Statoil, Lundin agree to Norway asset/share transaction

Offshore staff

STOCKHOLM, Sweden – Lundin Norway has agreed to acquire Statoil’s 15% stake in the producing Edvard Grieg field in license PL338 in the central Norwegian North Sea.

The deal also takes in a 9% stake in the Edvard Grieg oil export pipeline and a 6% interest in the Utsira High gas pipeline.

In exchange, Statoil will receive new shares in parent company Lundin Petroleum that will lift its interest in the company from the present 11.93% to 20.1%, assuming shareholder and regulatory approvals.

The transaction gives Lundin access to additional reserves, production and cash flow in the Utsira High core area, while Statoil says it will strengthen its indirect exposure to core field development projects such as Johan Sverdrup.

Statoil says it has no plan to further increase its shareholding in Lundin Petroleum.

05/03/2016

Share your news with Offshore at news@offshore-mag.com

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...