Aker BP Buys Hess' Norway Unit For $2B

Aker BP Buys Hess' Norway Unit For $2B
Aker BP will add the Norwegian operations of Hess to its expanding exploration and production portfolio under a $2 billion deal.

Exxon Mobil and BP decided to no longer be field operators in Norway, though Exxon retains direct stakes in several fields and BP remains involved via its stake in Aker BP.

Hess separately announced a cost cutting programme and said it also plans to sell its 61.5 percent stake in Denmark's South Arne field.

"With the continued success of our asset sale program, we are focusing on higher return assets and reducing our breakeven oil price," Chief Executive John Hess said in a statement.

(Reporting by Terje Solsvik, additional reporting by Nerijus Adomaitis; editing by Subhranshu Sahu and Jason Neely)


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