BP has sold a 5% stake in Norwegian oil and gas producer Aker BP for about $1.06 billion, as the energy group steps up its disposal programme to strengthen its balance sheet. The shares were sold at NOK 311 each, raising gross proceeds of about NOK 9.83 billion. The sale cuts BP's holding in Aker BP from 15.9% to about 10.9%, leaving it with 68.7 million shares. Barclays acted as sole global coordinator and bookrunner, with DNB Carnegie as co-bookrunner.

Cash to cut debt

BP said the proceeds will go towards strengthening its balance sheet, and it has agreed not to sell any more of its remaining Aker BP shares for 90 days, subject to customary exemptions. The company also raised its expectation for full-year 2026 divestment and other proceeds to around $9 billion, about $1 billion higher than previously guided. Aker BP is described by BP as a leading independent Norwegian oil and gas producer, and BP said the stake had created significant value since the company was formed.

Part of a wider reshaping

The sale continues BP's reshaping of its portfolio around disposals of non-core assets and a stronger emphasis on debt reduction. Selling part of a minority holding lets the group raise cash without giving up its remaining exposure to Aker BP's production and cash flow. Investors will now watch whether further disposals follow, and how much of the extra proceeds goes to cutting debt rather than to shareholder returns, as BP works through a balance-sheet repair plan that has become central to its strategy.