BENGALURU (Nov 5): BP said on Thursday that it has raised about US$1.06 billion from selling a 5% stake in Norwegian oil and gas company Aker, as the British energy major streamlines its portfolio and cuts debt under CEO Meg O’Neill.

The company has sold a 5% stake in Aker BP, out of its 15.9% holding, at 311 Norwegian Krone per share.

BP will now hold 68.7 million shares in Aker BP, or about a 10.9% interest, making it the Norwegian group's fourth-largest shareholder, according to LSEG data.

"We believe now is the right time for us to realize part of (Aker BP's) value to further strengthen BP's balance sheet, our first priority as we build a simpler, stronger, more valuable bp,” O’Neill said.

Aker BP was formed in 2016 when BP merged its Norwegian assets with Det norske oljeselskap, controlled by Norwegian billionaire Kjell Inge Roekke.

BP on Thursday also forecast 2026 divestment and other proceeds to be around US$9 billion, about US$1 billion higher than it previously projected.

Uploaded by Liza Shireen Koshy