Norwegian oil firm Equinor is offering to sell its remaining 4.88% stake in Swedish competitor Lundin Energy, bookrunners Morgan Stanley and SpareBank 1 Markets said in a statement on Tuesday.
Equinor's sale of up to 14 million shares follows its divestment last year of a 16% stake in Lundin for about $1.56 billion.
Lundin holds a 20% stake in the Equinor-operated Johan Sverdrup oilfield, western Europe's biggest producing field.
"This is an ongoing transaction and we do not have any comments beyond what has been published to the market at this stage," an Equinor spokesman said, referring to the banks' statement.
(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)