DETNF - Lundin and Aker BP combine to create dominate oil and gas producer in the North Sea

Lundin Energy (OTCPK:LNDNF) and Aker BP (OTCPK:DETNF), two independent oil and gas producers in the Norwegian North Sea, announced plans to merge today. Lundin traces its roots back to the 1980s, when International Petroleum was founded by mining magnet Adolf Lundin, with exploration assets from the Middle East to Texas; the Family still owns ~1/3 of the business. Aker BP was formed through the combination of BP's Norwegian North Sea business with Det Norske in 2016; the entity went on to acquire several small operators since its creation, and owns a minority stake in Lundin's prolific Johan Sverdrup field. Both Companies have performed very well through the downturn, with Lundin and Aker BP up 72% and 42% respectively over the past three years, compared to the XOP (NYSEARCA:XOP) down 8%; this success was driven in part by favorable tax treatment from the Norwegian Government throughout the pandemic, and the ever

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Lundin and Aker BP combine to create dominate oil and gas producer in the North Sea