Aker BP acquires Hess Norge for US$2 billion: the remarkable growth story continues
In October 2017, Aker BP announced its acquisition of Hess Norge's upstream business for US$2 billion. The deal includes stakes in Valhall and Hod, and a tax loss carry forward of US$1.5 billion. It continues what has been a remarkable growth story. This is the Norwegian independent's fifth corporate acquisition in the last three years and it is now the fourth highest producer on the NCS. But ultimately, this is an excellent deal for Hess which has reduced its outgoings and would not have been able to fully utilise its tax loss position as quickly as Aker BP.