- December 22, 2021
- Posted by: Stratford Team
- Category: Business
By Joe Hoppe
Aker BP ASA said Tuesday that it will buy the oil-and-gas business of Lundin Energy to create the largest listed oil-and-gas company focused purely on the Norwegian Continental Shelf.
The Norwegian oil-and-gas producer said that the purchase of the Swedish business’s assets, valued at around 125 billion Norwegian krone ($13.8 billion), brings strategic and value-accretive benefits, increasing scale and high-quality high returns. The transaction is subject to shareholder approval, and completion is expected in the second quarter of 2022.
The purchase is comprised of $2.2 billion in cash and a consideration of 271.91 million new shares from Aker BP, to be issued to Lundin Energy AB’s shareholders.
Aker said the combined company could realize operational synergies of up to $200 million a year will have an estimated production in 2022 of more than 400,000 barrels of oil equivalent per day.
“We are now creating the…
