Aker BP ASA, a Norwegian oil exploration and development company, has agreed to buy the oil and gas business of Lundin Energy AB, creating the second-largest producer on the Norwegian Continental Shelf.
The cash and stock transaction values the acquired assets at approximately NOK 125 billion ($13.9 billion)
Lundin Energy is an independent oil and gas exploration and production company formed from Lundin Oil in 2001 and based in Sweden with focus on operations in Norway. Lundin Energy has developed a portfolio of onshore renewable assets in the Nordics, with power generation of 600 gigawatt hours per year once fully built out. As part of this transaction, the company’s E&P businesses are being sold to and combined with AkerBP, leaving behind a standalone renewable energy business.
The sale helps Lundin Energy’s family owners get out of their largest oil and gas holding at a time when the industry’s future is increasingly fraught, rep
