OSLO, April 24 (Reuters) - Norwegian independent oil company Aker BP (AKRBP.OL) New Tab, opens new tab on Wednesday posted a higher-than-expected net profit for the first quarter as costs fell, and said its Tyrving field development could start production sooner than previously planned.

The company, partly owned by BP (BP.L) New Tab, opens new tab, reported a net profit of $531 million for January-March, up from $187 million a year earlier, beating a $470 million forecast in a company-compiled poll New Tab, opens new tab of analysts.

"Our oil and gas production increased while we maintained low costs and kept emissions in check," CEO Karl Johnny Hersvik said in a statement.

Brokers DNB said the results beat was mainly driven by low-than-expected production costs, which were down to $6.1 per barrel produced from $7.2 in the first quarter of 2023.

The costs were also below the company's 2024 full-year guidance of around $7 per barrel.

Aker BP's Chief Financial Officer David Toenne told a call with reporters that the costs fell from a year ago due to lower power prices and maintenance, and were below the guidance partly due to the weaker Norwegian crown currency.

Aker BP also said its Tyrving subsea development in the Alvheim area of the North Sea was "progressing towards an accelerated start-up" in the fourth quarter versus the beginning of 2025 previously.

In January, environmentalists won a case at a lower court against the government for approving Aker BP's Tyrving and Yggdrasil projects, but a court of appeal has put on hold a suspension of further development until the case is heard.

"With the court decision to defer the temporary injunction, the risks of the project schedules have been significantly reduced," the company said.

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https://www.reuters.com/markets/commodities/aker-bp-q1-beats-forecast-record-output-lower-cost-2024-04-24/