BP has raised about $1.06 billion from selling a 5% stake in Norwegian oil and gas producer Aker BP, as the British energy major presses on with efforts to strengthen its balance sheet and simplify its portfolio.
The shares were sold at 311 Norwegian crowns each, a discount of about 12% to Aker BP’s closing price of 354 crowns on Wednesday, through an accelerated bookbuilding process that closed on Thursday morning. Barclays acted as sole global coordinator and bookrunner, with DNB Carnegie as co-bookrunner.
The sale cuts BP’s holding in Aker BP from about 15.9% to about 10.9%, leaving it with roughly 68.7 million shares. BP remains the Oslo-listed company’s second-largest shareholder, behind Aker ASA, the investment vehicle of Norwegian billionaire Kjell Inge Røkke.
BP said the proceeds would be used to strengthen its balance sheet. The deal lifts its expected divestment and other proceeds for 2026 to around $9 billion, about $1 billion above its previous guidance.
Chief executive Meg O’Neill said Aker BP’s strong performance and favourable market conditions made it the right time to realise part of the value of the investment, as BP focuses on building “a simpler and stronger business”.
Aker BP was formed in 2016 when BP merged its Norwegian assets with Det norske oljeselskap, in which Aker held a significant stake. The company has been one of the strongest performers on the Oslo Bourse this year, with its shares buoyed by higher oil and gas prices amid conflict in the Middle East.
BP has agreed to a 90-day lock-up on its remaining stake, subject to customary exemptions, meaning it cannot sell further shares in that period without the bookrunners’ consent.
The disposal is the latest step in BP’s drive to cut debt and sharpen its focus. In July, the company put its UK upstream portfolio, estimated to be worth about $2.6 billion, up for sale, with existing North Sea producers seen as the most likely buyers.
Sources: Reuters, “BP raises roughly $1 billion from Aker BP stake sale” (https://www.reuters.com/business/energy/bp-raises-roughly-1-billion-aker-bp-stake-sale-2026-11-05/); BP announcement via Investegate (https://www.investegate.co.uk/announcement/rns/bp–bp./bp-sells-5-stake-in-aker-bp-/9859157); Sharecast, “BP sells down Aker BP stake for over $1bn” (https://www.sharecast.com/news/news-and-announcements/bp-aker-bp-stake-sale-asset-disposals-divestment-proceeds-oil-and-gas-balance-sheet–24037158.html).
