BP sells Aker BP stake to raise over one billion dollars

BP has raised more than one billion dollars by selling a portion of its investment in the Norwegian energy firm Aker BP. The supermajor reduced its shareholding from 15.9 per cent to 10.9 per cent, disposing of five per cent of the company. Shares were sold at a price of 311 Norwegian kroner, generating approximately 9.83 billion kroner, which equates to 1.06 billion dollars.

The proceeds from the transaction will be used to strengthen BP’s balance sheet. The company stated that it now expects full year 2026 divestment and other proceeds to total around nine billion dollars. This figure represents an increase of approximately one billion dollars compared to previous guidance.

Meg O’Neill, chief executive of BP, noted that Aker BP has executed a successful growth strategy since its creation a decade ago. She added that recent strong performance and a favourable macro environment have further increased the company’s value. O’Neill said that realising part of this value is the right time to support the group’s priority of building a simpler and stronger organisation. Earlier this year, Aker BP also agreed to swap stakes with Equinor across three development areas, including a cash payment of 23 million dollars.