Lundin Petroleum has agreed to acquire Statoil's 15% stake in the Edvard Grieg field in return for increasing its shareholding in Lundin.
The deal, which inccreases Statoil's stake in Lundin from 11.93% to 20.1%, also includes Lundin gaining 9% interest in the Edvard Grieg oil pipeline and 6% in the Utsira High gas pipeline.
Through the move, Statoil increases its indirect exposure to core field development projects and growth assets on Norwegian Continental Shelf (NCS), including the Statoil operated Johan Sverdrup field.
For Lundin, the deal secures access to additional high quality reserves, production and cash flow in the Utsira High core area.
"The Edvard Grieg field was discovered by Lundin Norway in 2007, and the company is confident that the strong start-up performance of the field from both a facilities and subsurface perspective will continue in the years ahead," says Lundin.
“The increased shareholding in Lundin Petroleum will be an important long-term industrial investment for Statoil. The transaction also underlines our long-term interest and commitment to the future of the NCS,” says Hans Jakob Hegge, Executive Vice President and CFO of Statoil.
The deal is subject to approval at Lundin's Extraordinary General Meeting, 30 May, and authority approvals.