Norwegian firm Det norske oljeselskap (Det norske) has signed a $1.3bn agreement with BP to merge with BP Norge in a bid to create the largest Norwegian independent oil and gas producer.
Det norske expects the merger deal to significantly boost the combined company’s operations, cost efficiency and growth potential while allowing the company to initiate dividend payment.
Based at Fornebuporten, Norway, the new entity will be named as Aker BP ASA (Aker BP) and will combine assets and expertise from both companies’ Norwegian exploration and production operations.
Aker, the Det Norske’s major shareholder, will have 40% stake in the combined company while BP and other Det norske shareholders will have 30% stakes each.
BP group CEO Bob Dudley said: “BP and Aker have matured a close collaboration through decades, and we are pleased to take advantage of the industrial expertise of both companies to create a large independent E&P company.
“The Norwegian Continental Shelf represents a significant opportunity going forward and we are looking forward to working together with Aker to unlock the long term value of the company through growth and efficient operations.
Full Content: Business Insider
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Meta Begins Defense After FTC Concludes Case in Landmark Antitrust Trial
May 15, 2025 by
CPI
UK Data Bill Still No Closer to Passage As Parliamentary ‘Ping-Pong’ Drags On
May 15, 2025 by
CPI
Regeneron Pharmaceuticals Awarded $271.2M in Damages Against Amgen
May 15, 2025 by
CPI
FTC Chair Proposes 15% Staff Reduction Amid Budget Constraints
May 15, 2025 by
CPI
UK Urges Antitrust Watchdog to Prioritize Growth and Clarity in Business Regulation
May 15, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Healthcare Antitrust
May 14, 2025 by
CPI
Healthcare & Antitrust: What to Expect in the New Trump Administration
May 14, 2025 by
Nana Wilberforce, John W O'Toole & Sarah Pugh
Patent Gaming and Disparagement: Commission Fines Teva For Improperly Protecting Its Blockbuster Medicine
May 14, 2025 by
Blaž Višnar, Boris Andrejaš, Apostolos Baltzopoulos, Rieke Kaup, Laura Nistor & Gianluca Vassallo
Strategic Alliances in the Pharma Sector: An EU Competition Law Perspective
May 14, 2025 by
Christian Ritz & Benedikt Weiss
Monopsony Power in the Hospital Labor Market
May 14, 2025 by
Kevin E. Pflum & Christian Salas