British Petroleum (bp) has sold a $1.06 Bn stake in Norway’s Norwegian oil and gas producer Aker, according to a statement on November 5.

The sale will reduce bp’s stake in Aker BP from 15.9% to 10.9%, leaving it with 68.7 million shares in the company.

bp has agreed to a 90-day lock-up period on its remaining shares in Aker BP, subject to customary exceptions.

The proceeds will be used to strengthen bp’s balance sheet. The company now expects divestment and other proceeds for full-year 2026 to total around $9 Bn, approximately $1 Bn more than its previous forecast.

“Since Aker BP’s creation a decade ago, it has executed a successful growth strategy that has led to significant value creation…We believe now is the right time for us to realize part of this value to further strengthen bp’s balance sheet, our first priority as we build a simpler, stronger, more valuable bp”, bp’s CEO Meg O’Neill said.

Barclays acted as Sole Global Coordinator & Bookrunner and DNB Carnegie acted as Co-Bookrunner in the sale.