Aker BP will be jointly owned by current Det norske shareholder Aker (40%), other Det Norske shareholders (30%) and BP (30%). BP will have only a 30 per cent stake in the Oslo-listed company, but matching its mature assets with Det norske’s growing and efficient operations makes sense. BP’s chief Bob Dudley said on June 10 the company has been offered cash to exit Norway, which it could simply have handed back to shareholders.
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The deal will strengthen Det norske’s position as the biggest independent operator of Norwegian oil platforms behind state-controlled Statoil, which is responsible for 60 percent of the Nordic country’s oil and gas output.
BP will receive US$140 million in cash following the deal, according to the statement. The companies believe this new Norwegian super-independent could more than double this, exceeding 250,000 boe/d by the early 2020s. Det Norske merged with Aker Exploration in 2009 and acquired Marathon Oil Norway in 2014.
“We take great pride in the fact that BP has chosen to partner with Aker in transforming Det Norske into a leading independent offshore E&P company”, said Aker Chairman Kjell Inge Roekke.
The deal, which came after BP considered selling the whole of its Norwegian business, shows how the world’s largest oil companies are using new structures to adapt to lower oil prices. It has a stake in prized giant field Johan Sverdrup, which won’t start producing until 2019.
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He said the Norwegian Continental Shelf “represents a significant opportunity” and he was “looking forward to working with Aker to unlock the long term value of the company through growth and efficient operations”. The five fields are the Skarv field in the Norwegian Sea and Valhall, Hod, Ula and Tambar in the North Sea. The deal is still subject to regulatory review and shareholder approval, but it is expected to close by the end of the year. Headquartered in Stavanger, BP Norge has approximately 850 employees.
