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.


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