BP raises USD1 billion from sale of 5% stake in Norway's Aker BP

BP PLC on Thursday said it has sold a 5.0% stake in Norwegian oil and gas producer Aker BP ASA, raising NOK9.83 billion, about USD1.06 billion, gross to strengthen its balance sheet.

The London-based oil major sold the Aker BP shares at NOK311 each. Aker BP shares were down 11% to NOK315.70 in Olso on Thursday morning. BP shares were down 1.2% to 564.90 pence in London.

The disposal reduces BP's stake in Aker BP to 68.7 million shares, a 10.9% stake, down from 15.9%. It has agreed to a 90-day lock-up period for this remaining stake.

Following the sale, BP said it now expects full-year 2026 divestment and other proceeds of around USD9.00 billion, some USD1.00 billion above its previous guidance.

Chief Executive Meg O'Neill said Aker BP's strong recent performance and favourable market conditions make it the right time to realise part of its investment value, as BP seeks to build "a simpler, stronger, more valuable BP".

Aker BP, which is based in Fornebu, outside Oslo, is an oil and gas explorer and production on the Norwegian continental shelf.

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