BP, Det Norske Agree To $1.3 Billion Norwegian Oil Merger

摘要

BP Plc (NYSE: BP) and Det Norske Oljeselskap ASA have agreed to merge their Norwegian businesses in a $1.3 billion allshare deal to cut costs, challenge Statoil's (NYSE: STO) dominance of the local industry and look for more acquisitions. The new venture, which could produce over a tenth of Norway's oil output, will offer BP an opportunity to tap into new oil production and reserves in the next decade after it cut back exploration in recent years.