Pursuits
BP Spins Off Norway Business Into Billionaire’s Oil Explorer
- Aker to own 40% of new production venture, BP will hold 30%
- New venture will be seventh-largest producer in Norway
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BP Plc sold its Norwegian oil fields, some more than 40 years old, to a company controlled by billionaire Kjell Inge Roekke in a 10.8 billion kroner ($1.3 billion) stock deal.
The new business, called Aker BP ASA, will be the seventh-largest producer in Norway, with daily oil and natural gas output of about 122,000 barrels of oil equivalent, according to statements from the companies Friday. Aker ASA, the Norwegian billionaire’s holding company, will have 40 percent of the venture and BP will retain 30 percent.