BP - BP Aker explore sale of stake in Norwegian JV

BP (BP -1.2%) and Aker say they are considering a potential sale of a 5% stake in their Aker BP (OTCPK:DETNF) Norwegian oil and gas joint venture, after its shares hit an all time high this week. If the sale moves forward, BP would sell ~2.1% of its stake and Aker would sell ~2.9%, reducing their respective stakes in Aker BP to 27.9% and 37.1%. BP says proceeds from a sale would form part of its target of delivering $25B of divestment and other proceeds by 2025. Aker BP shares closed at 345.40 Norwegian crowns ($40.55), slightly below an all-time high of 349.80 crowns on November 8. BP trades lower today amid broad losses in the oil and gas sector.

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BP, Aker explore sale of stake in Norwegian JV