Norwegian oil major Statoil has acquired an 11.93% stake in Swedish exploration firm Lundin Petroleum's shares.
Statoil says the move increases its indirect exposure to core assets on the Norwegian Continental Shelf (NCS), including the Johan Sverdrup and Edvard Grieg fields.
"We consider this a long term shareholding. The Norwegian Continental Shelf is the backbone of Statoil's business, and this transaction indirectly strengthens our total share of the value creation from core, high value assets on the NCS, " says Eldar Sætre, president and CEO of Statoil.
In recent years Statoil has farmed down in certain mature assets on the NCS to realize value for new investments. "Through the acquisition of shares in Lundin Petroleum, Statoil increases its exposure to core field development projects and growth assets on NCS, including Johan Sverdrup and Edvard Grieg at attractive values," the firm says.
Lundin Petroleum has over the last decade successfully built a strong portfolio on the NCS, and internationally in Malaysia, and France. The company had 187.5 MMboe of reserves at the end of 2014. From 2002-2014 it increased its reserves base four fold, and produced 24,900 boe/d in 2014. In 2015 it has booked net 2P reserves of 515 MMboe for the full field development of Johan Sverdrup, based on its 22.60% working interest.