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Home Energy Company News By Charles Kennedy - Nov 05, 2026, 2:20 AM CST BP has raised approximately $1.06 billion from the sale of a 5% stake in Norwegian oil and gas producer Aker BP, lifting its expected full-year 2026 divestment and other proceeds to around $9 billion. The British energy major sold the shares at NOK 311 each, generating gross proceeds of approximately NOK 9.83 billion ($1.06 billion). The transaction reduces BP's ownership in Aker BP from 15.9% to approximately 10.9%.
Following the sale, BP will retain approximately 68.7 million Aker BP shares, preserving a significant investment in one of Europe's largest independent oil and gas producers. The company has agreed to a 90-day lock-up period on its remaining shares, subject to customary exemptions. BP said the proceeds will support its efforts to strengthen its balance sheet, a central priority under chief executive Meg O'Neill.
The transaction also raises BP's expected divestment and other proceeds for 2026 to approximately $9 billion, an increase of $1 billion over its previous guidance. Aker BP was established in 2016 following the combination of BP's Norwegian business with Det norske oljeselskap. Since then, it has grown into a major independent producer operating across the Norwegian Continental Shelf, with assets including the Valhall, Alvheim and Skarv fields and an interest in the Johan Sverdrup development.
O'Neill said the Norwegian producer's operational performance and favorable market conditions had increased the value of BP's investment, creating an opportunity to realize some of those gains while retaining a substantial ownership position. The sale enables BP to release capital from an existing investment without completely exiting the Norwegian upstream sector. It also advances the company's broader effort to simplify its portfolio and reinforce its financial position.
Barclays served as sole global coordinator and bookrunner for the transaction, while DNB Carnegie acted as co-bookrunner. By Charles Kennedy for Oilprice.com More Top Reads From Oilprice.com EU Survey Reveals Massive Support for Renewable Energy Transition Oil Prices Continue to Fall as Democratic Sweep Shakes Energy Markets ADNOC Gas to Supply LNG to TotalEnergies Under Five-Year Deal Back to homepage Charles Kennedy Charles is a writer for Oilprice.com More Info EXXON Mobil -0.35 Open 57.81 Trading Vol. 6.96M Previous Vol. 241.7B BUY 57.15 Sell 57.00 "
