BP has raised more than $1billion from the sale of part of its stake in Norwegian oil and gas producer Aker BP as it continues efforts to strengthen its balance sheet.
The company announced this morning that it had sold a 5% stake in Aker BP for approximately NOK 9.83billion ($1.06billion), at a price of NOK 311 per share.
The transaction reduces BP's shareholding in the Norwegian producer from 15.9% to approximately 10.9%, leaving it with 68.7million shares.
The proceeds will be used to strengthen BP's balance sheet, with the company now expecting to generate around $9billion from divestments and other proceeds during 2026.
BP chief executive Meg O'Neill said: “Since Aker BP’s creation a decade ago, it has executed a successful growth strategy that has led to significant value creation.
"In recent months, it has further increased its value through a combination of its strong performance and the favourable macro environment.
"We believe now is the right time for us to realize part of this value to further strengthen bp’s balance sheet, our first priority as we build a simpler, stronger, more valuable bp."