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2016-06-10 14:20:00

NORWEGIAN MERGER

NORWEGIAN MERGER

Reuters wrote, oil companies BP (BP.L) and Det norske (DETNOR.OL) have agreed to merge their Norwegian businesses in a $1.3 billion all-share deal to cut costs, challenge Statoil's (STL.OL) 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…

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Tags: NORWAY, OIL, BP, DET, NORSKE, STATOIL

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