Aker BP today announced its proposed acquisition of the oil and gas business of Lundin Energy, through a statutory merger. This combination would create the largest exploration and production company focused exclusively on the Norwegian Continental Shelf.
Commenting on the proposed acquisition, Bernard Looney, bp chief executive said: “We welcome and support this proposed acquisition, which will strengthen and significantly enhance the long-term future of Aker BP and our continuing relationship with Aker"
“The combination of Aker BP and Lundin Energy’s Norwegian oil and gas business will create a world-scale independent oil and gas company with a leading position in very high-quality, resilient resources with best-in-class CO2 emissions intensity.
“As long-term investors in Aker BP, we are excited about the prospects for the new enlarged company.”
bp currently holds a 27.9% interest in Aker BP. Following the merger this would be expected to become a 15.9% interest in the combined company.