Middle East

AkerBP acquires Lundin Energy’s oil and gas

December 21, 2021

Lundin Energy Platform in the North Sea Off Norway-File Photo: Lundin Energy

AkerBP, a Norwegian oil and gas company, has agreed to acquire Lundin Energy’s oil and gas business through a statutory merger and establish the second largest oil and gas producer on the Norwegian continental shelf.

The transaction will value the acquired assets at approximately NOK 125 billion (NOK 13.9 billion).

“The merger of AkerBP and Lundin Energy has merged two highly successful E & P companies, both of which. [Norwegian Continental Shelf ] To establish a future E & P company for more than 10 years. “

The duo said the merged company would be the second largest producer of oil and gas in NCS, with a combined oil and gas production equivalent to about 400,000 barrels of oil per day.

“In addition to being the second largest owner of the huge Johann Sverdrup field, the company will be the operator of six major production hubs for NCS. The merged company will be a major new field. Participation in development projects puts us in a unique position for profitable growth. Continued field development activities centered on the company’s existing assets, such as NOAKA, Wisting, Valhall NCP / King Lear. We are doing. ”

In addition, the company after the merger will become “a global leader in the E & P sector with low cost and low emissions”.

Completion of the merger requires approval by each AkerBP shareholder.
Approval from Sweden-based Lundin Energy and relevant authorities.

Details to follow …

https://www.oedigital.com/news/493016-aker-bp-to-acquire-lundin-energy-s-oil-and-gas-business AkerBP acquires Lundin Energy’s oil and gas

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