All approvals secured for Lundin Energy-Aker BP merger

Oil and gas companies Lundin Energy and Aker BP have received all necessary governmental approvals for the merger between Lundin Energy’s E&P business and Aker BP.

Johan Sverdrup field; Source: Lundin Energy
Lundin Energy - Aker BP
Johan Sverdrup field; Source: Lundin Energy

The merger agreement was announced in December 2021 with the goal of creating the largest listed E&P company focused exclusively on the Norwegian Continental Shelf (NCS). By mid-February 2022, the two companies signed a merger plan, aiming to close the combination in mid-2022.

Come March and Lundin said that, following the completion of the merger, the company would remain with renewable energy assets, which would operate as a standalone business, focusing on creating opportunities within the energy transition and contributing to a sustainable energy future.

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In an update on Monday, Lundin said the proposed merger had secured approval from the Norwegian Ministry of Petroleum and Energy, the Norwegian Ministry of Finance, and the Norwegian competition authority, for the completion of the combination.

The combination was already approved by the shareholders of Lundin Energy and Aker BP, respectively, at Lundin Energy’s AGM on 31 March 2022 and Aker BP’s AGM on 5 April 2022. The completion of the combination is expected to take place on 30 June 2022.