916 -3 971 27 916 -3 971Deferred tax expense (+)/ income (-) 205 065 526 526 458 209 526 526Tax expense (+)/income (-) 7 173 910 2 067 855 5 088 901 2 067 855Effective tax rate in % 82% 71 % 82% 71 %Group ParentRestated RestatedBreakdown of tax effect of temporary differences (USD 1 000)2022 2021 2022 2021Tangible fixed assets-11 057 229 -6 474 847 -11 057 229 -6 474 847Capitalized exploration cost-196 364 -200 098 -196 364 -200 098Other intangible assets -1 470 437 -735 936 -1 470 437 -735 936Abandonment provision3 249 333 4 034 436 3 249 333 4 034 436Lease debt104 832 106 246 104 832 106 246Financial instruments-26 421 3 850 -26 421 3 850Other provisions37 139 -24 938 37 139 -24 938Net deferred tax liability (-)/deferred tax asset (+)-9 359 146 -3 291 287 -9 359 146 -3 291 287Group ParentRestated RestatedDeferred tax liability (-)/asset (+) (USD 1 000)2022 2021 2022 2021Deferred tax liability/asset at beginning of period-3 291 287 -2 764 761 -3 291 287 -2 764 761Change in current year deferred tax12 294 -530 497 -240 850 -530 497Change in current year deferred tax related to change in tax system-189 444 - -189 444 -Deferred tax related to acquisition of Lundin Energy-5 802 641 - - -Deferred tax related to merger of group companies- - -5 607 844 -Prior period adjustments-27 925 3 971 -29 731 3 971Deferred tax charged to OCI and equity-60 144 - 9 -Net deferred tax liability (-)/deferred tax asset (+)-9 359 146 -3 291 287 -9 359 146 -3 291 287",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-97-3": {
"value": "Note 12 TaxesParentGroupRestated RestatedTax for the period (USD 1 000)2022 2021 2022 2021Current year tax payable/receivable 7 162 988 1 526 236 4 826 060 1 526 236Current tax related to change in tax system -176 391 - -176 391 -Prior period adjustments to current tax -17 752 15 093 -18 977 15 093Current tax expense (+)/income (-) 6 968 845 1 541 329 4 630 692 1 541 329Change in current year deferred tax -12 294 530 497 240 850 530 497Deferred tax related to change in tax system 189 444 - 189 444 -Prior period adjustments to deferred tax 27 916 -3 971 27 916 -3 971Deferred tax expense (+)/ income (-) 205 065 526 526 458 209 526 526Tax expense (+)/income (-) 7 173 910 2 067 855 5 088 901 2 067 855Effective tax rate in % 82% 71 % 82% 71 %GroupParentRestated RestatedReconciliation of tax expense (USD 1 000)Tax rate2022 2021 2022 202178% tax rate on profit/loss before tax 78% 6 846 295 2 258 703 4 845 235 2 258 703Tax effect of uplift 56% -161 708 -270 454 -148 884 -270 454Permanent differences on impairment 78% 294 386 -36 862 338 709 -36 862Foreign currency translation of monetary items other than USD 78% -170 564 -68 575 -170 564 -68 575Foreign currency translation of monetary items other than NOK 78% 129 563 16 508 129 563 16 508Tax effect of financial and other 22% items 56% 60 126 97 881 -33 603 97 8811)Currency movements of tax balances78% 138 929 43 332 138 929 43 33278% 36 883 27 321 -10 484 27 321Other permanent differences, prior period adjustments and change in estimate of uncertain tax positionsTax expense (+)/income (-) 7 173 910 2 067 855 5 088 901 2 067 8551) Tax balances are in NOK and converted to USD using the period end currency rate. When the NOK weakens against USD, the tax rate increases as there is less remaining tax depreciation measured in USD.See note 1 for a description of change in accounting principles impacting deferred tax.Changes to the Petroleum Tax Act were enacted in June 2022 with effect from 1 January 2022. The combined tax rate of 78% is maintained, but according to the new rules the special petroleum tax (56%) is converted into a cash based tax. When calculating the special petroleum tax for 2022 and onwards, companies can make immediate deductions for expenses incurred, but with no right for uplift. In addition the corporate tax (22%) is deductible in the special tax base (56%). In order to maintain the overall tax rate of 78%, the special tax rate is increased to 71.8% [56% / (1-22%)]. During the fourth quarter, the National Budget 2023 was approved. This includes a change in the temporary tax regime uplift from 17.69 to 12.4 percent. Such change will increase the tax charge for the group from 2023 and onwards.In accordance with statutory requirements, the calculation of current tax is required to be based on NOK functional currency. This may impact the effective tax rate as the company's functional currency is USD.Group ParentRestated RestatedBreakdown of tax effect of temporary differences (USD 1 000)2022 2021 2022 2021Tangible fixed assets-11 057 229 -6 474 847 -11 057 229 -6 474 847Capitalized exploration cost-196 364 -200 098 -196 364 -200 098Other intangible assets -1 470 437 -735 936 -1 470 437 -735 936Abandonment provision3 249 333 4 034 436 3 249 333 4 034 436Lease debt104 832 106 246 104 832 106 246Financial instruments-26 421 3 850 -26 421 3 850Other provisions37 139 -24 938 37 139 -24 938Net deferred tax liability (-)/deferred tax asset (+)-9 359 146 -3 291 287 -9 359 146 -3 291 287Group ParentRestated RestatedDeferred tax liability (-)/asset (+) (USD 1 000)2022 2021 2022 2021Deferred tax liability/asset at beginning of period-3 291 287 -2 764 761 -3 291 287 -2 764 761Change in current year deferred tax12 294 -530 497 -240 850 -530 497Change in current year deferred tax related to change in tax system-189 444 - -189 444 -Deferred tax related to acquisition of Lundin Energy-5 802 641 - - -Deferred tax related to merger of group companies- - -5 607 844 -Prior period adjustments-27 925 3 971 -29 731 3 971Deferred tax charged to OCI and equity-60 144 - 9 -Net deferred tax liability (-)/deferred tax asset (+)-9 359 146 -3 291 287 -9 359 146 -3 291 287GroupParentRestated RestatedCalculated tax payable (-)/ tax receivable (+) (USD 1 000)2022 2021 2022 2021Tax payable/receivable at beginning of period-1 497 291 -163 352 -1 497 291 -163 352Current year tax payable/receivable-7 162 988 -1 526 236 -4 826 060 -1 526 236Current year tax payable/receivable related to change in tax system176 391 - 176 391 -Net tax payment/tax refund5 332 125 223 166 3 205 490 223 166Net tax payable related to acquisition of Lundin Energy-2 181 017 - - -Net tax payable related to merger of group companies- - -2 427 178 -Prior period adjustments and change in estimate of uncertain tax positions29 847 -57 165 31 081 -57 165Currency movements of tax payable/receivable245 846 26 297 253 424 26 297Current tax foreign currency exchange charged to OCI and equity-27 055 - - -Net tax payable (-)/receivable (+)-5 084 142 -1 497 291 -5 084 142 -1 497 291",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-101-2": {
"value": "Note 13 Earnings per shareEarnings per share is calculated by dividing the year's profit attributable to ordinary equity holders of the parent entity, which was USD 1 603 million for the group and USD 1 123 million for the parent (USD 828 million in 2021) by the year's weighted average number of outstanding ordinary shares, which was 496.8 million (359.6 million in 2021). Weighted average number of diluted and ordinary shares is the same, as the company does not have any dilutive instruments.GroupParent(USD 1 000) 2022 2021 2022 2021Profit for the year attributable to ordinary equity holders of the parent entity 1 602 940 827 928 1 122 620 827 928The year's average number of ordinary shares (in thousands) 496 765 359 643 496 765 359 643Earnings per share in USD 3.23 2.30 2.26 2.30",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-100-3": {
"value": "GroupParentRestated RestatedCalculated tax payable (-)/ tax receivable (+) (USD 1 000)2022 2021 2022 2021Tax payable/receivable at beginning of period-1 497 291 -163 352 -1 497 291 -163 352Current year tax payable/receivable-7 162 988 -1 526 236 -4 826 060 -1 526 236Current year tax payable/receivable related to change in tax system176 391 - 176 391 -Net tax payment/tax refund5 332 125 223 166 3 205 490 223 166Net tax payable related to acquisition of Lundin Energy-2 181 017 - - -Net tax payable related to merger of group companies- - -2 427 178 -Prior period adjustments and change in estimate of uncertain tax positions29 847 -57 165 31 081 -57 165Currency movements of tax payable/receivable245 846 26 297 253 424 26 297Current tax foreign currency exchange charged to OCI and equity-27 055 - - -Net tax payable (-)/receivable (+)-5 084 142 -1 497 291 -5 084 142 -1 497 291",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-2": {
"value": "Note 14 Tangible fixed assets and intangible assetsTANGIBLE FIXED ASSETS - GROUPProperty, plant and equipmentProduction Fixtures and Assets under facilities including fittings, office (USD 1 000)developmentwellsmachinery TotalRestated book value 31.12.2020 1 088 754 8 154 152 114 999 9 357 906Restated acquisition cost 31.12.2020 1 088 754 11 978 643 241 304 13 308 701Additions 814 409 620 779 12 750 1 447 938Impact of change in accounting principle - 375 169 - 375 169Disposals/retirement - - - -Reclassification -107 727 428 436 2 395 323 103Restated acquisition cost 31.12.2021 1 795 436 13 403 026 256 449 15 454 911Restated accumulated depreciation and impairments 31.12.2020 - 3 824 491 126 305 3 950 795Restated depreciation - 1 061 574 43 440 1 105 014Impairment/reversal (-) - 184 664 - 184 664Disposals/retirement depreciation - - - -Restated accumulated depreciation and impairments 31.12.2021 - 5 070 729 169 744 5 240 473Restated book value 31.12.2021 1 795 436 8 332 297 86 705 10 214 438Restated acquisition cost 31.12.2021 1 795 436 13 403 026 256 449 15 454 9111)Additions1 036 027 -1 203 100 18 215 -148 858Acquisition of Lundin Energy 933 182 6 726 306 3 811 7 663 300Disposals/retirement - - 17 483 17 4832)Reclassification-2 132 595 2 266 639 7 273 141 317Foreign currency translation -17 874 108 146 42 90 314Acquisition cost 31.12.2022 1 614 177 21 301 017 268 306 23 183 501Accumulated depreciation and impairments 31.12.2021 - 5 070 729 169 744 5 240 473Depreciation - 1 635 302 39 944 1 675 245Impairment/reversal (-) - 385 562 - 385 562Disposals/retirement depreciation - - -17 483 -17 483Foreign currency translation - 13 017 27 13 044Accumulated depreciation and impairments 31.12.2022 - 7 104 610 192 232 7 296 841Book value 31.12.2022 1 614 177 14 196 407 76 075 15 886 6591) The negative addition is caused by decreased abandonment provision with an offseting entry on PP&E2) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022See note 1 for a description of change in accounting principle related to abandonment provisions.Capitalized exploration expenditures are reclassified to \"Assets under development\" when the field enters into the development phase. Assets under development are reclassified to \"Production facilities\" from the start of production. Production facilities, including wells, are depreciated in accordance with the unit-of-production method. Office machinery, fixtures and fittings etc. are depreciated using the straight-line method over their useful life, i.e. 3 - 5 years. Removal and decommissioning costs are included as production facilities or assets under development.See note 15 for information regarding impairment charges.Right-of-use assets(USD 1 000)Drilling Rigs Office OtherVessels and BoatsTotalBook value 31.12.2020 41 864 57 395 31 525 1 950 132 735Acquisition cost 31.12.2020 47 963 62 016 46 427 2 303 158 709Additions - - 5 989 - 5 989Allocated to abandonment activity -11 518 -1 943 - - -13 461Disposals/retirement - - - - -Reclassification -18 034 -2 636 - - -20 669Acquisition cost 31.12.2021 18 412 57 436 52 416 2 303 130 567Accumulated depreciation and impairments 31.12.2020 6 099 4 620 14 902 353 25 974Depreciation - 2 076 8 164 177 10 416Impairment/reversal (-) - - - - -Disposals/retirement depreciation - - - - -Accumulated depreciation and impairments 31.12.2021 6 099 6 696 23 066 530 36 390Book value 31.12.2021 12 313 50 740 29 350 1 774 94 177Acquisition cost 31.12.2021 18 412 57 436 52 416 2 303 130 567Additions 22 542 - 11 223 - 33 765Acquisition of Lundin Energy 11 069 - 23 688 - 34 757Allocated to abandonment activity - -366 - - -366Disposals/retirement 6 099 10 8 086 - 14 1941)Reclassification-28 072 -2 338 - - -30 409Foreign currency translation -2 - -1 952 - -1 954Acquisition cost 31.12.2022 17 850 54 723 77 290 2 303 152 166Accumulated depreciation and impairments 31.12.2021 6 099 6 696 23 066 530 36 390Depreciation 2 776 3 938 11 826 177 18 716Impairment/reversal (-) - - - -Disposals/retirement depreciation -6 099 - -8 086 - -14 185Foreign currency translation - - -92 - -92Accumulated depreciation and impairments 31.12.2022 2 776 10 634 26 714 706 40 829Book value 31.12.2022 15 075 44 089 50 576 1 597 111 3361) Reclassified to tangible fixed assets in line with the activity of the right-of-use asset.See note 26 for information regarding leases.Right-of-use assets are depreciated linearly over the lifetime of the related lease contract.TANGIBLE FIXED ASSETS - PARENTProperty, plant and equipmentProduction Fixtures and Assets under facilities including fittings, office (USD 1 000)developmentwellsmachinery TotalRestated book value 31.12.2020 1 088 754 8 154 152 114 999 9 357 906Restated acquisition cost 31.12.2020 1 088 754 11 978 643 241 304 13 308 701Additions 814 409 620 779 12 750 1 447 938Impact of change in accounting principle - 375 169 - 375 169Disposals/retirement - - - -Reclassification -107 727 428 436 2 395 323 103Restated acquisition cost 31.12.2021 1 795 436 13 403 026 256 449 15 454 911Restated accumulated depreciation and impairments 31.12.2020 - 3 824 491 126 305 3 950 795Restated depreciation - 1 061 574 43 440 1 105 014Impairment/reversal (-) - 184 664 - 184 664Disposals/retirement depreciation - - - -Restated accumulated depreciation and impairments 31.12.2021 - 5 070 729 169 744 5 240 473Restated book value 31.12.2021 1 795 436 8 332 297 86 705 10 214 438Restated acquisition cost 31.12.2021 1 795 436 13 403 026 256 449 15 454 9111)Additions834 776 -1 181 581 18 107 -328 697Merger with ABP Norway AS 146 690 7 245 435 2 809 7 394 933Disposals/retirement - - 17 483 17 4832)Reclassification-1 162 724 1 288 050 7 273 132 598Acquisition cost 31.12.2022 1 614 177 20 754 931 267 155 22 636 263Accumulated depreciation and impairments 31.12.2021 - 5 070 729 169 744 5 240 473Depreciation - 1 102 232 38 819 1 141 051Impairment/reversal (-) - 385 562 - 385 562Disposals/retirement depreciation - - -17 483 -17 483Accumulated depreciation and impairments 31.12.2022 - 6 558 523 191 080 6 749 603Book value 31.12.2022 1 614 177 14 196 407 76 075 15 886 6601) The negative addition is caused by decreased abandonment provision with an offseting entry on PP&E2) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022See note 1 for a description of change in accounting principle related to abandonment provisions.Capitalized exploration expenditures are reclassified to \"Assets under development\" when the field enters into the development phase. If development plans are subsequently re-evaluated, the associated costs remain in assets under development and are not reclassified back to exploration assets. Assets under development are reclassified to \"Production facilities\" from the start of production. Production facilities, including wells, are depreciated in accordance with the unit-of-production method. Office machinery, fixtures and fittings etc. are depreciated using the straight-line method over their useful life, i.e. 3 - 5 years. Removal and decommissioning costs are included as production facilities or assets under development.See note 15 for information regarding impairment charges.Right-of-use assets(USD 1 000)Drilling Rigs Office OtherTotalVessels and BoatsBook value 31.12.2020 41 864 57 395 31 525 1 950 132 735Acquisition cost 31.12.2020 47 963 62 016 46 427 2 303 158 709Additions - - 5 989 - 5 989Allocated to abandonment activity -11 518 -1 943 - - -13 461Disposals/retirement - - - - -Reclassification -18 034 -2 636 - - -20 669Acquisition cost 31.12.2021 18 412 57 436 52 416 2 303 130 567Accumulated depreciation and impairments 31.12.2020 6 099 4 620 14 902 3532255997744Depreciation - 2 076 8 164 177 10 416Impairment/reversal (-) - - - - -Disposals/retirement depreciation - - - - -Accumulated depreciation and impairments 31.12.2021 6 099 6 696 23 066 530 36 390Book value 31.12.2021 12 313 50 740 29 350 1 774 94 177Acquisition cost 31.12.2021 18 412 57 436 52 416 2 303 130 567Additions 22 542 - 31 890 - 54 432Merger with ABP Norway AS 6 024 - - - 6 024Allocated to abandonment activity - -366 - - -366Disposals/retirement 6 099 10 8 086 - 14 1941)Reclassification-23 029 -2 338 - - -25 366Acquisition cost 31.12.2022 17 850 54 723 76 221 2 303 151 097Accumulated depreciation and impairments 31.12.2021 6 099 6 696 23 066 530 36 390Depreciation 2 776 3 938 10 664 177 17 555Impairment/reversal (-) - - - -Disposals/retirement depreciation -6 099 - -8 086 - -14 185Accumulated depreciation and impairments 31.12.2022 2 776 10 634 25 645 706 39 760Book value 31.12.2022 15 075 44 089 50 576 1 597 111 3361) Reclassified to tangible fixed assets in line with the activity of the right-of-use asset.Right-of-use assets are depreciated linearly over the lifetime of the related lease contract.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-3": {
"value": "Note 14 Tangible fixed assets and intangible assetsTANGIBLE FIXED ASSETS - GROUPProperty, plant and equipmentProduction Fixtures and Assets under facilities including fittings, office (USD 1 000)developmentwellsmachinery TotalRestated book value 31.12.2020 1 088 754 8 154 152 114 999 9 357 906Restated acquisition cost 31.12.2020 1 088 754 11 978 643 241 304 13 308 701Additions 814 409 620 779 12 750 1 447 938Impact of change in accounting principle - 375 169 - 375 169Disposals/retirement - - - -Reclassification -107 727 428 436 2 395 323 103Restated acquisition cost 31.12.2021 1 795 436 13 403 026 256 449 15 454 911Restated accumulated depreciation and impairments 31.12.2020 - 3 824 491 126 305 3 950 795Restated depreciation - 1 061 574 43 440 1 105 014Impairment/reversal (-) - 184 664 - 184 664Disposals/retirement depreciation - - - -Restated accumulated depreciation and impairments 31.12.2021 - 5 070 729 169 744 5 240 473Restated book value 31.12.2021 1 795 436 8 332 297 86 705 10 214 438Restated acquisition cost 31.12.2021 1 795 436 13 403 026 256 449 15 454 9111)Additions1 036 027 -1 203 100 18 215 -148 858Acquisition of Lundin Energy 933 182 6 726 306 3 811 7 663 300Disposals/retirement - - 17 483 17 4832)Reclassification-2 132 595 2 266 639 7 273 141 317Foreign currency translation -17 874 108 146 42 90 314Acquisition cost 31.12.2022 1 614 177 21 301 017 268 306 23 183 501Accumulated depreciation and impairments 31.12.2021 - 5 070 729 169 744 5 240 473Depreciation - 1 635 302 39 944 1 675 245Impairment/reversal (-) - 385 562 - 385 562Disposals/retirement depreciation - - -17 483 -17 483Foreign currency translation - 13 017 27 13 044Accumulated depreciation and impairments 31.12.2022 - 7 104 610 192 232 7 296 841Book value 31.12.2022 1 614 177 14 196 407 76 075 15 886 6591) The negative addition is caused by decreased abandonment provision with an offseting entry on PP&E2) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022See note 1 for a description of change in accounting principle related to abandonment provisions.Capitalized exploration expenditures are reclassified to \"Assets under development\" when the field enters into the development phase. Assets under development are reclassified to \"Production facilities\" from the start of production. Production facilities, including wells, are depreciated in accordance with the unit-of-production method. Office machinery, fixtures and fittings etc. are depreciated using the straight-line method over their useful life, i.e. 3 - 5 years. Removal and decommissioning costs are included as production facilities or assets under development.See note 15 for information regarding impairment charges.Right-of-use assets(USD 1 000)Drilling Rigs Office OtherVessels and BoatsTotalBook value 31.12.2020 41 864 57 395 31 525 1 950 132 735Acquisition cost 31.12.2020 47 963 62 016 46 427 2 303 158 709Additions - - 5 989 - 5 989Allocated to abandonment activity -11 518 -1 943 - - -13 461Disposals/retirement - - - - -Reclassification -18 034 -2 636 - - -20 669Acquisition cost 31.12.2021 18 412 57 436 52 416 2 303 130 567Accumulated depreciation and impairments 31.12.2020 6 099 4 620 14 902 353 25 974Depreciation - 2 076 8 164 177 10 416Impairment/reversal (-) - - - - -Disposals/retirement depreciation - - - - -Accumulated depreciation and impairments 31.12.2021 6 099 6 696 23 066 530 36 390Book value 31.12.2021 12 313 50 740 29 350 1 774 94 177Acquisition cost 31.12.2021 18 412 57 436 52 416 2 303 130 567Additions 22 542 - 11 223 - 33 765Acquisition of Lundin Energy 11 069 - 23 688 - 34 757Allocated to abandonment activity - -366 - - -366Disposals/retirement 6 099 10 8 086 - 14 1941)Reclassification-28 072 -2 338 - - -30 409Foreign currency translation -2 - -1 952 - -1 954Acquisition cost 31.12.2022 17 850 54 723 77 290 2 303 152 166Accumulated depreciation and impairments 31.12.2021 6 099 6 696 23 066 530 36 390Depreciation 2 776 3 938 11 826 177 18 716Impairment/reversal (-) - - - -Disposals/retirement depreciation -6 099 - -8 086 - -14 185Foreign currency translation - - -92 - -92Accumulated depreciation and impairments 31.12.2022 2 776 10 634 26 714 706 40 829Book value 31.12.2022 15 075 44 089 50 576 1 597 111 3361) Reclassified to tangible fixed assets in line with the activity of the right-of-use asset.See note 26 for information regarding leases.Right-of-use assets are depreciated linearly over the lifetime of the related lease contract.TANGIBLE FIXED ASSETS - PARENTProperty, plant and equipmentProduction Fixtures and Assets under facilities including fittings, office (USD 1 000)developmentwellsmachinery TotalRestated book value 31.12.2020 1 088 754 8 154 152 114 999 9 357 906Restated acquisition cost 31.12.2020 1 088 754 11 978 643 241 304 13 308 701Additions 814 409 620 779 12 750 1 447 938Impact of change in accounting principle - 375 169 - 375 169Disposals/retirement - - - -Reclassification -107 727 428 436 2 395 323 103Restated acquisition cost 31.12.2021 1 795 436 13 403 026 256 449 15 454 911Restated accumulated depreciation and impairments 31.12.2020 - 3 824 491 126 305 3 950 795Restated depreciation - 1 061 574 43 440 1 105 014Impairment/reversal (-) - 184 664 - 184 664Disposals/retirement depreciation - - - -Restated accumulated depreciation and impairments 31.12.2021 - 5 070 729 169 744 5 240 473Restated book value 31.12.2021 1 795 436 8 332 297 86 705 10 214 438Restated acquisition cost 31.12.2021 1 795 436 13 403 026 256 449 15 454 9111)Additions834 776 -1 181 581 18 107 -328 697Merger with ABP Norway AS 146 690 7 245 435 2 809 7 394 933Disposals/retirement - - 17 483 17 4832)Reclassification-1 162 724 1 288 050 7 273 132 598Acquisition cost 31.12.2022 1 614 177 20 754 931 267 155 22 636 263Accumulated depreciation and impairments 31.12.2021 - 5 070 729 169 744 5 240 473Depreciation - 1 102 232 38 819 1 141 051Impairment/reversal (-) - 385 562 - 385 562Disposals/retirement depreciation - - -17 483 -17 483Accumulated depreciation and impairments 31.12.2022 - 6 558 523 191 080 6 749 603Book value 31.12.2022 1 614 177 14 196 407 76 075 15 886 6601) The negative addition is caused by decreased abandonment provision with an offseting entry on PP&E2) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022See note 1 for a description of change in accounting principle related to abandonment provisions.Capitalized exploration expenditures are reclassified to \"Assets under development\" when the field enters into the development phase. If development plans are subsequently re-evaluated, the associated costs remain in assets under development and are not reclassified back to exploration assets. Assets under development are reclassified to \"Production facilities\" from the start of production. Production facilities, including wells, are depreciated in accordance with the unit-of-production method. Office machinery, fixtures and fittings etc. are depreciated using the straight-line method over their useful life, i.e. 3 - 5 years. Removal and decommissioning costs are included as production facilities or assets under development.See note 15 for information regarding impairment charges.Right-of-use assets(USD 1 000)Drilling Rigs Office OtherTotalVessels and BoatsBook value 31.12.2020 41 864 57 395 31 525 1 950 132 735Acquisition cost 31.12.2020 47 963 62 016 46 427 2 303 158 709Additions - - 5 989 - 5 989Allocated to abandonment activity -11 518 -1 943 - - -13 461Disposals/retirement - - - - -Reclassification -18 034 -2 636 - - -20 669Acquisition cost 31.12.2021 18 412 57 436 52 416 2 303 130 567Accumulated depreciation and impairments 31.12.2020 6 099 4 620 14 902 3532255997744Depreciation - 2 076 8 164 177 10 416Impairment/reversal (-) - - - - -Disposals/retirement depreciation - - - - -Accumulated depreciation and impairments 31.12.2021 6 099 6 696 23 066 530 36 390Book value 31.12.2021 12 313 50 740 29 350 1 774 94 177Acquisition cost 31.12.2021 18 412 57 436 52 416 2 303 130 567Additions 22 542 - 31 890 - 54 432Merger with ABP Norway AS 6 024 - - - 6 024Allocated to abandonment activity - -366 - - -366Disposals/retirement 6 099 10 8 086 - 14 1941)Reclassification-23 029 -2 338 - - -25 366Acquisition cost 31.12.2022 17 850 54 723 76 221 2 303 151 097Accumulated depreciation and impairments 31.12.2021 6 099 6 696 23 066 530 36 390Depreciation 2 776 3 938 10 664 177 17 555Impairment/reversal (-) - - - -Disposals/retirement depreciation -6 099 - -8 086 - -14 185Accumulated depreciation and impairments 31.12.2022 2 776 10 634 25 645 706 39 760Book value 31.12.2022 15 075 44 089 50 576 1 597 111 3361) Reclassified to tangible fixed assets in line with the activity of the right-of-use asset.Right-of-use assets are depreciated linearly over the lifetime of the related lease contract.Note 15 ImpairmentsImpairment testingImpairment tests of individual cash-generating units are performed when impairment/reversal triggers are identified, and goodwill is tested for impairment at least annually. In 2022, two categories of impairment tests have been performed:- Impairment test of fixed assets and related intangible assets, including technical goodwill- Impairment test of residual goodwillImpairment is recognized when the book value of an asset or a cash-generating unit, including associated goodwill, exceeds the recoverable amount. Correspondingly, a reversal of impairment is recognized when the recoverable amount exceeds the book value. Prior period impairment of goodwill is not subject to reversal. The recoverable amount is the higher of the asset's fair value less cost to sell and value in use. The impairment testing has been performed in accordance with the fair value less cost to sell method (level 3 in fair value hierarchy) and based on discounted cash flows. The expected future cash flow is discounted to the net present value by applying a discount rate after tax that reflects the current market valuation of the time value of money, and the specific risk related to the asset. The discount rate is derived from the weighted average cost of capital (WACC) for a market participant. Cash flows are projected for the estimated lifetime of the fields, which may exceed periods greater than five years.For producing licenses and licenses in the development phase, recoverable amount is estimated based on discounted future after tax cash flows. Below is an overview of the key assumptions applied for impairment testing purposes as of 31 December 2022.Oil and gas pricesFuture price level is a key assumption and has significant impact on the net present value. Forecasted oil and gas prices are based on management's estimates and available market data. Information about market prices in the near future can be derived from the futures contract market. The information about future prices is less reliable on a long-term basis, as there are fewer observable market transactions going forward. In the impairment test, the oil and gas prices are therefore based on the forward curve from the beginning of 2023 to the end of 2025. From 2026, the oil and gas prices are based on the company's long-term price assumptions. Long-term oil price assumption is unchanged from year-end 2021. Long-term gas price assumption is updated from 0.48 GBP/therm applied at year-end 2021.The nominal oil prices applied in the impairment test are as follows:Year USD/BBL83.9202379.0202475.0202565.0From 2026 (in real 2022 terms)The nominal gas prices applied in impairment test are as follows:Year GBP/therm2.0520231.9720241.5920250.67From 2026 (in real 2022 terms)Oil and gas reservesFuture cash flows are calculated on the basis of expected production profiles and estimated proven and probable reserves including potentially additional risked volumes. For more information about the determination of the reserves, reference is made to note 1, section 1.3, and to note 32.Future expenditureFuture capex, opex and abandonment cost are calculated based on the expected production profiles and the best estimate of the related cost. The cost profiles include an estimated impact of the currently high cost escalation in the industry. The cash flows include a step up of CO2 tax/fees from current levels to approximately NOK 2 160 per tonn (2022 real) in 2030.Discount rateThe discount rate is derived from the company's weighted average cost of capital (\"WACC\"). The capital structure considered in the WACC calculation is derived from the capital structures of an identified peer group and market participants with consideration given to optimal structures. The cost of equity is derived from the expected return on investment by the company's investors. The cost of debt is based on the interest-bearing borrowings on debt specific to the assets acquired. The beta factors are evaluated annually based on publicly available market data about the identified peer group.The post tax nominal discount rate used at year-end is 8.7 percent. This represents a change from 7.6 percent applied at year-end 2021.Currency ratesYear USD/NOK9.6420239.5420249.4920258.00From 2026The long-term currency rate is unchanged from year end 2021.InflationThe long-term inflation rate is assumed to be 2.0 percent, which is the same as applied at year-end 2021. The currently high cost escalation in the industry is reflected in the cash flows rather than in the inflation rate.Impairment testing of assets including technical goodwillThe technical goodwill recognized in business combinations is allocated to each CGU for the purpose of impairment testing. Hence, the impairment test of technical goodwill is included in the impairment testing of assets, and the technical goodwill is written down before the asset. The carrying value of the assets is the sum of tangible assets, intangible assets and technical goodwill as of the assessment date. In the impairment test performed, carrying value is adjusted by the remaining part of deferred tax from which the technical goodwill arose, to avoid an immediate impairment of all technical goodwill. When deferred tax liabilities from the acquisitions decreases as a result of depreciation, more goodwill is as such exposed for impairment. This may lead to future impairment charges even though other assumptions remain stable.Below is an overview of the impairment charges and the carrying value per cash generating unit where impairments have been recognized in 2022:Group & ParentGroup Edvard Grieg & Cash-generating unit (USD 1 000)Other Ula/Tambar WistingIvar AasenNet carrying value 414 385 148 625 793 4 673 989Recoverable amount - - 109 885 4 532 497Foreign currency translation - - 17 011 4 665Impairment/reversal (-) 414 385 148 498 897 136 826Allocated as follows:Technical goodwill - - 240 572 136 826Other intangible assets/license rights 414 - 258 325 -Tangible fixed assets - 385 148 - -The main reason for the Wisting impairment is related to the postponed planned investment decision, with new profiles and where less favorable tax rules will apply. The Edvard Grieg & Ivar Aasen CGU impairment is mainly related to decrease in short-term gas prices and currency translation effects of PPA balances in functional currency other than USD. The main reason for the Ula impairment is updates on cost and production profiles from the acceleration of the expected shut-down from 2032 to 2028.Sensitivity analysisThe table below shows how the impairment or reversal of impairment of assets and technical goodwill would be affected by changes in the various assumptions, given that the remaining assumptions are constant.Change in impairment afterAssumption (USD 1 000)ChangeIncrease in assumption Decrease in assumptionOil and gas price forward period +/- 50 % 0 2 093 950Oil and gas price long-term +/- 20 % -109 526 859 349Production profile (reserves) +/- 5 % -27 382 297 482Discount rate +/- 1 % point 104 438 -29 544 Currency rate USD/NOK +/- 2.0 NOK -85 150 790 605Inflation +/- 1 % point -37 435 355 663Exploration assetsDuring 2022, an impairment charge of USD 10.9 million has been recognized. The impairment charge is mainly related to the Gomez well and has been allocated to capitalized exploration expenditures.Impairment testing of residual goodwillThe residual goodwill is tested for impairment on corporate level. The starting point for the impairment test is the difference between market value and book value of equity, compared to the residual goodwill. At year end 2022 this difference exceeds the carrying amount of residual goodwill by a substantial margin.Impairment testing of other non-current assets (parent)An impairment test of investments in subsidiaries and other non-current assets have been carried out, and an impairment charge of USD 434.2 million has been recognised during 2022. The impairment charge is related to ABP Norway AS prior to the merger with the parent company Aker BP ASA. The impairment charge corresponds to the post-tax decrease in value related to the Wisting and Edvard Grieg & Ivar Aasen CGU. Climate-related risksAs described in note 4 on Climate-related risk, a sensitivity analysis have been performed towards various scenarios from International Energy Agency have been included in a separate sensitivity test as presented below. The price assumptions in those senarios have been provided by IEA at 2030 and 2050 in 2021 real terms. For the sensitivity calculation, a linear development between spot price at year end 2022 and IEA price in 2030, as well as between 2030 and 2050 have been applied. The table below summarizes how the impairment charge would increase (+) or decrease (-) using the oil and gas price assumptions in the following scenarios:Change in impairmentIEA Scenario (USD 1 000 000)Net Zero Announced Pledges Stated PoliciesValhall/Hod 2 223- - Skarv- - - Ula- - - Alvheim 45- - Johan Sverdrup 75- - Edvard Grieg & Ivar Aasen 601- - Yggdrasil 682- - Wisting 11012 -189 Gas USD/mmbtuOil USD/bblScenario price ranges2030 2050 2030 2050Net Zero 35 24 4.6 3.8 Announced Pledges64 60 7.9 6.3 Stated Policies 82 95 8.5 9.2 Impairment testing in 2021In 2021, the net impairment charge was mainly related to two CGU's and allocated to other intagible assets from acquisitions and tangible fixed assets, in addition to an net impairment of exploration assets. The methodology for impairment testing was the same as in 2022 as described in this note.The following assumptions were applied for the impairment testing at year-end 2021:- discount rate of 7.6 percent nominal after tax for both value in use and fair value testing- a long-term inflation of 2.0 percent- a long-term exchange rate of NOK/USD 8.0 (forward curve first three years)- a long-term oil price assumption of 65 USD/barrel, using forward curve first three yearsSummary of impairment/reversal of impairmentsThe following impairments/(reversals) have been recorded:GroupParent(USD 1 000) 2022 2021 2022 2021Impairment/reversal of tangible fixed assets 385 562 184 664 385 562 184 664Impairment/reversal of other intangible assets 258 325 36 301 - 36 301Impairment/reversal of capitalized exploration expenditures 10 869 41 589 10 869 41 589Impairment of goodwill 377 398 - - -Impairment of non-current assets - - 434 220Total impairments 1 032 154 262 554 830 650 262 554Note 23 Provision for abandonment liabilitiesGroupParentRestated Restated(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Provisions as of beginning of period 5 172 354 4 897 275 5 172 354 4 897 275Incurred removal cost -79 236 -185 973 -78 543 -185 973Accretion expense 119 895 61 944 107 907 61 9441)Abandonment liabilities from acquisition of Lundin Energy745 900 - - -Merger with ABP Norway AS - - 598 563 -Foreign currency translation 6 692 - - -Impact of changes to discount rate -1 876 918 -382 458 -1 747 688 -382 458Change in estimates and provisions relating to new drilling and installations 76 911 781 566 113 006 781 566Total provision for abandonment liabilities 4 165 598 5 172 354 4 165 598 5 172 354Breakdown of the provision to short-term and long-term liabilitiesShort-term 115 202 100 863 115 202 100 863Long-term 4 050 396 5 071 491 4 050 396 5 071 491Total provision for abandonment liabilities 4 165 598 5 172 354 4 165 598 5 172 354Estimates are based on executing a concept for abandonment in accordance with the Petroleum Activities Act and international regulations and guidelines. Following the change in accounting principle as described in note 1, the nominal pre tax discount rate (risk free) at end of 2022 is between 3.9 percent and 4.7 percent, depending on the timing of the expected cash flows. The corresponding range at year-end 2021 was between 0.4 and 1.9. The calculations assume an inflation rate of 2.0 percent for all applicable periods.Climate-related risk:As described in note 4 on climate-related risk, a sensitivity analysis have been performed to show the impact on the book value of abandonment provisions as at 31 December 2022, if cease of production of fields with estimated lifetime after 2040 were accelerated by ten years. Such acceleration would result in an increase in the book value of abandonment provision of USD 539 million.",
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"value": "INTANGIBLE ASSETS - GROUPCapitalized Other intangible assetsexploration (USD 1 000)GoodwillexpendituresDepreciatedNot depreciated TotalBook value 31.12.2020 1 647 436 521 922 806 469 714 842 1 521 311Acquisition cost 31.12.2020 2 726 583 668 029 1 480 063 888 922 2 368 985Additions - 177 464 -Disposals/expensed dry wells - 98 827 - - -Reclassification - -302 434 - - -Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Accumulated depreciation and impairments 31.12.2020 1 079 146 146 107 673 594 174 079 847 674Depreciation - - 77 459 - 77 459Impairment - 41 589 87 042 -50 741 36 301Retirement/transfer depreciations - - - - -Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Book value 31.12.2021 1 647 436 256 535 641 967 765 584 1 407 551Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Additions - 251 764 743 - 7431)Acquisition of Lundin Energy12 542 852 - 25 653 1 256 577 1 282 230Disposals/retirement/expensed dry wells - 135 800 - - -2)Reclassification- -110 907 855 022 -855 022 -Foreign currency translation 134 964 1 012 275 12 339 12 614Acquisition cost 31.12.2022 15 404 399 450 301 2 361 756 1 302 816 3 664 572Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Depreciation - - 91 711 - 91 711Impairment/reversal (-) 377 398 10 869 - 258 325 258 325Disposals/retirement depreciation - - - - -Foreign currency translation 12 868 - -60 8 808 8 748Accumulated depreciation and impairments 31.12.2022 1 469 413 198 565 929 747 390 471 1 320 218Book value 31.12.2022 13 934 986 251 736 1 432 009 912 345 2 344 3541) The goodwill recognised in connection with the Lundin transaction includes the subsequent adjustment as described in note 22) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022Licenses include both planned and producing projects on various fields. The producing projects are depreciated in line with the unit-of-production method for the applicable field. INTANGIBLE ASSETS - PARENTCapitalized Other intangible assetsexploration (USD 1 000)GoodwillexpendituresDepreciatedNot depreciated TotalBook value 31.12.2020 1 647 436 521 922 806 469 714 842 1 521 311Acquisition cost 31.12.2020 2 726 583 668 029 1 480 063 888 922 2 368 985Additions - 177 464 -Disposals/expensed dry wells - 98 827 - - -Reclassification - -302 434 - - -Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Accumulated depreciation and impairments 31.12.2020 1 079 146 146 107 673 594 174 079 847 674Depreciation - - 77 459 - 77 459Impairment - 41 589 87 042 -50 741 36 301Retirement/transfer depreciations - - - - -Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Book value 31.12.2021 1 647 436 256 535 641 967 765 584 1 407 551Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Additions - 194 660 743 - 743Merger with ABP Norway AS 12 287 550 27 201 715 357 293 873 1 009 230Disposals/retirement/expensed dry wells - 108 560 - - -1)Reclassification- -107 232 154 058 -154 058 -Acquisition cost 31.12.2022 15 014 132 450 301 2 350 221 1 028 737 3 378 957Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Depreciation - - 73 169 - 73 169Impairment/reversal (-) - 10 869 - - -Disposals/retirement depreciation - -- - -Accumulated depreciation and impairments 31.12.2022 1 079 146 198 565 911 265 123 338 1 034 603Book value 31.12.2022 13 934 986 251 736 1 438 955 905 399 2 344 3541) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022Licenses include both planned and producing projects on various fields. The producing projects are depreciated in line with the unit-of-production method for the applicable field. ",
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"pp-value-104-3": {
"value": "INTANGIBLE ASSETS - GROUPCapitalized Other intangible assetsexploration (USD 1 000)GoodwillexpendituresDepreciatedNot depreciated TotalBook value 31.12.2020 1 647 436 521 922 806 469 714 842 1 521 311Acquisition cost 31.12.2020 2 726 583 668 029 1 480 063 888 922 2 368 985Additions - 177 464 -Disposals/expensed dry wells - 98 827 - - -Reclassification - -302 434 - - -Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Accumulated depreciation and impairments 31.12.2020 1 079 146 146 107 673 594 174 079 847 674Depreciation - - 77 459 - 77 459Impairment - 41 589 87 042 -50 741 36 301Retirement/transfer depreciations - - - - -Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Book value 31.12.2021 1 647 436 256 535 641 967 765 584 1 407 551Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Additions - 251 764 743 - 7431)Acquisition of Lundin Energy12 542 852 - 25 653 1 256 577 1 282 230Disposals/retirement/expensed dry wells - 135 800 - - -2)Reclassification- -110 907 855 022 -855 022 -Foreign currency translation 134 964 1 012 275 12 339 12 614Acquisition cost 31.12.2022 15 404 399 450 301 2 361 756 1 302 816 3 664 572Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Depreciation - - 91 711 - 91 711Impairment/reversal (-) 377 398 10 869 - 258 325 258 325Disposals/retirement depreciation - - - - -Foreign currency translation 12 868 - -60 8 808 8 748Accumulated depreciation and impairments 31.12.2022 1 469 413 198 565 929 747 390 471 1 320 218Book value 31.12.2022 13 934 986 251 736 1 432 009 912 345 2 344 3541) The goodwill recognised in connection with the Lundin transaction includes the subsequent adjustment as described in note 22) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022Licenses include both planned and producing projects on various fields. The producing projects are depreciated in line with the unit-of-production method for the applicable field. INTANGIBLE ASSETS - PARENTCapitalized Other intangible assetsexploration (USD 1 000)GoodwillexpendituresDepreciatedNot depreciated TotalBook value 31.12.2020 1 647 436 521 922 806 469 714 842 1 521 311Acquisition cost 31.12.2020 2 726 583 668 029 1 480 063 888 922 2 368 985Additions - 177 464 -Disposals/expensed dry wells - 98 827 - - -Reclassification - -302 434 - - -Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Accumulated depreciation and impairments 31.12.2020 1 079 146 146 107 673 594 174 079 847 674Depreciation - - 77 459 - 77 459Impairment - 41 589 87 042 -50 741 36 301Retirement/transfer depreciations - - - - -Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Book value 31.12.2021 1 647 436 256 535 641 967 765 584 1 407 551Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Additions - 194 660 743 - 743Merger with ABP Norway AS 12 287 550 27 201 715 357 293 873 1 009 230Disposals/retirement/expensed dry wells - 108 560 - - -1)Reclassification- -107 232 154 058 -154 058 -Acquisition cost 31.12.2022 15 014 132 450 301 2 350 221 1 028 737 3 378 957Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Depreciation - - 73 169 - 73 169Impairment/reversal (-) - 10 869 - - -Disposals/retirement depreciation - -- - -Accumulated depreciation and impairments 31.12.2022 1 079 146 198 565 911 265 123 338 1 034 603Book value 31.12.2022 13 934 986 251 736 1 438 955 905 399 2 344 3541) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022Licenses include both planned and producing projects on various fields. The producing projects are depreciated in line with the unit-of-production method for the applicable field. ",
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},
"pp-value-104-4": {
"value": "INTANGIBLE ASSETS - GROUPCapitalized Other intangible assetsexploration (USD 1 000)GoodwillexpendituresDepreciatedNot depreciated TotalBook value 31.12.2020 1 647 436 521 922 806 469 714 842 1 521 311Acquisition cost 31.12.2020 2 726 583 668 029 1 480 063 888 922 2 368 985Additions - 177 464 -Disposals/expensed dry wells - 98 827 - - -Reclassification - -302 434 - - -Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Accumulated depreciation and impairments 31.12.2020 1 079 146 146 107 673 594 174 079 847 674Depreciation - - 77 459 - 77 459Impairment - 41 589 87 042 -50 741 36 301Retirement/transfer depreciations - - - - -Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Book value 31.12.2021 1 647 436 256 535 641 967 765 584 1 407 551Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Additions - 251 764 743 - 7431)Acquisition of Lundin Energy12 542 852 - 25 653 1 256 577 1 282 230Disposals/retirement/expensed dry wells - 135 800 - - -2)Reclassification- -110 907 855 022 -855 022 -Foreign currency translation 134 964 1 012 275 12 339 12 614Acquisition cost 31.12.2022 15 404 399 450 301 2 361 756 1 302 816 3 664 572Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Depreciation - - 91 711 - 91 711Impairment/reversal (-) 377 398 10 869 - 258 325 258 325Disposals/retirement depreciation - - - - -Foreign currency translation 12 868 - -60 8 808 8 748Accumulated depreciation and impairments 31.12.2022 1 469 413 198 565 929 747 390 471 1 320 218Book value 31.12.2022 13 934 986 251 736 1 432 009 912 345 2 344 3541) The goodwill recognised in connection with the Lundin transaction includes the subsequent adjustment as described in note 22) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022Licenses include both planned and producing projects on various fields. The producing projects are depreciated in line with the unit-of-production method for the applicable field. INTANGIBLE ASSETS - PARENTCapitalized Other intangible assetsexploration (USD 1 000)GoodwillexpendituresDepreciatedNot depreciated TotalBook value 31.12.2020 1 647 436 521 922 806 469 714 842 1 521 311Acquisition cost 31.12.2020 2 726 583 668 029 1 480 063 888 922 2 368 985Additions - 177 464 -Disposals/expensed dry wells - 98 827 - - -Reclassification - -302 434 - - -Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Accumulated depreciation and impairments 31.12.2020 1 079 146 146 107 673 594 174 079 847 674Depreciation - - 77 459 - 77 459Impairment - 41 589 87 042 -50 741 36 301Retirement/transfer depreciations - - - - -Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Book value 31.12.2021 1 647 436 256 535 641 967 765 584 1 407 551Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Additions - 194 660 743 - 743Merger with ABP Norway AS 12 287 550 27 201 715 357 293 873 1 009 230Disposals/retirement/expensed dry wells - 108 560 - - -1)Reclassification- -107 232 154 058 -154 058 -Acquisition cost 31.12.2022 15 014 132 450 301 2 350 221 1 028 737 3 378 957Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Depreciation - - 73 169 - 73 169Impairment/reversal (-) - 10 869 - - -Disposals/retirement depreciation - -- - -Accumulated depreciation and impairments 31.12.2022 1 079 146 198 565 911 265 123 338 1 034 603Book value 31.12.2022 13 934 986 251 736 1 438 955 905 399 2 344 3541) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022Licenses include both planned and producing projects on various fields. The producing projects are depreciated in line with the unit-of-production method for the applicable field. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-5": {
"value": "INTANGIBLE ASSETS - GROUPCapitalized Other intangible assetsexploration (USD 1 000)GoodwillexpendituresDepreciatedNot depreciated TotalBook value 31.12.2020 1 647 436 521 922 806 469 714 842 1 521 311Acquisition cost 31.12.2020 2 726 583 668 029 1 480 063 888 922 2 368 985Additions - 177 464 -Disposals/expensed dry wells - 98 827 - - -Reclassification - -302 434 - - -Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Accumulated depreciation and impairments 31.12.2020 1 079 146 146 107 673 594 174 079 847 674Depreciation - - 77 459 - 77 459Impairment - 41 589 87 042 -50 741 36 301Retirement/transfer depreciations - - - - -Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Book value 31.12.2021 1 647 436 256 535 641 967 765 584 1 407 551Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Additions - 251 764 743 - 7431)Acquisition of Lundin Energy12 542 852 - 25 653 1 256 577 1 282 230Disposals/retirement/expensed dry wells - 135 800 - - -2)Reclassification- -110 907 855 022 -855 022 -Foreign currency translation 134 964 1 012 275 12 339 12 614Acquisition cost 31.12.2022 15 404 399 450 301 2 361 756 1 302 816 3 664 572Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Depreciation - - 91 711 - 91 711Impairment/reversal (-) 377 398 10 869 - 258 325 258 325Disposals/retirement depreciation - - - - -Foreign currency translation 12 868 - -60 8 808 8 748Accumulated depreciation and impairments 31.12.2022 1 469 413 198 565 929 747 390 471 1 320 218Book value 31.12.2022 13 934 986 251 736 1 432 009 912 345 2 344 3541) The goodwill recognised in connection with the Lundin transaction includes the subsequent adjustment as described in note 22) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022Licenses include both planned and producing projects on various fields. The producing projects are depreciated in line with the unit-of-production method for the applicable field. INTANGIBLE ASSETS - PARENTCapitalized Other intangible assetsexploration (USD 1 000)GoodwillexpendituresDepreciatedNot depreciated TotalBook value 31.12.2020 1 647 436 521 922 806 469 714 842 1 521 311Acquisition cost 31.12.2020 2 726 583 668 029 1 480 063 888 922 2 368 985Additions - 177 464 -Disposals/expensed dry wells - 98 827 - - -Reclassification - -302 434 - - -Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Accumulated depreciation and impairments 31.12.2020 1 079 146 146 107 673 594 174 079 847 674Depreciation - - 77 459 - 77 459Impairment - 41 589 87 042 -50 741 36 301Retirement/transfer depreciations - - - - -Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Book value 31.12.2021 1 647 436 256 535 641 967 765 584 1 407 551Acquisition cost 31.12.2021 2 726 583 444 232 1 480 063 888 922 2 368 985Additions - 194 660 743 - 743Merger with ABP Norway AS 12 287 550 27 201 715 357 293 873 1 009 230Disposals/retirement/expensed dry wells - 108 560 - - -1)Reclassification- -107 232 154 058 -154 058 -Acquisition cost 31.12.2022 15 014 132 450 301 2 350 221 1 028 737 3 378 957Accumulated depreciation and impairments 31.12.2021 1 079 146 187 696 838 096 123 338 961 434Depreciation - - 73 169 - 73 169Impairment/reversal (-) - 10 869 - - -Disposals/retirement depreciation - -- - -Accumulated depreciation and impairments 31.12.2022 1 079 146 198 565 911 265 123 338 1 034 603Book value 31.12.2022 13 934 986 251 736 1 438 955 905 399 2 344 3541) The reclassification is mainly related to the Johans Sverdrup phase 2 development project, which entered into production phase during 2022Licenses include both planned and producing projects on various fields. The producing projects are depreciated in line with the unit-of-production method for the applicable field. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-4": {
"value": "GroupParentRestated RestatedDepreciation in the Income statement (USD 1 000)2022 2021 2022 2021Depreciation of tangible fixed assets 1 675 245 1 105 014 1 141 051 1 105 014Depreciation of right-of-use assets 18 716 10 416 17 555 10 416Depreciation of other intangible assets 91 711 77 459 73 169 77 459Total depreciation in the Income statement 1 785 672 1 192 889 1 231 775 1 192 889Impairment in the Income statement (USD 1 000)Impairment/reversal of tangible fixed assets385 562 184 664 385 562 184 664Impairment/reversal of other intangible assets258 325 36 301 - 36 301Impairment/reversal of capitalized exploration expenditures10 869 41 589 10 869 41 589Impairment of goodwill377 398 - - -Total impairments of tangible and intangible assets 1 032 154 262 554 396 431 262 554See note 15 for information regarding impairment charges, including impairment of other non-current assets for the parent company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-5": {
"value": "GroupParentRestated RestatedDepreciation in the Income statement (USD 1 000)2022 2021 2022 2021Depreciation of tangible fixed assets 1 675 245 1 105 014 1 141 051 1 105 014Depreciation of right-of-use assets 18 716 10 416 17 555 10 416Depreciation of other intangible assets 91 711 77 459 73 169 77 459Total depreciation in the Income statement 1 785 672 1 192 889 1 231 775 1 192 889Impairment in the Income statement (USD 1 000)Impairment/reversal of tangible fixed assets385 562 184 664 385 562 184 664Impairment/reversal of other intangible assets258 325 36 301 - 36 301Impairment/reversal of capitalized exploration expenditures10 869 41 589 10 869 41 589Impairment of goodwill377 398 - - -Total impairments of tangible and intangible assets 1 032 154 262 554 396 431 262 554See note 15 for information regarding impairment charges, including impairment of other non-current assets for the parent company.Note 15 ImpairmentsImpairment testingImpairment tests of individual cash-generating units are performed when impairment/reversal triggers are identified, and goodwill is tested for impairment at least annually. In 2022, two categories of impairment tests have been performed:- Impairment test of fixed assets and related intangible assets, including technical goodwill- Impairment test of residual goodwillImpairment is recognized when the book value of an asset or a cash-generating unit, including associated goodwill, exceeds the recoverable amount. Correspondingly, a reversal of impairment is recognized when the recoverable amount exceeds the book value. Prior period impairment of goodwill is not subject to reversal. The recoverable amount is the higher of the asset's fair value less cost to sell and value in use. The impairment testing has been performed in accordance with the fair value less cost to sell method (level 3 in fair value hierarchy) and based on discounted cash flows. The expected future cash flow is discounted to the net present value by applying a discount rate after tax that reflects the current market valuation of the time value of money, and the specific risk related to the asset. The discount rate is derived from the weighted average cost of capital (WACC) for a market participant. Cash flows are projected for the estimated lifetime of the fields, which may exceed periods greater than five years.For producing licenses and licenses in the development phase, recoverable amount is estimated based on discounted future after tax cash flows. Below is an overview of the key assumptions applied for impairment testing purposes as of 31 December 2022.Oil and gas pricesFuture price level is a key assumption and has significant impact on the net present value. Forecasted oil and gas prices are based on management's estimates and available market data. Information about market prices in the near future can be derived from the futures contract market. The information about future prices is less reliable on a long-term basis, as there are fewer observable market transactions going forward. In the impairment test, the oil and gas prices are therefore based on the forward curve from the beginning of 2023 to the end of 2025. From 2026, the oil and gas prices are based on the company's long-term price assumptions. Long-term oil price assumption is unchanged from year-end 2021. Long-term gas price assumption is updated from 0.48 GBP/therm applied at year-end 2021.The nominal oil prices applied in the impairment test are as follows:Year USD/BBL83.9202379.0202475.0202565.0From 2026 (in real 2022 terms)The nominal gas prices applied in impairment test are as follows:Year GBP/therm2.0520231.9720241.5920250.67From 2026 (in real 2022 terms)Oil and gas reservesFuture cash flows are calculated on the basis of expected production profiles and estimated proven and probable reserves including potentially additional risked volumes. For more information about the determination of the reserves, reference is made to note 1, section 1.3, and to note 32.Future expenditureFuture capex, opex and abandonment cost are calculated based on the expected production profiles and the best estimate of the related cost. The cost profiles include an estimated impact of the currently high cost escalation in the industry. The cash flows include a step up of CO2 tax/fees from current levels to approximately NOK 2 160 per tonn (2022 real) in 2030.Discount rateThe discount rate is derived from the company's weighted average cost of capital (\"WACC\"). The capital structure considered in the WACC calculation is derived from the capital structures of an identified peer group and market participants with consideration given to optimal structures. The cost of equity is derived from the expected return on investment by the company's investors. The cost of debt is based on the interest-bearing borrowings on debt specific to the assets acquired. The beta factors are evaluated annually based on publicly available market data about the identified peer group.The post tax nominal discount rate used at year-end is 8.7 percent. This represents a change from 7.6 percent applied at year-end 2021.Currency ratesYear USD/NOK9.6420239.5420249.4920258.00From 2026The long-term currency rate is unchanged from year end 2021.InflationThe long-term inflation rate is assumed to be 2.0 percent, which is the same as applied at year-end 2021. The currently high cost escalation in the industry is reflected in the cash flows rather than in the inflation rate.Impairment testing of assets including technical goodwillThe technical goodwill recognized in business combinations is allocated to each CGU for the purpose of impairment testing. Hence, the impairment test of technical goodwill is included in the impairment testing of assets, and the technical goodwill is written down before the asset. The carrying value of the assets is the sum of tangible assets, intangible assets and technical goodwill as of the assessment date. In the impairment test performed, carrying value is adjusted by the remaining part of deferred tax from which the technical goodwill arose, to avoid an immediate impairment of all technical goodwill. When deferred tax liabilities from the acquisitions decreases as a result of depreciation, more goodwill is as such exposed for impairment. This may lead to future impairment charges even though other assumptions remain stable.Below is an overview of the impairment charges and the carrying value per cash generating unit where impairments have been recognized in 2022:Group & ParentGroup Edvard Grieg & Cash-generating unit (USD 1 000)Other Ula/Tambar WistingIvar AasenNet carrying value 414 385 148 625 793 4 673 989Recoverable amount - - 109 885 4 532 497Foreign currency translation - - 17 011 4 665Impairment/reversal (-) 414 385 148 498 897 136 826Allocated as follows:Technical goodwill - - 240 572 136 826Other intangible assets/license rights 414 - 258 325 -Tangible fixed assets - 385 148 - -The main reason for the Wisting impairment is related to the postponed planned investment decision, with new profiles and where less favorable tax rules will apply. The Edvard Grieg & Ivar Aasen CGU impairment is mainly related to decrease in short-term gas prices and currency translation effects of PPA balances in functional currency other than USD. The main reason for the Ula impairment is updates on cost and production profiles from the acceleration of the expected shut-down from 2032 to 2028.Sensitivity analysisThe table below shows how the impairment or reversal of impairment of assets and technical goodwill would be affected by changes in the various assumptions, given that the remaining assumptions are constant.Change in impairment afterAssumption (USD 1 000)ChangeIncrease in assumption Decrease in assumptionOil and gas price forward period +/- 50 % 0 2 093 950Oil and gas price long-term +/- 20 % -109 526 859 349Production profile (reserves) +/- 5 % -27 382 297 482Discount rate +/- 1 % point 104 438 -29 544 Currency rate USD/NOK +/- 2.0 NOK -85 150 790 605Inflation +/- 1 % point -37 435 355 663Exploration assetsDuring 2022, an impairment charge of USD 10.9 million has been recognized. The impairment charge is mainly related to the Gomez well and has been allocated to capitalized exploration expenditures.Impairment testing of residual goodwillThe residual goodwill is tested for impairment on corporate level. The starting point for the impairment test is the difference between market value and book value of equity, compared to the residual goodwill. At year end 2022 this difference exceeds the carrying amount of residual goodwill by a substantial margin.Impairment testing of other non-current assets (parent)An impairment test of investments in subsidiaries and other non-current assets have been carried out, and an impairment charge of USD 434.2 million has been recognised during 2022. The impairment charge is related to ABP Norway AS prior to the merger with the parent company Aker BP ASA. The impairment charge corresponds to the post-tax decrease in value related to the Wisting and Edvard Grieg & Ivar Aasen CGU. Climate-related risksAs described in note 4 on Climate-related risk, a sensitivity analysis have been performed towards various scenarios from International Energy Agency have been included in a separate sensitivity test as presented below. The price assumptions in those senarios have been provided by IEA at 2030 and 2050 in 2021 real terms. For the sensitivity calculation, a linear development between spot price at year end 2022 and IEA price in 2030, as well as between 2030 and 2050 have been applied. The table below summarizes how the impairment charge would increase (+) or decrease (-) using the oil and gas price assumptions in the following scenarios:Change in impairmentIEA Scenario (USD 1 000 000)Net Zero Announced Pledges Stated PoliciesValhall/Hod 2 223- - Skarv- - - Ula- - - Alvheim 45- - Johan Sverdrup 75- - Edvard Grieg & Ivar Aasen 601- - Yggdrasil 682- - Wisting 11012 -189 Gas USD/mmbtuOil USD/bblScenario price ranges2030 2050 2030 2050Net Zero 35 24 4.6 3.8 Announced Pledges64 60 7.9 6.3 Stated Policies 82 95 8.5 9.2 Impairment testing in 2021In 2021, the net impairment charge was mainly related to two CGU's and allocated to other intagible assets from acquisitions and tangible fixed assets, in addition to an net impairment of exploration assets. The methodology for impairment testing was the same as in 2022 as described in this note.The following assumptions were applied for the impairment testing at year-end 2021:- discount rate of 7.6 percent nominal after tax for both value in use and fair value testing- a long-term inflation of 2.0 percent- a long-term exchange rate of NOK/USD 8.0 (forward curve first three years)- a long-term oil price assumption of 65 USD/barrel, using forward curve first three yearsSummary of impairment/reversal of impairmentsThe following impairments/(reversals) have been recorded:GroupParent(USD 1 000) 2022 2021 2022 2021Impairment/reversal of tangible fixed assets 385 562 184 664 385 562 184 664Impairment/reversal of other intangible assets 258 325 36 301 - 36 301Impairment/reversal of capitalized exploration expenditures 10 869 41 589 10 869 41 589Impairment of goodwill 377 398 - - -Impairment of non-current assets - - 434 220Total impairments 1 032 154 262 554 830 650 262 554",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-4": {
"value": "Note 15 ImpairmentsImpairment testingImpairment tests of individual cash-generating units are performed when impairment/reversal triggers are identified, and goodwill is tested for impairment at least annually. In 2022, two categories of impairment tests have been performed:- Impairment test of fixed assets and related intangible assets, including technical goodwill- Impairment test of residual goodwillImpairment is recognized when the book value of an asset or a cash-generating unit, including associated goodwill, exceeds the recoverable amount. Correspondingly, a reversal of impairment is recognized when the recoverable amount exceeds the book value. Prior period impairment of goodwill is not subject to reversal. The recoverable amount is the higher of the asset's fair value less cost to sell and value in use. The impairment testing has been performed in accordance with the fair value less cost to sell method (level 3 in fair value hierarchy) and based on discounted cash flows. The expected future cash flow is discounted to the net present value by applying a discount rate after tax that reflects the current market valuation of the time value of money, and the specific risk related to the asset. The discount rate is derived from the weighted average cost of capital (WACC) for a market participant. Cash flows are projected for the estimated lifetime of the fields, which may exceed periods greater than five years.For producing licenses and licenses in the development phase, recoverable amount is estimated based on discounted future after tax cash flows. Below is an overview of the key assumptions applied for impairment testing purposes as of 31 December 2022.Oil and gas pricesFuture price level is a key assumption and has significant impact on the net present value. Forecasted oil and gas prices are based on management's estimates and available market data. Information about market prices in the near future can be derived from the futures contract market. The information about future prices is less reliable on a long-term basis, as there are fewer observable market transactions going forward. In the impairment test, the oil and gas prices are therefore based on the forward curve from the beginning of 2023 to the end of 2025. From 2026, the oil and gas prices are based on the company's long-term price assumptions. Long-term oil price assumption is unchanged from year-end 2021. Long-term gas price assumption is updated from 0.48 GBP/therm applied at year-end 2021.The nominal oil prices applied in the impairment test are as follows:Year USD/BBL83.9202379.0202475.0202565.0From 2026 (in real 2022 terms)The nominal gas prices applied in impairment test are as follows:Year GBP/therm2.0520231.9720241.5920250.67From 2026 (in real 2022 terms)Oil and gas reservesFuture cash flows are calculated on the basis of expected production profiles and estimated proven and probable reserves including potentially additional risked volumes. For more information about the determination of the reserves, reference is made to note 1, section 1.3, and to note 32.Future expenditureFuture capex, opex and abandonment cost are calculated based on the expected production profiles and the best estimate of the related cost. The cost profiles include an estimated impact of the currently high cost escalation in the industry. The cash flows include a step up of CO2 tax/fees from current levels to approximately NOK 2 160 per tonn (2022 real) in 2030.Discount rateThe discount rate is derived from the company's weighted average cost of capital (\"WACC\"). The capital structure considered in the WACC calculation is derived from the capital structures of an identified peer group and market participants with consideration given to optimal structures. The cost of equity is derived from the expected return on investment by the company's investors. The cost of debt is based on the interest-bearing borrowings on debt specific to the assets acquired. The beta factors are evaluated annually based on publicly available market data about the identified peer group.The post tax nominal discount rate used at year-end is 8.7 percent. This represents a change from 7.6 percent applied at year-end 2021.Currency ratesYear USD/NOK9.6420239.5420249.4920258.00From 2026The long-term currency rate is unchanged from year end 2021.InflationThe long-term inflation rate is assumed to be 2.0 percent, which is the same as applied at year-end 2021. The currently high cost escalation in the industry is reflected in the cash flows rather than in the inflation rate.Impairment testing of assets including technical goodwillThe technical goodwill recognized in business combinations is allocated to each CGU for the purpose of impairment testing. Hence, the impairment test of technical goodwill is included in the impairment testing of assets, and the technical goodwill is written down before the asset. The carrying value of the assets is the sum of tangible assets, intangible assets and technical goodwill as of the assessment date. In the impairment test performed, carrying value is adjusted by the remaining part of deferred tax from which the technical goodwill arose, to avoid an immediate impairment of all technical goodwill. When deferred tax liabilities from the acquisitions decreases as a result of depreciation, more goodwill is as such exposed for impairment. This may lead to future impairment charges even though other assumptions remain stable.Below is an overview of the impairment charges and the carrying value per cash generating unit where impairments have been recognized in 2022:Group & ParentGroup Edvard Grieg & Cash-generating unit (USD 1 000)Other Ula/Tambar WistingIvar AasenNet carrying value 414 385 148 625 793 4 673 989Recoverable amount - - 109 885 4 532 497Foreign currency translation - - 17 011 4 665Impairment/reversal (-) 414 385 148 498 897 136 826Allocated as follows:Technical goodwill - - 240 572 136 826Other intangible assets/license rights 414 - 258 325 -Tangible fixed assets - 385 148 - -The main reason for the Wisting impairment is related to the postponed planned investment decision, with new profiles and where less favorable tax rules will apply. The Edvard Grieg & Ivar Aasen CGU impairment is mainly related to decrease in short-term gas prices and currency translation effects of PPA balances in functional currency other than USD. The main reason for the Ula impairment is updates on cost and production profiles from the acceleration of the expected shut-down from 2032 to 2028.Sensitivity analysisThe table below shows how the impairment or reversal of impairment of assets and technical goodwill would be affected by changes in the various assumptions, given that the remaining assumptions are constant.Change in impairment afterAssumption (USD 1 000)ChangeIncrease in assumption Decrease in assumptionOil and gas price forward period +/- 50 % 0 2 093 950Oil and gas price long-term +/- 20 % -109 526 859 349Production profile (reserves) +/- 5 % -27 382 297 482Discount rate +/- 1 % point 104 438 -29 544 Currency rate USD/NOK +/- 2.0 NOK -85 150 790 605Inflation +/- 1 % point -37 435 355 663Exploration assetsDuring 2022, an impairment charge of USD 10.9 million has been recognized. The impairment charge is mainly related to the Gomez well and has been allocated to capitalized exploration expenditures.Impairment testing of residual goodwillThe residual goodwill is tested for impairment on corporate level. The starting point for the impairment test is the difference between market value and book value of equity, compared to the residual goodwill. At year end 2022 this difference exceeds the carrying amount of residual goodwill by a substantial margin.Impairment testing of other non-current assets (parent)An impairment test of investments in subsidiaries and other non-current assets have been carried out, and an impairment charge of USD 434.2 million has been recognised during 2022. The impairment charge is related to ABP Norway AS prior to the merger with the parent company Aker BP ASA. The impairment charge corresponds to the post-tax decrease in value related to the Wisting and Edvard Grieg & Ivar Aasen CGU. Climate-related risksAs described in note 4 on Climate-related risk, a sensitivity analysis have been performed towards various scenarios from International Energy Agency have been included in a separate sensitivity test as presented below. The price assumptions in those senarios have been provided by IEA at 2030 and 2050 in 2021 real terms. For the sensitivity calculation, a linear development between spot price at year end 2022 and IEA price in 2030, as well as between 2030 and 2050 have been applied. The table below summarizes how the impairment charge would increase (+) or decrease (-) using the oil and gas price assumptions in the following scenarios:Change in impairmentIEA Scenario (USD 1 000 000)Net Zero Announced Pledges Stated PoliciesValhall/Hod 2 223- - Skarv- - - Ula- - - Alvheim 45- - Johan Sverdrup 75- - Edvard Grieg & Ivar Aasen 601- - Yggdrasil 682- - Wisting 11012 -189 Gas USD/mmbtuOil USD/bblScenario price ranges2030 2050 2030 2050Net Zero 35 24 4.6 3.8 Announced Pledges64 60 7.9 6.3 Stated Policies 82 95 8.5 9.2 Impairment testing in 2021In 2021, the net impairment charge was mainly related to two CGU's and allocated to other intagible assets from acquisitions and tangible fixed assets, in addition to an net impairment of exploration assets. The methodology for impairment testing was the same as in 2022 as described in this note.The following assumptions were applied for the impairment testing at year-end 2021:- discount rate of 7.6 percent nominal after tax for both value in use and fair value testing- a long-term inflation of 2.0 percent- a long-term exchange rate of NOK/USD 8.0 (forward curve first three years)- a long-term oil price assumption of 65 USD/barrel, using forward curve first three yearsSummary of impairment/reversal of impairmentsThe following impairments/(reversals) have been recorded:GroupParent(USD 1 000) 2022 2021 2022 2021Impairment/reversal of tangible fixed assets 385 562 184 664 385 562 184 664Impairment/reversal of other intangible assets 258 325 36 301 - 36 301Impairment/reversal of capitalized exploration expenditures 10 869 41 589 10 869 41 589Impairment of goodwill 377 398 - - -Impairment of non-current assets - - 434 220Total impairments 1 032 154 262 554 830 650 262 554",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-2": {
"value": "Note 16 Accounts receivableThe company's customers are mainly large, financially sound oil companies. Accounts receivable consist of receivables related to the sale of oil and gas.GroupParent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Receivables related to the sale of petroleum 950 942 366 785 950 942 366 785Total accounts receivable 950 942 366 785 950 942 366 785Age distribution of accounts receivable as of 31 December for the group and parent was as follows:Year (USD 1 000)Total Not due <30d 30-90d >90d950 942 950 139 804 - -2022366 785 363 662 2 208 542 3732021Note 17 Other short-term receivablesGroupParent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Prepayments 123 980 45 429 123 980 45 429VAT receivable 12 406 13 354 12 406 13 354Underlift of petroleum 53 630 36 944 53 630 36 944Accrued income from sale of petroleum products 335 505 290 254 335 505 290 254Other receivables, mainly balances with license partners 160 715 114 172 161 139 114 172Total other short-term receivables 686 237 500 154 686 661 500 154GroupParentRelated party (USD 1 000)Revenues (-) / expenses (+) 31.12.2022 31.12.2021 31.12.2022 31.12.2021ABP Norway AS Interest cost - - 9 152 -ABP Norway AS Interest income - - -7 445 -ABP Norway ASOperating expenses - - 18 539 -1)ABP Norway ASRecharges- - -52 531 -ABP Energy Holding BV Interest cost - - 1 231 -Purchases of consultant and 5 111 880 5 111 880aiZe AStechnology servicesAker ASA Board remuneration etc 904 632 904 632Aker Insurance Services AS Insurances 1 099 11 1 099 11Purchases of consultant and 35 1 243 35 1 243Aker Offshore Wind operating Companyengineering servicesPurchases of consultant and IT 7 046 15 273 7 018 15 2732)Cognite ASservicesLily Akerkvartalet AS Office cost 535 332 535 3323)Platform supply vessel leases 3 853 3 853OCY Frayja Limited3)Platform supply vessel leases 3 853 3 853OCY Orla LimitedOther Aker Group Companies Other operating expenses 469 239 469 239BP Oil International Sales of Oil and NGL -8 796 575 -4 280 791 -5 707 486 -4 280 791BP Gas Marketing Sales of Gas -2 819 700 -1 055 588 -2 956 511 -1 055 588Other BP Group Companies Other operating expenses 419 344 419 344Group ParentRelated party (USD 1 000)Receivables (+) / liabilities (-) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Aker BP UK LtdOther receivables - - 6 225 3 1292)Trade creditors -166 -1 991 -166 -1 991Cognite ASBP Oil International Ltd. Trade debtors 838 468 360 600 400 360 360 600Other related parties Trade creditors -161 -489 -161 -4891) The figure represents total gross charges related to personnel employed by Aker BP ASA working for ABP Norway AS. These charges have been allocated to various licenses and corporate activity based on timewriting. 2) As described in note 19 Aker BP sold its share in Cognite during 2022. Due to the continuing involvement arising from the put option arrangement, the transactions with Cognite is still considered to be within related parties.3) These entities are not deemed related parties to Aker BP ASA from September 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-114-3": {
"value": "Note 17 Other short-term receivablesGroupParent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Prepayments 123 980 45 429 123 980 45 429VAT receivable 12 406 13 354 12 406 13 354Underlift of petroleum 53 630 36 944 53 630 36 944Accrued income from sale of petroleum products 335 505 290 254 335 505 290 254Other receivables, mainly balances with license partners 160 715 114 172 161 139 114 172Total other short-term receivables 686 237 500 154 686 661 500 154",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-115-2": {
"value": "Note 18 InventoriesThe inventory mainly consists of equipment for the drilling of exploration and production wells. Group ParentInventory value (USD 1 000)2022 2021 2022 2021Inventories - measured at cost 256 004 144 457 256 004 144 457Provision for obsolete equipment 46 498 18 016 46 498 18 016Book value of inventories 209 506 126 442 209 506 126 442",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-116-3": {
"value": "Note 19 Other non-current assetsGroup Parent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Shares in Alvheim AS 10 10 10 10Shares in Det norske oljeselskap AS 1 021 1 021 1 021 1 021Shares in Sandvika Fjellstue AS 1 814 1 814 1 814 1 8141)Investment in subsidiaries2 845 2 845 2 845 2 8452)Continuing involvement - Cognite AS81 400 - 81 400 -Tenancy deposit 1 627 1 810 1 627 1 8103)Unamortized fees - RCF10 975 15 860 10 975 15 860Other non-current assets 7 634 9 789 7 634 9 789Total other non-current assets 104 480 30 304 104 480 30 3041) Alvheim AS, Det norske oljeselskap AS and Sandvika Fjellstue AS have been deemed immaterial for consolidation purposes. The share capital in Aker BP UK is only 100 GBP and is thus not reflected in the table. All companies acquired in the Lundin transaction has been either liquidated or merged with Aker BP ASA in 2022. For more information regarding shares in subsidiaries, see note 3.2) In 2022 the company sold its shares in Cognite AS to Saudi Aramco Development Company for a consideration of USD 118 million. As part of the transaction, Aker BP has granted the buyer an option with maturity in November 2024 which under certain conditions gives the buyer the right to sell the shares back to Aker BP for USD 81.4 million. On this basis, Aker BP is considered to have continuing involvement in Cognite AS, in accordance with guidelines in IFRS 9. Hence, both an asset and a liability of USD 81.4 million is recognised in the statement of financial position at 31 December 2022. 3) Remaining unamortized fees related to the Revolving Credit Facility (RCF). These have been reclassified from other interest-bearing debt as the RCF was undrawn as at 31 December 2022 and 31 December 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-116-4": {
"value": "Note 19 Other non-current assetsGroup Parent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Shares in Alvheim AS 10 10 10 10Shares in Det norske oljeselskap AS 1 021 1 021 1 021 1 021Shares in Sandvika Fjellstue AS 1 814 1 814 1 814 1 8141)Investment in subsidiaries2 845 2 845 2 845 2 8452)Continuing involvement - Cognite AS81 400 - 81 400 -Tenancy deposit 1 627 1 810 1 627 1 8103)Unamortized fees - RCF10 975 15 860 10 975 15 860Other non-current assets 7 634 9 789 7 634 9 789Total other non-current assets 104 480 30 304 104 480 30 3041) Alvheim AS, Det norske oljeselskap AS and Sandvika Fjellstue AS have been deemed immaterial for consolidation purposes. The share capital in Aker BP UK is only 100 GBP and is thus not reflected in the table. All companies acquired in the Lundin transaction has been either liquidated or merged with Aker BP ASA in 2022. For more information regarding shares in subsidiaries, see note 3.2) In 2022 the company sold its shares in Cognite AS to Saudi Aramco Development Company for a consideration of USD 118 million. As part of the transaction, Aker BP has granted the buyer an option with maturity in November 2024 which under certain conditions gives the buyer the right to sell the shares back to Aker BP for USD 81.4 million. On this basis, Aker BP is considered to have continuing involvement in Cognite AS, in accordance with guidelines in IFRS 9. Hence, both an asset and a liability of USD 81.4 million is recognised in the statement of financial position at 31 December 2022. 3) Remaining unamortized fees related to the Revolving Credit Facility (RCF). These have been reclassified from other interest-bearing debt as the RCF was undrawn as at 31 December 2022 and 31 December 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-117-2": {
"value": "Note 20 Cash and cash equivalentsThe item 'Cash and cash equivalents' consists of bank accounts and short-term investments that constitute parts of the group's transaction liquidity. GroupParentBreakdown of cash and cash equivalents (USD 1 000)31.12.2022 31.12.2021 31.12.2022 31.12.2021Bank deposits 2 756 012 1 970 906 2 756 008 1 970 906Cash and cash equivalents 2 756 012 1 970 906 2 756 008 1 970 906",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-117-3": {
"value": "Note 20 Cash and cash equivalentsThe item 'Cash and cash equivalents' consists of bank accounts and short-term investments that constitute parts of the group's transaction liquidity. GroupParentBreakdown of cash and cash equivalents (USD 1 000)31.12.2022 31.12.2021 31.12.2022 31.12.2021Bank deposits 2 756 012 1 970 906 2 756 008 1 970 906Cash and cash equivalents 2 756 012 1 970 906 2 756 008 1 970 906",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-119-2": {
"value": "Note 21 Share capital and shareholders GroupParent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Share capital 84 348 57 056 84 348 57 056Total number of shares (in 1 000) 632 022 360 114 632 022 360 114Nominal value per share in NOK 1.00 1.00 1.00 1.00There is only one single class of shares in the company and all shares carry a single voting right.No. of shares Owning Overview of the 20 largest shareholders registered as of 31 December 2022(in 1 000)interestAKER CAPITAL AS 133 75821.16%BP Exploration Op Co Ltd 100 30315.87%NEMESIA S.A.R.L. 90 79814.37%FOLKETRYGDFONDET 29 9924.75%1)JPMorgan Chase Bank, N.A., London19 6813.11%1)State Street Bank and Trust Comp15 1622.40%1)JPMorgan Chase Bank, N.A., London13 8442.19%1)State Street Bank and Trust Comp6 7761.07%1)JPMorgan Chase Bank, N.A., London6 1280.97%1)JPMorgan Chase Bank, N.A., London5 9580.94%1)State Street Bank and Trust Comp5 0470.80%1)JPMorgan Chase Bank, N.A., London5 0160.79%1)CACEIS Bank4 9910.79%1)Avanza Bank AB4 9560.78%1)Swedbank AB3 7250.59%1)CLEARSTREAM BANKING S.A.3 3220.53%VERDIPAPIRFONDET KLP AKSJENORGE IN 3 1920.51%1)State Street Bank and Trust Comp3 0910.49%1)SVENSKA HANDELSBANKEN AB3 0430.48%1)Skandinaviska Enskilda Banken AB2 4230.38%OTHER 170 81627.03%Total 632 022100.00%1) Nominee accounts",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-119-3": {
"value": "Note 21 Share capital and shareholders GroupParent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Share capital 84 348 57 056 84 348 57 056Total number of shares (in 1 000) 632 022 360 114 632 022 360 114Nominal value per share in NOK 1.00 1.00 1.00 1.00There is only one single class of shares in the company and all shares carry a single voting right.No. of shares Owning Overview of the 20 largest shareholders registered as of 31 December 2022(in 1 000)interestAKER CAPITAL AS 133 75821.16%BP Exploration Op Co Ltd 100 30315.87%NEMESIA S.A.R.L. 90 79814.37%FOLKETRYGDFONDET 29 9924.75%1)JPMorgan Chase Bank, N.A., London19 6813.11%1)State Street Bank and Trust Comp15 1622.40%1)JPMorgan Chase Bank, N.A., London13 8442.19%1)State Street Bank and Trust Comp6 7761.07%1)JPMorgan Chase Bank, N.A., London6 1280.97%1)JPMorgan Chase Bank, N.A., London5 9580.94%1)State Street Bank and Trust Comp5 0470.80%1)JPMorgan Chase Bank, N.A., London5 0160.79%1)CACEIS Bank4 9910.79%1)Avanza Bank AB4 9560.78%1)Swedbank AB3 7250.59%1)CLEARSTREAM BANKING S.A.3 3220.53%VERDIPAPIRFONDET KLP AKSJENORGE IN 3 1920.51%1)State Street Bank and Trust Comp3 0910.49%1)SVENSKA HANDELSBANKEN AB3 0430.48%1)Skandinaviska Enskilda Banken AB2 4230.38%OTHER 170 81627.03%Total 632 022100.00%1) Nominee accounts",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-118-2": {
"value": "Unused Revolving Credit Facility 3 400 000 3 400 000 3 400 000 3 400 000The RCF is undrawn as at 31 December 2022 and the remaining unamortized fees of USD 11.0 million related to the facility are therefore included in other non-current assets.The senior unsecured Revolving Credit Facility (RCF) of USD 3.4 billion was established in May 2019 and consist of two tranches: (1) Working Capital Facility with a committed amount of USD 1.4 billion until 2025 with an extension option for one year until 2026, and(2) Liquidity Facility with a committed amount of USD 2.0 billion until 2025 and USD 1.65 billion until 2026. The interest rate for USD is Term SOFR plus a margin of 1.00 percent for the Working Capital Facility and 0.75 percent for the Liquidity Facility. Drawing under the Liquidity Facility will add a utilization fee. A commitment fee of 35 percent of applicable margin is paid on the undrawn part of the total facility. The financial covenants are as follows:- Leverage Ratio: Total net debt divided by EBITDAX shall not exceed 3.5 times- Interest Coverage Ratio: EBITDA divided by Interest expenses shall be a minimum of 3.5 times The financial covenants are calculated on a 12 months rolling basis. As at 31 December 2022 the Leverage Ratio is 0.21 and Interest Coverage Ratio is 73.6 (see APM section for further details). Based on the group's current business plans and applying oil and gas price forward curves at end of 2022, the group\u2019s estimates show that the financial covenants will continue to comply with the covenants by a substantial margin.The financial covenants in the group's current debt facilities exclude the effects from IFRS 16, and therefore cannot be directly derived from the group's financial statements. See reconciliations of Alternative Performance Measures for detailed information.Note 22 BondsGroup Parent(USD 1 000) Maturity 31.12.2022 31.12.2021 31.12.2022 31.12.2021AKERBP \u2013 USD Senior Notes 3.000% (20/25)Jan 2025 498 172 497 295 498 172 497 295AKERBP \u2013 USD Senior Notes 2.875% (20/26)Jan 2026 497 813 497 103 497 813 497 1031)AKERBP - USD Senior Notes 2.000% (21/26)July 2026 907 387 - 907 387 -AKERBP \u2013 EUR Senior Notes 1.125% (21/29)May 2029 795 304 843 995 795 304 843 995AKERBP \u2013 USD Senior Notes 3.750% (20/30)Jan 2030 994 411 993 622 994 411 993 622AKERBP \u2013 USD Senior Notes 4.000% (20/31)Jan 2031 745 302 744 720 745 302 744 7201)AKERBP - USD Senior Notes 3.100% (21/31)July 2031 840 776 - 840 776 -Long-term bonds - book value 5 279 164 3 576 735 5 279 164 3 576 735Long-term bonds - fair value 4 829 678 3 752 778 4 829 678 3 752 7781) These bonds have a nominal value of USD 1 billion and were recognized at fair value in connection with the Lundin transaction. The difference between fair value and nominal value is linearly amortized over the lifetime of the bonds.Interest is paid on a semi annual basis, except for the EUR Senior Notes which is paid on an annual basis. None of the bonds have financial covenants.The fair value of bonds are based on the listed prices in the active markets (level 1 in fair value hierarchy). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-121-3": {
"value": "Note 22 BondsGroup Parent(USD 1 000) Maturity 31.12.2022 31.12.2021 31.12.2022 31.12.2021AKERBP \u2013 USD Senior Notes 3.000% (20/25)Jan 2025 498 172 497 295 498 172 497 295AKERBP \u2013 USD Senior Notes 2.875% (20/26)Jan 2026 497 813 497 103 497 813 497 1031)AKERBP - USD Senior Notes 2.000% (21/26)July 2026 907 387 - 907 387 -AKERBP \u2013 EUR Senior Notes 1.125% (21/29)May 2029 795 304 843 995 795 304 843 995AKERBP \u2013 USD Senior Notes 3.750% (20/30)Jan 2030 994 411 993 622 994 411 993 622AKERBP \u2013 USD Senior Notes 4.000% (20/31)Jan 2031 745 302 744 720 745 302 744 7201)AKERBP - USD Senior Notes 3.100% (21/31)July 2031 840 776 - 840 776 -Long-term bonds - book value 5 279 164 3 576 735 5 279 164 3 576 735Long-term bonds - fair value 4 829 678 3 752 778 4 829 678 3 752 7781) These bonds have a nominal value of USD 1 billion and were recognized at fair value in connection with the Lundin transaction. The difference between fair value and nominal value is linearly amortized over the lifetime of the bonds.Interest is paid on a semi annual basis, except for the EUR Senior Notes which is paid on an annual basis. None of the bonds have financial covenants.The fair value of bonds are based on the listed prices in the active markets (level 1 in fair value hierarchy). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-3": {
"value": "Note 23 Provision for abandonment liabilitiesGroupParentRestated Restated(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Provisions as of beginning of period 5 172 354 4 897 275 5 172 354 4 897 275Incurred removal cost -79 236 -185 973 -78 543 -185 973Accretion expense 119 895 61 944 107 907 61 9441)Abandonment liabilities from acquisition of Lundin Energy745 900 - - -Merger with ABP Norway AS - - 598 563 -Foreign currency translation 6 692 - - -Impact of changes to discount rate -1 876 918 -382 458 -1 747 688 -382 458Change in estimates and provisions relating to new drilling and installations 76 911 781 566 113 006 781 566Total provision for abandonment liabilities 4 165 598 5 172 354 4 165 598 5 172 354Breakdown of the provision to short-term and long-term liabilitiesShort-term 115 202 100 863 115 202 100 863Long-term 4 050 396 5 071 491 4 050 396 5 071 491Total provision for abandonment liabilities 4 165 598 5 172 354 4 165 598 5 172 354Estimates are based on executing a concept for abandonment in accordance with the Petroleum Activities Act and international regulations and guidelines. Following the change in accounting principle as described in note 1, the nominal pre tax discount rate (risk free) at end of 2022 is between 3.9 percent and 4.7 percent, depending on the timing of the expected cash flows. The corresponding range at year-end 2021 was between 0.4 and 1.9. The calculations assume an inflation rate of 2.0 percent for all applicable periods.Climate-related risk:As described in note 4 on climate-related risk, a sensitivity analysis have been performed to show the impact on the book value of abandonment provisions as at 31 December 2022, if cease of production of fields with estimated lifetime after 2040 were accelerated by ten years. Such acceleration would result in an increase in the book value of abandonment provision of USD 539 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-123-2": {
"value": "Note 24 DerivativesGroupParent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Unrealized gain currency contracts 2 907 1 375 2 907 1 375Long-term derivatives included in assets 2 907 1 375 2 907 1 375Unrealized gain currency contracts 153 096 18 577 153 096 18 577Short-term derivatives included in assets 153 096 18 577 153 096 18 577Total derivatives included in assets 156 003 19 952 156 003 19 952Fair value of option related to sale of Cognite 15 995 - 15 995 -Unrealized losses currency contracts 986 2 370 986 2 370Long-term derivatives included in liabilities 16 981 2 370 16 981 2 370Unrealized losses commodity derivatives - 8 989 - 8 989Unrealized losses currency contracts 34 924 26 094 34 924 26 094Short-term derivatives included in liabilities 34 924 35 082 34 924 35 082Total derivatives included in liabilities 51 905 37 452 51 905 37 452The company has various types of economic hedging instruments, but no hedge accounting is applied. Commodity derivatives are used to hedge the risk of oil price reduction. The company currently has limited exposure towards fluctuations in interest rate, but generally manages such exposure by using interest rate derivatives. Foreign currency exchange derivatives are used to manage the company's exposure to currency risks, mainly costs in NOK, EUR and GBP. These derivatives are mark to market with changes in market value recognized in the income statement. In the income statement, impacts from commodity derivatives are presented as other income, while impacts from other derivatives are presented as financial items.Note 29 Financial instrumentsCapital structure and equity The main objective of the company's management of the capital structure is to maximize return to the owners by ensuring competitive conditions for both the company's own capital and borrowed capital.The company is rated by S&P Global, Fitch and Moody's. The investment grade rating assigned by all three rating agencies continue to provide access to capital markets, including bank and bond financing, at attractive terms. The company's production level, financial position and resource and reserve levels are important parameters in relation to the assigned rating. The company continues to optimize its capital structure by balancing the return on equity against liquidity requirements.The company monitors changes in financing needs, risk, assets and cash flows, and evaluates the capital structure continuously. To maintain the desired capital structure, the company considers various types of capital transactions, including refinancing of its debt, purchase or issue new shares or debt instruments, sell assets or pay back capital to the owners.Unless specified otherwise, the numbers below apply both to the group and the parent. Categories of financial assets and liabilities The company has the following financial assets and liabilities: financial assets and liabilities recognized at fair value through profit or loss, cash and receivables, and other liabilities. The latter two are recognized in the accounts at amortized cost, while the first item is recognized at fair value.Categories of financial assets and financial liabilities - Group and ParentFinancial assets Financial liabilities Financial assets at fair value measured at Financial liabilities at fair value through measured at 31.12.2022through profit and lossamortized costprofit and lossamortized costTotalAssetsTrade receivables - 950 942 - - 950 9421) Other short-term receivable- 562 257 - - 562 257Cash and cash equivalents - 2 756 012 - - 2 756 012Long-term receivables 10 974 158 554 - - 169 528Derivatives 156 003 - - - 156 003Total financial assets 166 978 4 427 765 - - 4 594 742LiabilitiesDerivatives - - 51 905 - 51 905Trade creditors - - - 133 875 133 875Bonds - - - 5 279 164 5 279 164Other short-term liabilities - - - 807 113 807 113Total financial liabilities - - 51 905 6 220 152 6 272 0561) Prepayments are not included in other short-term receivables, as they do not meet the definition of financial instruments.Financial assets Financial liabilities Financial assets at fair value measured at Financial liabilities at fair value through measured at 31.12.2021through profit and lossamortized costprofit and lossamortized costTotalAssetsTrade receivables - 366 785 - - 366 7851)Other short-term receivables- 454 724 - - 454 724Cash and cash equivalents - 1 970 906 - - 1 970 906Derivatives 19 952 - - - 19 952Total financial assets 19 952 2 792 415 - - 2 812 367LiabilitiesDerivatives - - 37 452 - 37 452Trade creditors - - - 147 366 147 366Bonds - - - 3 576 735 3 576 735Other short-term liabilities - - - 624 366 624 366Total financial liabilities - - 37 452 4 348 467 4 385 9201) Prepayments are not included in other short-term receivables, as they do not meet the definition of financial instruments.Determination of fair value The fair value of forward exchange contracts is determined using the forward exchange rate at the end of the reporting period. The fair value of commodity derivatives is determined using the forward Brent blend curve at the end of the reporting period. The fair value of interest rate swaps and cross currency interest rate swaps is determined by using the expected floating interest rates at the end of the period and is confirmed by external market sources. See note 24 for detailed information about the derivatives.The following of the company's financial instruments have not been valued at fair value: trade debtors, other short-term receivables, long-term receivables, and other short-term liabilities and bonds. The carrying amount of cash and cash equivalents is approximately equal to fair value, since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivable, other receivables, trade creditors and other short-term liabilities is materially the same as their fair value as they are entered into on ordinary terms and conditions.The Senior Notes are all listed on The Luxembourg Stock Exchange. The fair values for disclosure purposes are determined using the quoted value as of 31 December 2022.The following is a comparison between the book value and fair value of the company's financial instruments, except those where the carrying amount is a reasonable approximation of fair value (such as short-term trade receivables and payables in addition to instruments measured to fair value).31.12.2022 31.12.2021Fair value of financial instruments (USD 1 000)Book value Fair value Book value Fair valueFinancial liabilities measured at amortized cost: Bonds 5 279 164 4 829 678 3 576 735 3 752 778Total financial liabilities 5 279 164 4 829 678 3 576 735 3 752 778Fair value hierarchyThe company classifies fair value measurements by employing a value hierarchy that reflects the significance of the input used in preparing the measurements. The fair value hierarchy consists of the following levels:Level 1 - input in the form of listed (unadjusted) prices in active markets for identical assets or liabilities.Level 2 - input other than listed prices of assets and liabilities included in Level 1 that is observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).Level 3 - input for assets or liabilities for which there is no observable market data (non-observable input). The company has no assets or liabilities in Level 3.31.12.2022Financial instruments recognized at fair value (USD 1 000)Level 1 Level 2 Level 3Financial assets or liabilities measured at fair value with changes in value recognized through profit or loss1)Long-term receivables- - 10 9742)Derivatives- 120 093 -15 99531.12.2021Financial instruments recognized at fair value (USD 1 000)Level 1 Level 2 Level 3Financial assets or liabilities measured at fair value with changes in value recognized through profit or lossDerivatives - -17 501 -1) The sale of 2.6 percent of Johan Sverdrup during 2019 (made by Lundin) included a contingent consideration based on future reserve reclassifications and is due in 2026, The valuation is considered level 3 in the fair value hierarchy.2) The level 3 figure relates to the put option granted to the buyer of the shares in Cognite AS, as described in note 19. The valuation is considered level 3 in the fair value hierarchy due to the significance of unobservable market data in the valuation. In the course of the reporting period, there were no changes in the fair value measurements that involved any transfers between levels. Reconciliation of cash flows from financing activitiesThe table below shows a reconciliation between the opening and the closing balances in the statement of financial position for liabilities arising from financing activities.Non-cash changesAmortization and 1)2)31.12.2021 Cash flows Currencyinterest expenseOther31.12.2022Bonds 3 576 735 - 25 880 -49 425 1 725 974 5 279 164Other interest-bearing debt (RCF) - -601 050 - - 601 050 -Interest -53 011 -156 465 134 485 - - -74 991Lease debt136 213 -66 572 - -3 769 68 522 134 393Paid dividends -1 005 731 - - -Treasury shares -8 623 1 524 - - - -7 099Totals 3 651 314 -1 828 294 160 364 -53 194 2 395 546 5 331 4671) Amortization of Bonds in Parent was USD 14.7 million.2) Other includes transfer of bonds and other interest bearing debt to Aker BP in connection with the Lundin transactionNon-cash changesAmortization and 1)31.12.2020 Cash flows Currencyinterest expenseOther31.12.2021Bonds 3 968 566 -383 169 14 658 -61 725 38 405 3 576 735Other interest-bearing debt (RCF) - -7 675 - - - -Interest -46 887 -151 085 144 961 - - -53 011Lease debt215 760 -84 615 - -921 5 989 136 213Paid dividends - -487 500 - - -Treasury shares -28 -8 595 - - - -8 623Totals 4 137 411 -1 122 640 159 619 -62 646 44 394 3 651 3141) Other repesents early redemption fee of bond and discount on new bond.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-123-3": {
"value": "Note 24 DerivativesGroupParent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Unrealized gain currency contracts 2 907 1 375 2 907 1 375Long-term derivatives included in assets 2 907 1 375 2 907 1 375Unrealized gain currency contracts 153 096 18 577 153 096 18 577Short-term derivatives included in assets 153 096 18 577 153 096 18 577Total derivatives included in assets 156 003 19 952 156 003 19 952Fair value of option related to sale of Cognite 15 995 - 15 995 -Unrealized losses currency contracts 986 2 370 986 2 370Long-term derivatives included in liabilities 16 981 2 370 16 981 2 370Unrealized losses commodity derivatives - 8 989 - 8 989Unrealized losses currency contracts 34 924 26 094 34 924 26 094Short-term derivatives included in liabilities 34 924 35 082 34 924 35 082Total derivatives included in liabilities 51 905 37 452 51 905 37 452The company has various types of economic hedging instruments, but no hedge accounting is applied. Commodity derivatives are used to hedge the risk of oil price reduction. The company currently has limited exposure towards fluctuations in interest rate, but generally manages such exposure by using interest rate derivatives. Foreign currency exchange derivatives are used to manage the company's exposure to currency risks, mainly costs in NOK, EUR and GBP. These derivatives are mark to market with changes in market value recognized in the income statement. In the income statement, impacts from commodity derivatives are presented as other income, while impacts from other derivatives are presented as financial items.As of year end 2022 the company has used currency derivatives to secure approximately NOK 42 billion in 2023 by selling USD to an average exchange rate of NOK/USD 10.02. Correspondingly, approximately NOK 6 billion in 2023 has been secured by selling EUR to an average rate of NOK/EUR 10.44. Note 29 Financial instrumentsCapital structure and equity The main objective of the company's management of the capital structure is to maximize return to the owners by ensuring competitive conditions for both the company's own capital and borrowed capital.The company is rated by S&P Global, Fitch and Moody's. The investment grade rating assigned by all three rating agencies continue to provide access to capital markets, including bank and bond financing, at attractive terms. The company's production level, financial position and resource and reserve levels are important parameters in relation to the assigned rating. The company continues to optimize its capital structure by balancing the return on equity against liquidity requirements.The company monitors changes in financing needs, risk, assets and cash flows, and evaluates the capital structure continuously. To maintain the desired capital structure, the company considers various types of capital transactions, including refinancing of its debt, purchase or issue new shares or debt instruments, sell assets or pay back capital to the owners.Unless specified otherwise, the numbers below apply both to the group and the parent. Determination of fair value The fair value of forward exchange contracts is determined using the forward exchange rate at the end of the reporting period. The fair value of commodity derivatives is determined using the forward Brent blend curve at the end of the reporting period. The fair value of interest rate swaps and cross currency interest rate swaps is determined by using the expected floating interest rates at the end of the period and is confirmed by external market sources. See note 24 for detailed information about the derivatives.The following of the company's financial instruments have not been valued at fair value: trade debtors, other short-term receivables, long-term receivables, and other short-term liabilities and bonds. The carrying amount of cash and cash equivalents is approximately equal to fair value, since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivable, other receivables, trade creditors and other short-term liabilities is materially the same as their fair value as they are entered into on ordinary terms and conditions.The Senior Notes are all listed on The Luxembourg Stock Exchange. The fair values for disclosure purposes are determined using the quoted value as of 31 December 2022.The following is a comparison between the book value and fair value of the company's financial instruments, except those where the carrying amount is a reasonable approximation of fair value (such as short-term trade receivables and payables in addition to instruments measured to fair value).31.12.2022 31.12.2021Fair value of financial instruments (USD 1 000)Book value Fair value Book value Fair valueFinancial liabilities measured at amortized cost: Bonds 5 279 164 4 829 678 3 576 735 3 752 778Total financial liabilities 5 279 164 4 829 678 3 576 735 3 752 778Fair value hierarchyThe company classifies fair value measurements by employing a value hierarchy that reflects the significance of the input used in preparing the measurements. The fair value hierarchy consists of the following levels:Level 1 - input in the form of listed (unadjusted) prices in active markets for identical assets or liabilities.Level 2 - input other than listed prices of assets and liabilities included in Level 1 that is observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).Level 3 - input for assets or liabilities for which there is no observable market data (non-observable input). The company has no assets or liabilities in Level 3.31.12.2022Financial instruments recognized at fair value (USD 1 000)Level 1 Level 2 Level 3Financial assets or liabilities measured at fair value with changes in value recognized through profit or loss1)Long-term receivables- - 10 9742)Derivatives- 120 093 -15 99531.12.2021Financial instruments recognized at fair value (USD 1 000)Level 1 Level 2 Level 3Financial assets or liabilities measured at fair value with changes in value recognized through profit or lossDerivatives - -17 501 -1) The sale of 2.6 percent of Johan Sverdrup during 2019 (made by Lundin) included a contingent consideration based on future reserve reclassifications and is due in 2026, The valuation is considered level 3 in the fair value hierarchy.2) The level 3 figure relates to the put option granted to the buyer of the shares in Cognite AS, as described in note 19. The valuation is considered level 3 in the fair value hierarchy due to the significance of unobservable market data in the valuation. In the course of the reporting period, there were no changes in the fair value measurements that involved any transfers between levels. Reconciliation of cash flows from financing activitiesThe table below shows a reconciliation between the opening and the closing balances in the statement of financial position for liabilities arising from financing activities.Non-cash changesAmortization and 1)2)31.12.2021 Cash flows Currencyinterest expenseOther31.12.2022Bonds 3 576 735 - 25 880 -49 425 1 725 974 5 279 164Other interest-bearing debt (RCF) - -601 050 - - 601 050 -Interest -53 011 -156 465 134 485 - - -74 991Lease debt136 213 -66 572 - -3 769 68 522 134 393Paid dividends -1 005 731 - - -Treasury shares -8 623 1 524 - - - -7 099Totals 3 651 314 -1 828 294 160 364 -53 194 2 395 546 5 331 4671) Amortization of Bonds in Parent was USD 14.7 million.2) Other includes transfer of bonds and other interest bearing debt to Aker BP in connection with the Lundin transactionNon-cash changesAmortization and 1)31.12.2020 Cash flows Currencyinterest expenseOther31.12.2021Bonds 3 968 566 -383 169 14 658 -61 725 38 405 3 576 735Other interest-bearing debt (RCF) - -7 675 - - - -Interest -46 887 -151 085 144 961 - - -53 011Lease debt215 760 -84 615 - -921 5 989 136 213Paid dividends - -487 500 - - -Treasury shares -28 -8 595 - - - -8 623Totals 4 137 411 -1 122 640 159 619 -62 646 44 394 3 651 3141) Other repesents early redemption fee of bond and discount on new bond.",
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"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-123-4": {
"value": "Note 24 DerivativesGroupParent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Unrealized gain currency contracts 2 907 1 375 2 907 1 375Long-term derivatives included in assets 2 907 1 375 2 907 1 375Unrealized gain currency contracts 153 096 18 577 153 096 18 577Short-term derivatives included in assets 153 096 18 577 153 096 18 577Total derivatives included in assets 156 003 19 952 156 003 19 952Fair value of option related to sale of Cognite 15 995 - 15 995 -Unrealized losses currency contracts 986 2 370 986 2 370Long-term derivatives included in liabilities 16 981 2 370 16 981 2 370Unrealized losses commodity derivatives - 8 989 - 8 989Unrealized losses currency contracts 34 924 26 094 34 924 26 094Short-term derivatives included in liabilities 34 924 35 082 34 924 35 082Total derivatives included in liabilities 51 905 37 452 51 905 37 452The company has various types of economic hedging instruments, but no hedge accounting is applied. Commodity derivatives are used to hedge the risk of oil price reduction. The company currently has limited exposure towards fluctuations in interest rate, but generally manages such exposure by using interest rate derivatives. Foreign currency exchange derivatives are used to manage the company's exposure to currency risks, mainly costs in NOK, EUR and GBP. These derivatives are mark to market with changes in market value recognized in the income statement. In the income statement, impacts from commodity derivatives are presented as other income, while impacts from other derivatives are presented as financial items.Note 29 Financial instrumentsCapital structure and equity The main objective of the company's management of the capital structure is to maximize return to the owners by ensuring competitive conditions for both the company's own capital and borrowed capital.The company is rated by S&P Global, Fitch and Moody's. The investment grade rating assigned by all three rating agencies continue to provide access to capital markets, including bank and bond financing, at attractive terms. The company's production level, financial position and resource and reserve levels are important parameters in relation to the assigned rating. The company continues to optimize its capital structure by balancing the return on equity against liquidity requirements.The company monitors changes in financing needs, risk, assets and cash flows, and evaluates the capital structure continuously. To maintain the desired capital structure, the company considers various types of capital transactions, including refinancing of its debt, purchase or issue new shares or debt instruments, sell assets or pay back capital to the owners.Unless specified otherwise, the numbers below apply both to the group and the parent. Categories of financial assets and liabilities The company has the following financial assets and liabilities: financial assets and liabilities recognized at fair value through profit or loss, cash and receivables, and other liabilities. The latter two are recognized in the accounts at amortized cost, while the first item is recognized at fair value.Categories of financial assets and financial liabilities - Group and ParentFinancial assets Financial liabilities Financial assets at fair value measured at Financial liabilities at fair value through measured at 31.12.2022through profit and lossamortized costprofit and lossamortized costTotalAssetsTrade receivables - 950 942 - - 950 9421) Other short-term receivable- 562 257 - - 562 257Cash and cash equivalents - 2 756 012 - - 2 756 012Long-term receivables 10 974 158 554 - - 169 528Derivatives 156 003 - - - 156 003Total financial assets 166 978 4 427 765 - - 4 594 742LiabilitiesDerivatives - - 51 905 - 51 905Trade creditors - - - 133 875 133 875Bonds - - - 5 279 164 5 279 164Other short-term liabilities - - - 807 113 807 113Total financial liabilities - - 51 905 6 220 152 6 272 0561) Prepayments are not included in other short-term receivables, as they do not meet the definition of financial instruments.Financial assets Financial liabilities Financial assets at fair value measured at Financial liabilities at fair value through measured at 31.12.2021through profit and lossamortized costprofit and lossamortized costTotalAssetsTrade receivables - 366 785 - - 366 7851)Other short-term receivables- 454 724 - - 454 724Cash and cash equivalents - 1 970 906 - - 1 970 906Derivatives 19 952 - - - 19 952Total financial assets 19 952 2 792 415 - - 2 812 367LiabilitiesDerivatives - - 37 452 - 37 452Trade creditors - - - 147 366 147 366Bonds - - - 3 576 735 3 576 735Other short-term liabilities - - - 624 366 624 366Total financial liabilities - - 37 452 4 348 467 4 385 9201) Prepayments are not included in other short-term receivables, as they do not meet the definition of financial instruments.Determination of fair value The fair value of forward exchange contracts is determined using the forward exchange rate at the end of the reporting period. The fair value of commodity derivatives is determined using the forward Brent blend curve at the end of the reporting period. The fair value of interest rate swaps and cross currency interest rate swaps is determined by using the expected floating interest rates at the end of the period and is confirmed by external market sources. See note 24 for detailed information about the derivatives.The following of the company's financial instruments have not been valued at fair value: trade debtors, other short-term receivables, long-term receivables, and other short-term liabilities and bonds. The carrying amount of cash and cash equivalents is approximately equal to fair value, since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivable, other receivables, trade creditors and other short-term liabilities is materially the same as their fair value as they are entered into on ordinary terms and conditions.The Senior Notes are all listed on The Luxembourg Stock Exchange. The fair values for disclosure purposes are determined using the quoted value as of 31 December 2022.The following is a comparison between the book value and fair value of the company's financial instruments, except those where the carrying amount is a reasonable approximation of fair value (such as short-term trade receivables and payables in addition to instruments measured to fair value).31.12.2022 31.12.2021Fair value of financial instruments (USD 1 000)Book value Fair value Book value Fair valueFinancial liabilities measured at amortized cost: Bonds 5 279 164 4 829 678 3 576 735 3 752 778Total financial liabilities 5 279 164 4 829 678 3 576 735 3 752 778Fair value hierarchyThe company classifies fair value measurements by employing a value hierarchy that reflects the significance of the input used in preparing the measurements. The fair value hierarchy consists of the following levels:Level 1 - input in the form of listed (unadjusted) prices in active markets for identical assets or liabilities.Level 2 - input other than listed prices of assets and liabilities included in Level 1 that is observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).Level 3 - input for assets or liabilities for which there is no observable market data (non-observable input). The company has no assets or liabilities in Level 3.31.12.2022Financial instruments recognized at fair value (USD 1 000)Level 1 Level 2 Level 3Financial assets or liabilities measured at fair value with changes in value recognized through profit or loss1)Long-term receivables- - 10 9742)Derivatives- 120 093 -15 99531.12.2021Financial instruments recognized at fair value (USD 1 000)Level 1 Level 2 Level 3Financial assets or liabilities measured at fair value with changes in value recognized through profit or lossDerivatives - -17 501 -1) The sale of 2.6 percent of Johan Sverdrup during 2019 (made by Lundin) included a contingent consideration based on future reserve reclassifications and is due in 2026, The valuation is considered level 3 in the fair value hierarchy.2) The level 3 figure relates to the put option granted to the buyer of the shares in Cognite AS, as described in note 19. The valuation is considered level 3 in the fair value hierarchy due to the significance of unobservable market data in the valuation. In the course of the reporting period, there were no changes in the fair value measurements that involved any transfers between levels. Reconciliation of cash flows from financing activitiesThe table below shows a reconciliation between the opening and the closing balances in the statement of financial position for liabilities arising from financing activities.Non-cash changesAmortization and 1)2)31.12.2021 Cash flows Currencyinterest expenseOther31.12.2022Bonds 3 576 735 - 25 880 -49 425 1 725 974 5 279 164Other interest-bearing debt (RCF) - -601 050 - - 601 050 -Interest -53 011 -156 465 134 485 - - -74 991Lease debt136 213 -66 572 - -3 769 68 522 134 393Paid dividends -1 005 731 - - -Treasury shares -8 623 1 524 - - - -7 099Totals 3 651 314 -1 828 294 160 364 -53 194 2 395 546 5 331 4671) Amortization of Bonds in Parent was USD 14.7 million.2) Other includes transfer of bonds and other interest bearing debt to Aker BP in connection with the Lundin transactionNon-cash changesAmortization and 1)31.12.2020 Cash flows Currencyinterest expenseOther31.12.2021Bonds 3 968 566 -383 169 14 658 -61 725 38 405 3 576 735Other interest-bearing debt (RCF) - -7 675 - - - -Interest -46 887 -151 085 144 961 - - -53 011Lease debt215 760 -84 615 - -921 5 989 136 213Paid dividends - -487 500 - - -Treasury shares -28 -8 595 - - - -8 623Totals 4 137 411 -1 122 640 159 619 -62 646 44 394 3 651 3141) Other repesents early redemption fee of bond and discount on new bond.",
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"pp-value-126-2": {
"value": "Note 25 Other current liabilitiesGroup ParentBreakdown of other current liabilities (USD 1 000)31.12.2022 31.12.2021 31.12.2022 31.12.2021Balances with license partners 43 132 48 456 43 132 48 456Share of other current liabilities in licenses 460 783 311 694 460 783 311 694Overlift of petroleum 30 922 40 044 30 922 40 044Payroll liabilities, accrued interest and other provisions 272 276 224 173 272 053 224 173Total other current liabilities 807 113 624 366 806 891 624 366",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-126-3": {
"value": "Note 25 Other current liabilitiesGroup ParentBreakdown of other current liabilities (USD 1 000)31.12.2022 31.12.2021 31.12.2022 31.12.2021Balances with license partners 43 132 48 456 43 132 48 456Share of other current liabilities in licenses 460 783 311 694 460 783 311 694Overlift of petroleum 30 922 40 044 30 922 40 044Payroll liabilities, accrued interest and other provisions 272 276 224 173 272 053 224 173Total other current liabilities 807 113 624 366 806 891 624 366",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-126-4": {
"value": "Note 25 Other current liabilitiesGroup ParentBreakdown of other current liabilities (USD 1 000)31.12.2022 31.12.2021 31.12.2022 31.12.2021Balances with license partners 43 132 48 456 43 132 48 456Share of other current liabilities in licenses 460 783 311 694 460 783 311 694Overlift of petroleum 30 922 40 044 30 922 40 044Payroll liabilities, accrued interest and other provisions 272 276 224 173 272 053 224 173Total other current liabilities 807 113 624 366 806 891 624 366",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-127-2": {
"value": "Note 26 Lease agreementsThe company has entered into leases for rig contracts, other license related commitments and office premises. The leases do not contain any restrictions on the company's dividend policy or financing. To the extent the lease has been approved and committed by the partners in the relevant Aker BP operated licenses, the commitments disclosed represent Aker BP share only.Significant lease agreementsFor 2022, the group and parent had four rig commitments. This included three jack-up rigs from Maersk/Noble; now named Noble Invincible, Noble Integrator and Noble Reacher respectively. Noble Invincible was contracted by the Valhall/Hod licenses until May 2022 and is included as lease in the table below. Noble Reacher was initially hired from August 2021 on a 9 month contract. In January 2022, Noble and Aker BP entered into a rig swap agreement where Noble Reacher was to be replaced by the Noble Integrator under a new contract. The swap occurred in March 2022. Noble Reacher work scope was transferred on to Noble Integrator with an added scope estimated to complete in July 2023. This new Noble Integrator contract has thus been recognised as lease liability in 2022. In addition, we had the semi-submersible rig Deepsea Nordkapp contract with Odfjell Drilling during 2022. After the exercise of the one-year extension option in 2021, committing the Deepsea Nordkapp until June 2023, an additional option was exercised to extend the contract to include the Kobra East Gekko (KEG) scope, which is expected to last until end of Q1 2024 and will thus be recognized in the statement of financial position when commencing the KEG scope in early 2023.Under the drilling and well construction alliance agreements, Aker BP has during 2022 entered into a five-year rig commitment for the jack-up rigs Noble Integrator and Noble Invincible. Different rate structures will apply during the period reflecting different operating modes, agreed incentive schemes, and market developments. There will be different work scopes, with varying durations in the period from 2023 to 2027, including options to cancel the rigs for parts of the period. Noble Integrator is expected to commence operations in Q2 2024, while Noble Invincible is expected to commence operations in late March 2023. The semisubmersible rig Deepsea Stavanger is expected to join the Aker BP rig fleet in first half of 2025 for a five-year contract. These rigs are planned to be deployed on the upcoming Aker BP PDO projects and thus subject to governmental and license approvals.In addition, Aker BP has entered into a rig agreement with Saipem for the semisubmersible drilling rig Scarabeo 8. The contract duration is three years with two one-year options and a mechanism of rate adjustment to market rates from the third year onwards. The rig commenced with Aker BP in January 2023 and will be recognized in the statement of financial position as a lease liability in Q1 2023.The minimum commitments from the lease contracts described above that has not commenced within year end 2022, have been included as other commitments in note 27. Non-lease components such as the service element of rig commitments are not included as part of the lease debt. As at 31 December 2022 this amounts to USD 13 million.The total expenditure relating to short-term leases which are not recognized as part of lease liabilities was USD 71 million in 2022 (USD 66 million in 2021).The group does not have any residual value guarantees or variable lease payments. Extension options are included in the lease liability when, based on management's judgement, it is reasonably certain that an extension will be exercised. No such extension options are recognized as at 31 December 2022. No sublease of right-of-use assets has occured.The incremental borrowing rate applied in discounting of the nominal lease debt is between 1.78 percent and 6.90 percent, dependent on the duration of the lease and when it was intially recognized.ParentGroup(USD 1 000) 2022 2021 2022 2021Lease debt as of beginning of period 136 213 215 760 136 213 215 760New lease debt recognized in the period 33 765 5 989 54 432 5 9891)Payments of lease debt-74 068 -96 173 -67 579 -96 173Interest expense on lease debt 7 496 11 558 7 120 11 558Lease debt from acquisition of Lundin Energy 34 757 - 6 024 -Currency exchange differences -3 769 -921 -1 816 -921Total lease debt 134 393 136 213 134 393 136 213Break down of the lease debt to short-term and long-term liabilitiesShort-term 36 298 44 378 36 298 44 378Long-term 98 095 91 835 98 095 91 835Total lease debt 134 393 136 213 134 393 136 2131) Payments of lease debt split by activities (USD 1 000):2022 2021 2022 2021Investments in fixed assets 46 942 50 423 41 725 50 423Abandonment activity 751 31 715 751 31 715Operating expenditures 13 878 7 499 13 878 7 499Exploration expenditures 6 222 1 858 6 222 1 858Other income 6 275 4 678 5 003 4 678Total 74 068 96 173 67 579 96 173Nominal lease debt maturity breakdown (USD 1 000):Within one year 42 646 51 010 42 646 51 010Two to five years 87 179 68 602 87 179 68 602After five years 26 403 42 837 26 403 42 837Total 156 227 162 448 156 227 162 448See note 14 for disclosures relating to the right-of-use assets",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-125-3": {
"value": "As of year end 2022 the company has used currency derivatives to secure approximately NOK 42 billion in 2023 by selling USD to an average exchange rate of NOK/USD 10.02. Correspondingly, approximately NOK 6 billion in 2023 has been secured by selling EUR to an average rate of NOK/EUR 10.44. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-129-2": {
"value": "Note 27 CommitmentsCapital commitments and other contractual obligationsAker BP`s net share of capital commitments and other contractual obligations in the table below are mainly related to unavoidable costs related to development projects, non-rig commitments not recognized as lease liabilities, rig leases not yet commenced and booked future gas transportation capacity. Parts of the rig leases have been entered into in the company\u2019s name at the initial signing, and subsequently partly allocated to licenses. The figures have been calculated based on the assumed net share for the company based on the planned use of the related leased assets as at 31 December 2022. The numbers below exclude any liabilities disclosed in note 26 in relation to right-of-use assets. Group Parent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.20211 572 0521 572 052Within one year387 894387 894714 680714 680One to five years263 283263 283283 955283 955After five years61 28861 288Total 2 570 687 712 465 2 570 687 712 465The main part of the commitments within one year in the table above relates to cancellation fees on contracts entered into in connection with the PDO's delivered in 2022GuaranteesThe company has a bank guarantee related to withheld payroll tax of NOK 300 million. Contingent liabilities During the normal course of its business, the company will be involved in disputes, including tax disputes. Potential tax claims related to previous taxable income of acquired companies can to some extent be reimbursed from the sellers. The company has made accruals for probable liabilities related to litigation and claims based on management's best judgment and in line with IAS 37 and IAS 12. As for other licenses on the NCS, the company has unlimited liability for damage, including pollution damage. The company has insured its pro rata liability on the NCS on a par with other oil companies. Installations and liability are covered by an operational liability insurance policy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-129-3": {
"value": "Note 27 CommitmentsCapital commitments and other contractual obligationsAker BP`s net share of capital commitments and other contractual obligations in the table below are mainly related to unavoidable costs related to development projects, non-rig commitments not recognized as lease liabilities, rig leases not yet commenced and booked future gas transportation capacity. Parts of the rig leases have been entered into in the company\u2019s name at the initial signing, and subsequently partly allocated to licenses. The figures have been calculated based on the assumed net share for the company based on the planned use of the related leased assets as at 31 December 2022. The numbers below exclude any liabilities disclosed in note 26 in relation to right-of-use assets. Group Parent(USD 1 000) 31.12.2022 31.12.2021 31.12.2022 31.12.20211 572 0521 572 052Within one year387 894387 894714 680714 680One to five years263 283263 283283 955283 955After five years61 28861 288Total 2 570 687 712 465 2 570 687 712 465The main part of the commitments within one year in the table above relates to cancellation fees on contracts entered into in connection with the PDO's delivered in 2022GuaranteesThe company has a bank guarantee related to withheld payroll tax of NOK 300 million. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-130-3": {
"value": "Contingent liabilities During the normal course of its business, the company will be involved in disputes, including tax disputes. Potential tax claims related to previous taxable income of acquired companies can to some extent be reimbursed from the sellers. The company has made accruals for probable liabilities related to litigation and claims based on management's best judgment and in line with IAS 37 and IAS 12. As for other licenses on the NCS, the company has unlimited liability for damage, including pollution damage. The company has insured its pro rata liability on the NCS on a par with other oil companies. Installations and liability are covered by an operational liability insurance policy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-131-2": {
"value": "Note 28 Transactions with related partiesFollowing the Lundin transacation, the three main shareholders in Aker BP is Aker Capital AS, BP Exploration Operating Company and Nemesia S.a.r.l, which are all considered to have significant influence over Aker BP. An overview of the 20 largest shareholders is provided in note 21. Aker BP has no transactions with entities controlled by Nemesia. Entities controlled by either of the Aker Group or BP Group are considered to be related parties under IFRS and are listed in the table below. The figures listed represent net charges to Aker BP. As desribed in note 3, certain subsidaries of Aker BP following the Lundin transaction have been merged with Aker BP ASA during 2022. The group internal transactions listed below (i.e. figures in the parent column only) represent transactions for the period before the mergers. GroupParentRelated party (USD 1 000)Revenues (-) / expenses (+) 31.12.2022 31.12.2021 31.12.2022 31.12.2021ABP Norway AS Interest cost - - 9 152 -ABP Norway AS Interest income - - -7 445 -ABP Norway ASOperating expenses - - 18 539 -1)ABP Norway ASRecharges- - -52 531 -ABP Energy Holding BV Interest cost - - 1 231 -Purchases of consultant and 5 111 880 5 111 880aiZe AStechnology servicesAker ASA Board remuneration etc 904 632 904 632Aker Insurance Services AS Insurances 1 099 11 1 099 11Purchases of consultant and 35 1 243 35 1 243Aker Offshore Wind operating Companyengineering servicesPurchases of consultant and IT 7 046 15 273 7 018 15 2732)Cognite ASservicesLily Akerkvartalet AS Office cost 535 332 535 3323)Platform supply vessel leases 3 853 3 853OCY Frayja Limited3)Platform supply vessel leases 3 853 3 853OCY Orla LimitedOther Aker Group Companies Other operating expenses 469 239 469 239BP Oil International Sales of Oil and NGL -8 796 575 -4 280 791 -5 707 486 -4 280 791BP Gas Marketing Sales of Gas -2 819 700 -1 055 588 -2 956 511 -1 055 588Other BP Group Companies Other operating expenses 419 344 419 344Group ParentRelated party (USD 1 000)Receivables (+) / liabilities (-) 31.12.2022 31.12.2021 31.12.2022 31.12.2021Aker BP UK LtdOther receivables - - 6 225 3 1292)Trade creditors -166 -1 991 -166 -1 991Cognite ASBP Oil International Ltd. Trade debtors 838 468 360 600 400 360 360 600Other related parties Trade creditors -161 -489 -161 -4891) The figure represents total gross charges related to personnel employed by Aker BP ASA working for ABP Norway AS. These charges have been allocated to various licenses and corporate activity based on timewriting. 2) As described in note 19 Aker BP sold its share in Cognite during 2022. Due to the continuing involvement arising from the put option arrangement, the transactions with Cognite is still considered to be within related parties.3) These entities are not deemed related parties to Aker BP ASA from September 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-133-5": {
"value": "Note 29 Financial instrumentsCapital structure and equity The main objective of the company's management of the capital structure is to maximize return to the owners by ensuring competitive conditions for both the company's own capital and borrowed capital.The company is rated by S&P Global, Fitch and Moody's. The investment grade rating assigned by all three rating agencies continue to provide access to capital markets, including bank and bond financing, at attractive terms. The company's production level, financial position and resource and reserve levels are important parameters in relation to the assigned rating. The company continues to optimize its capital structure by balancing the return on equity against liquidity requirements.The company monitors changes in financing needs, risk, assets and cash flows, and evaluates the capital structure continuously. To maintain the desired capital structure, the company considers various types of capital transactions, including refinancing of its debt, purchase or issue new shares or debt instruments, sell assets or pay back capital to the owners.Unless specified otherwise, the numbers below apply both to the group and the parent. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-134-4": {
"value": "Categories of financial assets and liabilities The company has the following financial assets and liabilities: financial assets and liabilities recognized at fair value through profit or loss, cash and receivables, and other liabilities. The latter two are recognized in the accounts at amortized cost, while the first item is recognized at fair value.Categories of financial assets and financial liabilities - Group and ParentFinancial assets Financial liabilities Financial assets at fair value measured at Financial liabilities at fair value through measured at 31.12.2022through profit and lossamortized costprofit and lossamortized costTotalAssetsTrade receivables - 950 942 - - 950 9421) Other short-term receivable- 562 257 - - 562 257Cash and cash equivalents - 2 756 012 - - 2 756 012Long-term receivables 10 974 158 554 - - 169 528Derivatives 156 003 - - - 156 003Total financial assets 166 978 4 427 765 - - 4 594 742LiabilitiesDerivatives - - 51 905 - 51 905Trade creditors - - - 133 875 133 875Bonds - - - 5 279 164 5 279 164Other short-term liabilities - - - 807 113 807 113Total financial liabilities - - 51 905 6 220 152 6 272 0561) Prepayments are not included in other short-term receivables, as they do not meet the definition of financial instruments.Financial assets Financial liabilities Financial assets at fair value measured at Financial liabilities at fair value through measured at 31.12.2021through profit and lossamortized costprofit and lossamortized costTotalAssetsTrade receivables - 366 785 - - 366 7851)Other short-term receivables- 454 724 - - 454 724Cash and cash equivalents - 1 970 906 - - 1 970 906Derivatives 19 952 - - - 19 952Total financial assets 19 952 2 792 415 - - 2 812 367LiabilitiesDerivatives - - 37 452 - 37 452Trade creditors - - - 147 366 147 366Bonds - - - 3 576 735 3 576 735Other short-term liabilities - - - 624 366 624 366Total financial liabilities - - 37 452 4 348 467 4 385 9201) Prepayments are not included in other short-term receivables, as they do not meet the definition of financial instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-136-2": {
"value": "Financial risk The company has financed its activities with bonds (see note 22) and has an undrawn revolving credit facility with a syndication of banks (see note 20). In addition, the company has financial instruments such as trade receivable, trade creditors, cash balances etc., directly related to its day-to-day operations. For hedging purposes, the company has different types of economic hedging instruments, but no hedge accounting is applied. Commodity derivatives are used to hedge the risk for lower oil prices. Foreign currency exchange derivatives are used in order to reduce currency risk related to cash flows. For the year 2022 all outstanding debt hold fixed rate coupons. The group currently has limited exposure towards fluctuations in interest rate, but generally manages such exposure by using interest rate derivatives.The most important financial risks which the company is exposed to relate to lower oil and gas prices, change in foreign exchange rates and access to cost efficient funding.The company's risk management, including financial risk management, is designed to ensure identification, analysis and systematic and cost-efficient handling of risk. Established management procedures provide a sound basis for reporting and monitoring of the company's financial risk exposure. (i) Commodity price riskAker BP's revenues are derived from the sale of petroleum products, and the revenue flow is therefore exposed to oil and gas price fluctuations. The company is continuously evaluating and assessing opportunities for hedging as part of a prudent financial risk management process. The company had no commodity derivatives exposure per 31 December 2022.(ii) Currency riskRevenues from sale of petroleum and gas are mainly in USD, EUR and GBP, while expenditures are mainly in NOK, USD, EUR and GBP. Sales and expenses in the same currency contribute to mitigating some of the currency risk. Currency derivatives may be used to further reduce this risk.The table below shows the company's exposure in NOK as of 31 December:Exposure relating to (USD 1 000)31.12.2022 31.12.2021Tax receivables, cash and cash equivalents and receivables 260 014 192 622Trade creditors, tax payable, leasing liability and other short-term liabilities -5 397 320 -2 038 762Net exposure to NOK -5 137 306 -1 846 140The amounts above does not include tax balances in NOK, as they are not deemed to be financial instruments. The company's management of currency risk takes into account the USD values of non-USD assets, liabilities, opex and investments over time, including those exposures arising from the requirement to perform the tax calculation in NOK while the company's functional currency is USD.The table below shows the impact on profit/loss from changes in NOK/USD exchange rate. (USD 1 000) Change in exchange rate 31.12.2022 31.12.2021Effect on pre-tax profit/loss: + 10% 56 215 25 423- 10% -68 707 -31 072The sensitivity above includes the impact from currency derivatives. In 2022 the company had EUR/USD exposure related to bond, cash and cash equivalents and receivables from gas sales. As the Senior Notes bond is EUR denominated, there is currency risk associated with the translation to the company\u2019s USD functional currency and the cash payments of interest and principle amounts, though EUR denominated gas sales and EUR Time Deposit mitigate the risks associated with payments.The table below shows the company's exposure in EUR as of 31 December:Exposure relating to (USD 1 000)31.12.2022 31.12.2021Cash and cash equivalents and receivables 1 407 531 332 143Bond, trade creditors and other short-term liabilities -861 069 -849 375Net exposure to EUR 546 462 -517 232The table below shows the impact on profit/loss from changes in EUR/USD exchange rate for the EUR bond, cash and cash equivalents and receivables. (USD 1 000) Change in exchange rate 31.12.2022 31.12.2021Effect on pre-tax profit/loss: + 10% -49 678 47 019- 10% 60 718 -57 473In 2022 the company had GBP/USD exposure related cash and cash equivalents and receivables from gas sales.The table below shows the company's exposure in GBP as of 31 December:1)Exposure relating to (USD 1 000)31.12.202231.12.2021Cash and cash equivalents and receivables 402 116Trade creditors and other short-term liabilities -22 535Net exposure to GBP 379 582The table below shows the impact on profit/loss from changes in GBP/USD exchange rate for cash and cash equivalents and receivables.1)(USD 1 000) Change in exchange rate 31.12.202231.12.2021Effect on pre-tax profit/loss: + 10% -34 508- 10% 42 1751) Deemed immaterial in 2021The company is also exposed to changes in other exchange rates, but the amounts are deemed immaterial. (iii) Interest-rate riskIn 2022, the company had no oustanding debt liabilities exposed to floating interest rate risk, which is unchanged from 2021. The company is relatively limited exposed to interest-rate risk related to cash and cash equivalents. The terms of the company's debt instruments are described in notes 22. For all the relevant material financial agreements, Aker BP has in place new benchmark rates or a fallback clause to cater for the discontinuation of IBOR rates. The IBOR reform did not have any current impact on Aker BP and is not expected to significantly affect future periods. All our bonds are at fixed interest rate, and the RCF is currently undrawn. Further, the fallback to SOFR rates adjusted for applicable credit adjustment spread after June 2023 is not expected to materially differ from the IBOR rate.(iv) Liquidity risk/liquidity managementThe company's liquidity risk is the risk that it will not be able to meet its financial obligations as they fall due.Short-term (12 months) and long-term (five years) forecasts are prepared on a regular basis to plan the company's liquidity requirements. These plans are updated regularly for various scenarios and form part of the decision basis for the company's management and Board of Directors. Excess liquidity is defined as the sum of bank account balances, short-term bank deposits and unused credit facilities. For excess liquidity, the requirement for low liquidity risk (i.e. the risk of realization on short notice) is generally more important than maximizing the return.The company's objective for the placement and management of excess capital is to maintain a low risk profile and good liquidity. The company's liquid assets as of 31 December 2022 are deposited in bank accounts and on short term time deposits with banks. As of 31 December 2022, the group had cash reserves of USD 2 756 million (2021: USD 1 971 million). Revenues and expenses are carefully managed on a day-to-day basis for liquidity risk management purposes. The table below shows the payment structure for the company's financial commitments, based on undiscounted contractual payments. For the corresponding information on lease debt, reference is made to note 26.Contract related cash flow31.12.2022 Book value 1-2 years 2-5 years over 5 years SUMLess than 1 yearNon-derivative financial liabilities:Bonds 5 279 164 156 999 156 999 2 391 936 3 890 949 6 596 884Trade creditors and other liabilities 940 988 940 988 - - - 940 988Derivative financial liabilitiesDerivatives 51 905 34 924 16 981 - - 51 905Total as of 31.12.2021 6 272 056 1 132 911 173 980 2 391 936 3 890 949 7 589 776Contract related cash flow31.12.2021 Book value 1-2 years 2-5 years over 5 years SUMLess than 1 yearNon-derivative financial liabilities:Bonds 3 576 735 106 563 106 563 1 290 002 2 894 690 4 397 818Trade creditors and other liabilities 771 732 771 732 - - - 771 732Derivative financial liabilitiesDerivatives 37 452 35 082 2 370 - - 37 452Total as of 31.12.2020 4 385 920 913 378 108 933 1 290 002 2 894 690 5 207 003(v) Credit risk The risk of counterparties being financially incapable of fulfilling their obligations is regarded as minor as there have not historically been any losses on trade receivable. The company's customers and license partners are generally large and credit worthy oil companies, and it has thus not been necessary to make any provision for credit losses.In the management of the company's liquid assets, low credit risk is prioritized. Liquid assets are generally placed in bank deposits that represent a low credit risk. All investments are subject to internal policy that requires a rating equivalent to A-2 from S&P and limits investment with a single counterparty.The maximum credit risk exposure corresponds to the book value of financial assets. The company deems its maximum risk exposure to correspond with the book value of cash and cash equivalents, accounts receivable and other short-term receivables, see notes 16, 17 and 20. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-137-3": {
"value": "(i) Commodity price riskAker BP's revenues are derived from the sale of petroleum products, and the revenue flow is therefore exposed to oil and gas price fluctuations. The company is continuously evaluating and assessing opportunities for hedging as part of a prudent financial risk management process. The company had no commodity derivatives exposure per 31 December 2022.(ii) Currency riskRevenues from sale of petroleum and gas are mainly in USD, EUR and GBP, while expenditures are mainly in NOK, USD, EUR and GBP. Sales and expenses in the same currency contribute to mitigating some of the currency risk. Currency derivatives may be used to further reduce this risk.The table below shows the company's exposure in NOK as of 31 December:Exposure relating to (USD 1 000)31.12.2022 31.12.2021Tax receivables, cash and cash equivalents and receivables 260 014 192 622Trade creditors, tax payable, leasing liability and other short-term liabilities -5 397 320 -2 038 762Net exposure to NOK -5 137 306 -1 846 140The amounts above does not include tax balances in NOK, as they are not deemed to be financial instruments. The company's management of currency risk takes into account the USD values of non-USD assets, liabilities, opex and investments over time, including those exposures arising from the requirement to perform the tax calculation in NOK while the company's functional currency is USD.The table below shows the impact on profit/loss from changes in NOK/USD exchange rate. (USD 1 000) Change in exchange rate 31.12.2022 31.12.2021Effect on pre-tax profit/loss: + 10% 56 215 25 423- 10% -68 707 -31 072The sensitivity above includes the impact from currency derivatives. In 2022 the company had EUR/USD exposure related to bond, cash and cash equivalents and receivables from gas sales. As the Senior Notes bond is EUR denominated, there is currency risk associated with the translation to the company\u2019s USD functional currency and the cash payments of interest and principle amounts, though EUR denominated gas sales and EUR Time Deposit mitigate the risks associated with payments.The table below shows the company's exposure in EUR as of 31 December:Exposure relating to (USD 1 000)31.12.2022 31.12.2021Cash and cash equivalents and receivables 1 407 531 332 143Bond, trade creditors and other short-term liabilities -861 069 -849 375Net exposure to EUR 546 462 -517 232The table below shows the impact on profit/loss from changes in EUR/USD exchange rate for the EUR bond, cash and cash equivalents and receivables. (USD 1 000) Change in exchange rate 31.12.2022 31.12.2021Effect on pre-tax profit/loss: + 10% -49 678 47 019- 10% 60 718 -57 473In 2022 the company had GBP/USD exposure related cash and cash equivalents and receivables from gas sales.The table below shows the company's exposure in GBP as of 31 December:1)Exposure relating to (USD 1 000)31.12.202231.12.2021Cash and cash equivalents and receivables 402 116Trade creditors and other short-term liabilities -22 535Net exposure to GBP 379 582The table below shows the impact on profit/loss from changes in GBP/USD exchange rate for cash and cash equivalents and receivables.1)(USD 1 000) Change in exchange rate 31.12.202231.12.2021Effect on pre-tax profit/loss: + 10% -34 508- 10% 42 1751) Deemed immaterial in 2021The company is also exposed to changes in other exchange rates, but the amounts are deemed immaterial. (iii) Interest-rate riskIn 2022, the company had no oustanding debt liabilities exposed to floating interest rate risk, which is unchanged from 2021. The company is relatively limited exposed to interest-rate risk related to cash and cash equivalents. The terms of the company's debt instruments are described in notes 22. For all the relevant material financial agreements, Aker BP has in place new benchmark rates or a fallback clause to cater for the discontinuation of IBOR rates. The IBOR reform did not have any current impact on Aker BP and is not expected to significantly affect future periods. All our bonds are at fixed interest rate, and the RCF is currently undrawn. Further, the fallback to SOFR rates adjusted for applicable credit adjustment spread after June 2023 is not expected to materially differ from the IBOR rate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-138-4": {
"value": "(ii) Currency riskRevenues from sale of petroleum and gas are mainly in USD, EUR and GBP, while expenditures are mainly in NOK, USD, EUR and GBP. Sales and expenses in the same currency contribute to mitigating some of the currency risk. Currency derivatives may be used to further reduce this risk.The table below shows the company's exposure in NOK as of 31 December:Exposure relating to (USD 1 000)31.12.2022 31.12.2021Tax receivables, cash and cash equivalents and receivables 260 014 192 622Trade creditors, tax payable, leasing liability and other short-term liabilities -5 397 320 -2 038 762Net exposure to NOK -5 137 306 -1 846 140The amounts above does not include tax balances in NOK, as they are not deemed to be financial instruments. The company's management of currency risk takes into account the USD values of non-USD assets, liabilities, opex and investments over time, including those exposures arising from the requirement to perform the tax calculation in NOK while the company's functional currency is USD.The table below shows the impact on profit/loss from changes in NOK/USD exchange rate. (USD 1 000) Change in exchange rate 31.12.2022 31.12.2021Effect on pre-tax profit/loss: + 10% 56 215 25 423- 10% -68 707 -31 072The sensitivity above includes the impact from currency derivatives. In 2022 the company had EUR/USD exposure related to bond, cash and cash equivalents and receivables from gas sales. As the Senior Notes bond is EUR denominated, there is currency risk associated with the translation to the company\u2019s USD functional currency and the cash payments of interest and principle amounts, though EUR denominated gas sales and EUR Time Deposit mitigate the risks associated with payments.The table below shows the company's exposure in EUR as of 31 December:Exposure relating to (USD 1 000)31.12.2022 31.12.2021Cash and cash equivalents and receivables 1 407 531 332 143Bond, trade creditors and other short-term liabilities -861 069 -849 375Net exposure to EUR 546 462 -517 232The table below shows the impact on profit/loss from changes in EUR/USD exchange rate for the EUR bond, cash and cash equivalents and receivables. (USD 1 000) Change in exchange rate 31.12.2022 31.12.2021Effect on pre-tax profit/loss: + 10% -49 678 47 019- 10% 60 718 -57 473In 2022 the company had GBP/USD exposure related cash and cash equivalents and receivables from gas sales.The table below shows the company's exposure in GBP as of 31 December:1)Exposure relating to (USD 1 000)31.12.202231.12.2021Cash and cash equivalents and receivables 402 116Trade creditors and other short-term liabilities -22 535Net exposure to GBP 379 582The table below shows the impact on profit/loss from changes in GBP/USD exchange rate for cash and cash equivalents and receivables.1)(USD 1 000) Change in exchange rate 31.12.202231.12.2021Effect on pre-tax profit/loss: + 10% -34 508- 10% 42 1751) Deemed immaterial in 2021The company is also exposed to changes in other exchange rates, but the amounts are deemed immaterial. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-141-3": {
"value": "(iv) Liquidity risk/liquidity managementThe company's liquidity risk is the risk that it will not be able to meet its financial obligations as they fall due.Short-term (12 months) and long-term (five years) forecasts are prepared on a regular basis to plan the company's liquidity requirements. These plans are updated regularly for various scenarios and form part of the decision basis for the company's management and Board of Directors. Excess liquidity is defined as the sum of bank account balances, short-term bank deposits and unused credit facilities. For excess liquidity, the requirement for low liquidity risk (i.e. the risk of realization on short notice) is generally more important than maximizing the return.The company's objective for the placement and management of excess capital is to maintain a low risk profile and good liquidity. The company's liquid assets as of 31 December 2022 are deposited in bank accounts and on short term time deposits with banks. As of 31 December 2022, the group had cash reserves of USD 2 756 million (2021: USD 1 971 million). Revenues and expenses are carefully managed on a day-to-day basis for liquidity risk management purposes. The table below shows the payment structure for the company's financial commitments, based on undiscounted contractual payments. For the corresponding information on lease debt, reference is made to note 26.Contract related cash flow31.12.2022 Book value 1-2 years 2-5 years over 5 years SUMLess than 1 yearNon-derivative financial liabilities:Bonds 5 279 164 156 999 156 999 2 391 936 3 890 949 6 596 884Trade creditors and other liabilities 940 988 940 988 - - - 940 988Derivative financial liabilitiesDerivatives 51 905 34 924 16 981 - - 51 905Total as of 31.12.2021 6 272 056 1 132 911 173 980 2 391 936 3 890 949 7 589 776Contract related cash flow31.12.2021 Book value 1-2 years 2-5 years over 5 years SUMLess than 1 yearNon-derivative financial liabilities:Bonds 3 576 735 106 563 106 563 1 290 002 2 894 690 4 397 818Trade creditors and other liabilities 771 732 771 732 - - - 771 732Derivative financial liabilitiesDerivatives 37 452 35 082 2 370 - - 37 452Total as of 31.12.2020 4 385 920 913 378 108 933 1 290 002 2 894 690 5 207 003",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-142-3": {
"value": "(v) Credit risk The risk of counterparties being financially incapable of fulfilling their obligations is regarded as minor as there have not historically been any losses on trade receivable. The company's customers and license partners are generally large and credit worthy oil companies, and it has thus not been necessary to make any provision for credit losses.In the management of the company's liquid assets, low credit risk is prioritized. Liquid assets are generally placed in bank deposits that represent a low credit risk. All investments are subject to internal policy that requires a rating equivalent to A-2 from S&P and limits investment with a single counterparty.The maximum credit risk exposure corresponds to the book value of financial assets. The company deems its maximum risk exposure to correspond with the book value of cash and cash equivalents, accounts receivable and other short-term receivables, see notes 16, 17 and 20. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-142-4": {
"value": "(v) Credit risk The risk of counterparties being financially incapable of fulfilling their obligations is regarded as minor as there have not historically been any losses on trade receivable. The company's customers and license partners are generally large and credit worthy oil companies, and it has thus not been necessary to make any provision for credit losses.In the management of the company's liquid assets, low credit risk is prioritized. Liquid assets are generally placed in bank deposits that represent a low credit risk. All investments are subject to internal policy that requires a rating equivalent to A-2 from S&P and limits investment with a single counterparty.The maximum credit risk exposure corresponds to the book value of financial assets. The company deems its maximum risk exposure to correspond with the book value of cash and cash equivalents, accounts receivable and other short-term receivables, see notes 16, 17 and 20. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-145-2": {
"value": "Note 30 Investments in joint operationsFields operated: 31.12.2022 31.12.2021 Fields operated: 31.12.2022 31.12.2021Alvheim80.000 %65.000 % Tambar55.000 %55.000 %B\u00f8yla80.000 %65.000 %Tambar \u00d8st46.200 %46.200 %Edvard Grieg65.000 %0.000 % Ula80.000 %80.000 %Hod90.000 %90.000 % Valhall90.000 %90.000 %Ivar Aasen Unit36.171 %34.786 % Vilje46.904 %46.904 %Skogul65.000 %65.000 % Volund100.000 %65.000 %Skarv23.835 %23.835 % Volve50.000 %0.000 %Solveig65.000 %0.000 %\u00c6rfugl Nord30.000 %30.000 %Production licenses in which Aker BP is the operator:License: 31.12.2022 31.12.2021 License: 31.12.2022 31.12.2021PL 001B35.000 %35.000 % PL 212E30.000 %30.000 %PL 006B90.000 %90.000 % PL 24235.000 %35.000 %PL 01980.000 %80.000 % PL 26170.000 %60.000 %PL 019E80.000 %80.000 % PL 261C23.835 %23.835 %PL 019F55.000 %55.000 % PL 26230.000 %30.000 %PL 02687.700 %87.700 % PL 30055.000 %55.000 %PL 026B87.700 %87.700 % PL 33377.800 %77.800 %PL 028B35.000 %35.000 % PL33865.000 %0.000 %PL 03390.000 %90.000 % PL338BS50.000 %0.000 %PL 033B90.000 %90.000 % PL338C80.000 %0.000 %PL 036C80.000 %65.000 % PL338DS65.000 %0.000 %PL 036D46.904 %46.904 % PL 338E80.000 %0.000 %PL 036E61.260 %48.420 % PL 34080.000 %65.000 %PL 036F61.260 %48.420 % PL 340BS80.000 %65.000 %PL 06555.000 %55.000 % PL 35965.000 %0.000 %PL 065B55.000 %55.000 % PL 36487.700 %87.700 %PL 088BS80.000 %65.000 % PL 44287.700 %87.700 %PL 102D50.000 %44.000 % PL 442B87.700 %87.700 %PL 102F61.260 %48.420 % PL 442C87.700 %87.700 %PL 102G61.260 %48.420 % PL 46065.000 %65.000 %PL 102H50.000 %44.000 % PL 492100.000 %40.000 %PL 127C68.083 %88.083 % PL 50137.384 %0.000 %PL 127DS88.083 %0.000 % PL 501B37.384 %0.000 %PL 14677.800 %77.800 % PL 60955.000 %0.000 %PL 146B77.800 %77.800 % PL 609B55.000 %0.000 %PL 150100.000 %65.000 % PL 609D55.000 %0.000 %PL 159D23.835 %23.835 % PL 6850.000 %40.000 %PL 16750.000 %10.000 % PL 78440.000 %40.000 %PL 167B50.000 %10.000 % PL 81560.000 %0.000 %PL 167C50.000 %10.000 % PL 81840.000 %40.000 %PL 20380.000 %65.000 % PL 818B40.000 %40.000 %PL 21230.000 %30.000 % PL 822S87.700 %60.000 %PL 212B30.000 %30.000 % PL 83040.000 %0.000 %Production licenses in which Aker BP is the operator:License: 31.12.2022 31.12.2021 License: 31.12.2022 31.12.2021PL 83835.000 %35.000 % PL 105160.000 %0.000 %PL 8580.000 %40.000 % PL 105760.000 %0.000 %PL 86780.000 %80.000 % PL 106650.000 %50.000 %PL 867B80.000 %80.000 % PL 108250.000 %0.000 %PL 86980.000 %65.000 % PL 108340.000 %0.000 %PL 87347.700 %47.700 % PL 108460.000 %0.000 %PL 87487.700 %87.700 % PL 108555.000 %55.000 %PL 88660.000 %0.000 % PL 108877.800 %77.800 %PL 886B60.000 %0.000 % PL 108950.000 %0.000 %PL 90650.000 %50.000 % PL 109140.000 %0.000 %PL 914S0.000 %34.786 % PL 109250.000 %0.000 %PL 9150.000 %35.000 % PL 109460.000 %0.000 %PL 91980.000 %65.000 % PL 109550.000 %0.000 %PL 93260.000 %60.000 % PL 109770.000 %40.000 %PL 94170.000 %80.000 % PL 109940.000 %40.000 %PL 941B70.000 %0.000 % PL 110260.000 %0.000 %PL 94230.000 %30.000 % PL 111040.000 %40.000 %PL 97640.000 %0.000 % PL 112423.835 %23.835 %PL 97960.000 %60.000 % PL 113335.000 %0.000 %PL 9860.000 %50.000 % PL 113435.000 %0.000 %PL 100540.000 %40.000 % PL 113940.000 %0.000 %PL 100890.000 %90.000 % PL114170.000 %0.000 %PL 10260.000 %40.000 % PL114282.060 %0.000 %PL 10280.000 %50.000 % PL114382.060 %0.000 %PL 103240.000 %0.000 % PL114440.000 %0.000 %PL 104170.000 %55.000 % PL 115340.000 %0.000 %PL 104240.000 %40.000 % PL 115760.000 %0.000 %PL 104580.000 %65.000 % PL 115840.000 %0.000 %PL 1045B80.000 %65.000 % PL 116250.000 %0.000 %PL 10470.000 %40.000 % PL 116440.000 %0.000 %PL 104850.000 %0.000 % PL 117035.000 %0.000 %Number of licenses in which Aker BP is the operator 120 84 Fields non-operated: 31.12.2022 31.12.2021Atla10.000 %10.000 %Enoch2.000 %2.000 %Johan Sverdrup31.573 %11.573 %Oda15.000 %15.000 %Production licenses in which Aker BP is a partner:License: 31.12.2022 31.12.2021 License: 31.12.2022 31.12.2021PL 006C35.000 %35.000 % PL 89410.000 %0.000 %PL 006E0.000 %15.000 % PL 89630.000 %0.000 %PL 006F0.000 %15.000 % PL 91740.000 %0.000 %PL 03550.000 %50.000 % PL 917B40.000 %0.000 %PL 035C50.000 %50.000 % PL 92910.000 %0.000 %PL 048D10.000 %10.000 % PL 93520.000 %0.000 %PL 102C10.000 %10.000 % PL 94320.000 %10.000 %PL 12750.000 %50.000 % PL 95620.000 %0.000 %PL 127B0.000 %50.000 % PL 96830.000 %20.000 %PL 211CS15.000 %0.000 % PL 9810.000 %40.000 %PL 22015.000 %15.000 % PL 98530.000 %20.000 %PL 229E50.000 %0.000 % PL 98930.000 %0.000 %PL 229G50.000 %0.000 % PL 104030.000 %30.000 %PL 26527.384 %20.000 % PL 10520.000 %20.000 %PL 27250.000 %50.000 % PL 10540.000 %30.000 %PL 272B50.000 %50.000 % PL 106420.000 %20.000 %PL 272C50.000 %0.000 % PL 10690.000 %50.000 %PL 40515.000 %15.000 % PL 108750.000 %0.000 %PL 457BS40.000 %40.000 % PL 109030.000 %0.000 %PL 50222.222 %22.222 % PL 110440.000 %0.000 %PL 5330.000 %35.000 % PL 110620.000 %0.000 %PL 53735.000 %0.000 % PL 112220.000 %20.000 %PL 537B35.000 %0.000 % PL 112330.000 %30.000 %PL 55430.000 %30.000 % PL 112630.000 %0.000 %PL 554B30.000 %30.000 % PL 112930.000 %0.000 %PL 554C30.000 %30.000 % PL 113120.000 %0.000 %PL 554D30.000 %30.000 % PL 113830.000 %0.000 %PL 7220.000 %20.000 % PL 114040.000 %0.000 %PL 782S20.000 %20.000 % PL 114540.000 %0.000 %PL 782SB20.000 %20.000 % PL 114720.000 %0.000 %PL 782SC20.000 %20.000 % PL 114930.000 %0.000 %PL 782SD20.000 %20.000 % PL 115120.000 %0.000 %PL 820S41.000 %0.000 % PL 115250.000 %0.000 %PL 820SB41.000 %0.000 % PL 115430.000 %0.000 %PL 838B30.000 %30.000 % PL 116320.000 %0.000 %PL 8920.000 %30.000 % PL 116540.000 %0.000 %Number of licenses in which Aker BP is a partner 62 39 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-148-2": {
"value": "Note 31 Events after the balance sheet dateOn 23 February 2023, Aker BP disbursed USD 347.6 million in dividend to shareholders. In March 2023, it was decided to not accede the PDO for the Troldhaugen project. This will likely lead to an impairment charge of the book value related to the project of approximately USD 90 million on a pre-tax basis, which will be recognized in Q1 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300NFTY73920OYK69",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}