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Friday, August 12, 2022

Røkke’s latest oil acquisition ‘historically large’

Norwegian oil and offshore firm Aker BP’s agreement to buy up Lundin Energy’s oil and gas operations this week has been branded as an “historically large” investment in the Norwegian continental shelf. Aker BP,  controlled by industrialist Kjell Inge Røkke, is paying around NOK 125 billion (USD 14 billion) in a deal that will make it the largest stocklisted oil firm based only on Norwegian fields.

“This is very exciting and Aker BP will become an even stronger company,” analyst Tore Guldbrandsøy of Rystad Energy in Oslo told state broadcaster NRK. He noted that the newly merged firm will become the largest producer in Norway’s offshore territory after state oil company Equinor.

Stockholm-based Lundin was successful in exploring for more oil in areas of the North Sea during the 2000s, making a major strike in the area now known as Johan Sverdrup. Lundin also has ownership stakes in several other Norwegian oil fields along with what’s now a 20 percent stake in Sverdrup. Aker BP had around 10 percent, meaning it will now triple its stake.

newsinenglish.no staff

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