Aker BP and Lundin Energy in $14-bln merger

Norway

OSLO, December 21, 2021 – Aker BP has signed an agreement with Sweden’s Lundin Energy to acquire the latter’s oil and gas business valued at around USD 14 billion, the Norwegian E&P company announced on Tuesday.

Upon completion, Aker BP will be jointly owned by Aker with a 21.2% share, BP with a 15.9% share, Nemesia S.à r.l. with a 14.4% share and shareholders from Aker BP and Lundin Energy holding the remaining majority 48.6% share.

The agreement involves a cash consideration of USD 2.22 billion and a consideration of USD 271.9 million in new Aker BP shares handed to Lundin Energy stakeholders.

The new entity will have combined production of around 400,000 boepd, with reserves of 2.7 billion boe.

The merged company will be the largest E&P company focused purely on the Norwegian Continental Shelf.