The Norwegian Ministry of Petroleum and Energy has granted approval for Lundin Norway to acquire an additional 15% interest in the Edvard Grieg field and interests in associated pipeline assets from Statoil. Lundin Petroleum expects to complete the deal on 30 June 2016.
The approved deal will also see Statoil's stake in Lundin increase from 11.93% to 20.1%.
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.
Image from Lundin.
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