BP PLC (BP.) has completed the sale of a 5% stake in Norwegian independent oil and gas producer Aker BP, raising gross proceeds of approximately NOK 9.83 billion, equivalent to around $1.06 billion. The shares were sold at NOK 311 per share, reducing BP's holding from 15.9% to approximately 10.9%. The transaction lifts BP's full-year 2026 divestment and other proceeds guidance to around $9 billion, approximately $1 billion higher than previously indicated, as the energy major pursues a strategy of balance sheet strengthening.

Key Points

  • BP PLC (BP.) is a global integrated energy company listed on the London Stock Exchange
  • BP has sold a 5% stake in Aker BP at NOK 311 per share, raising approximately $1.06 billion in gross proceeds
  • Following the sale, BP retains approximately 10.9% of Aker BP, comprising 68.7 million shares, subject to a 90-day lock-up on remaining holdings
  • Investors will be watching whether BP deploys further divestments to meet its broader balance sheet and simplification targets

BP Raises $1.06 Billion Selling Aker BP Shares at NOK 311 Per Share

The transaction was executed on 5 November 2026, with BP selling the equivalent of 5% of Aker BP's share capital at a fixed price of NOK 311 per share. Gross proceeds reached approximately NOK 9.83 billion, or around $1.06 billion. Barclays acted as Sole Global Coordinator and Bookrunner, with DNB Carnegie serving as Co-Bookrunner. The announcement states that proceeds will be directed towards strengthening BP's balance sheet, which the company has described as its first priority as it works to build what it calls a simpler, stronger, and more valuable business.

BP's Remaining 10.9% Stake in Aker BP Subject to 90-Day Lock-Up

Following the disposal, BP will hold 68.7 million shares in Aker BP, representing an approximate 10.9% interest in the Oslo-listed independent producer. The company has entered into a 90-day lock-up agreement covering its residual position, subject to customary exemptions. Aker BP is described in the announcement as a leading independent Norwegian oil and gas producer whose creation dates back approximately a decade. The lock-up period means BP's ability to conduct further near-term disposals of its remaining Aker BP holding will be restricted, a factor investors may be watching given the ongoing divestment programme.

Full-Year 2026 Divestment Proceeds Guidance Raised to Around $9 Billion

The sale has enabled BP to revise its full-year 2026 divestment and other proceeds target upward to around $9 billion, approximately $1 billion above its prior guidance level. The announcement attributes the decision to sell now to Aker BP's strong operational performance and what it describes as a favourable macro environment for the asset. The revised guidance figure signals that BP's asset disposal programme is tracking materially ahead of earlier expectations, which the disclosure suggests could have implications for the group's leverage and financial flexibility heading into 2027.