Statoil acquires minority shareholding in Lundin Petroleum

Statoil ASA (OSE: STL, NYSE: STO) has acquired 37,101, 561 shares in Lundin Petroleum AB, corresponding to 11.93% of the shares and votes, at a total purchase price of approximately SEK 4.6 billion.

The investment in Lundin Petroleum will increase Statoil’s indirect exposure to core assets on the Norwegian Continental Shelf (NCS). Through the acquisition of shares in Lundin Petroleum, Statoil has increased its exposure to core field development projects on NCS, including the Johan Sverdrup and Edvard Grieg fields.

Lundin Petroleum has a portfolio on the NCS, and internationally in Malaysia and France. The company had 187.5 million barrels of oil equivalent of reserves at the end of 2014. From 2002 to 2014, it increased its reserves base four fold, and produced 24,900 barrels of oil equivalent per day in 2014. In 2015, Lundin had booked net 2P reserves of 515 million barrels of oil equivalent for the full field development of Johan Sverdrup, based on its 22.60% working interest.  

 

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