Aker BP has reached an agreement to acquire Lundin Energy’s oil and gas related activities for around NOK 125bn (€12.4bn), and to merge them with its exploration and production (E&P) operations to create a listed E&P company focused on the Norwegian Continental Shelf (NCS). The new company will be the second largest listed oil company on the NCS: it will have a resource base of 2.7 Gboe with significant growth potential, an estimated production of more than 400 mboe/d in 2022, and a pipeline of development projects with low break-evens and with potential to raise production above 500 mboe/d by 2028. In addition, it will benefit from low operating costs.
Aker BP was created with the merger of Det Norske and BP Norge in 2016. When the merger with Lundin is complete, the company will be jointly owned by Aker (21.2%), BP (15.9%), Nemesia (Lundin's shareholders, 14.4%), and other Aker BP and Lundin Energy shareholders (48.6%). Lundin family company Nemesia will hold 14.4%.