October 23, 2025 [Reuters]- Aker BP Norway’s second-largest listed oil company, raised its production forecast on Wednesday and reported a smaller than expected decline in third-quarter profits, lifting the company’s share price.

The group’s earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to $2.3 billion for July-September, from $2.6 billion a year earlier, beating the $2.2 billion expected in a company-compiled poll, of 15 analysts.

Aker BP now expects to pump 410,000-425,000 barrels of oil equivalent per day (boed) in 2025, up from 400,000-420,000 boed seen previously, citing high production efficiency and stable output from Norway’s giant Johan Sverdrup oilfield.

The development of new offshore fields off Norway, including the flagship 700 million barrels Yggdrasil, was progressing as planned and are expected to boost Aker BP’s output to 525,000 boed by 2028, the company added.

“Looking further ahead, we seek significant growth potential beyond our current outlook,” CEO Karl Johnny Hersvik told analysts and reporters.

“Continued exploration success and targeted mergers and acquisitions provide a clear path to expand our production base well into the next decade,” he said.

The Sverdrup field, operated by Equinor and in which Aker BP holds a 31.57% stake, accounted for more than half of the company’s third-quarter production.

Aker BP maintained its full-year dividend guidance of $2.52 per share for 2025 and said it was confident it could increase the payout by at least 5% annually as long as the oil price remains above $40 per barrel.

Brent crude futures traded above $62 a barrel on Wednesday, after hitting a five-month low on Monday.

Aker BP’s Oslo-listed shares were up 2% by 0913 GMT, outperforming a wider European oil and gas index, which was up 0.9%.