BP raises roughly $1 billion from Aker BP stake sale

Nov 5 (Reuters) - BP said on Thursday it has raised about $1.06 billion from selling a 5% stake in Norwegian oil and gas company Aker BP, as the British energy major streamlines its portfolio and cuts debt under CEO Meg O’Neill.

• The company has sold a 5% stake in Aker BP, out of its 15.9% holding, at 311 Norwegian Krone per share

• BP will now hold 68.7 million shares in Aker BP, or about a 10.9% interest, making it the Norwegian group's fourth-largest shareholder, according to LSEG data

• "We believe now is the right time for us to realize part of (Aker BP's) value to further strengthen BP's balance sheet, our first priority as we build a simpler, stronger, more valuable bp,” O’Neill said

• Aker BP was formed in 2016 when BP merged its Norwegian assets with Det norske oljeselskap, controlled by Norwegian billionaire Kjell Inge Roekke

• BP on Thursday also forecast 2026 divestment and other proceeds to be around $9 billion, about $1 billion higher than it previously projected

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Subhranshu Sahu and Sonia Cheema)