bp has sold a 5% stake in Norwegian oil and gas producer Aker BP for Nkr311 ($33.4) per share, generating gross proceeds of about Nkr9.83bn ($1.06bn).
The transaction reduces bp’s holding in Aker BP from 15.9% to about 10.9%.
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It will retain 68.7 million shares in the company and has agreed not to sell the remaining shares for 90 days, subject to customary exemptions.
bp said the proceeds would be used to support its balance sheet.
The sale has also prompted the company to raise its expected full-year 2026 proceeds from divestments and other sources to about $9bn, around $1bn above its previous guidance.
bp CEO Meg O’Neill said: “Since Aker BP’s creation a decade ago, it has executed a successful growth strategy that has led to significant value creation.
“In recent months, it has further increased its value through a combination of its strong performance and the favourable macro environment.
“We believe now is the right time for us to realize part of this value to further strengthen bp’s balance sheet, our first priority as we build a simpler, stronger, more valuable bp.”
Barclays served as sole global coordinator and bookrunner for the sale, while DNB Carnegie was co-bookrunner.
In August this year, Aker BP began producing from its Skarv Satellite Project. The Norwegian Sea development comprises the Alve Nord, Idun Nord and Ørn fields and contains about 120 million barrels of oil equivalent (mboe) in recoverable resources.
Production from the project started a year ahead of its original schedule, according to the source material. The development is intended to increase operational flexibility and extend the life of infrastructure around the Skarv field.
In August, bp reached an agreement to purchase Australia-based Woodside Energy’s 70% interest in the Calypso gas project, located in Block TTDAA 14 offshore Trinidad and Tobago.
