BP, Aker Form Joint Oil Venture

BP, Aker Form Joint Oil Venture

STAVANGER, Norway (AP) -- Norwegian holding company Aker ASA and London-based BP say they have reached a deal to combine their offshore oil and gas assets in Norway.

The new joint venture, Aker BP, will merge oil company Det norske oljeselskap, in which Aker is the biggest owner, and BP's Norwegian unit.

Aker will own a 40 percent stake and BP a 30 percent stake in the new company. The remaining shares will be held by other Det norske shareholders.

The deal is subject to approval by Norwegian and European Union authorities.

BP Chief Executive Bob Dudeley said the Norwegian continental shelf "represents significant opportunities going forward and we are looking forward to working together with Aker to unlock the long term value of the company through growth and efficient operations."