Sector News

Statoil buys 11.93% stake in Lundin Petroleum

January 14, 2016
News

(MarketWatch) – Norway’s Statoil said Thursday it has paid 4.6 billion Swedish kronor ($539.3 million) for an 11.93% stake in Sweden’s Lundin Petroleum AB, taking advantage of recently battered share prices in the sector to increase exposure in its core assets on the Norwegian Continental Shelf.

Through the deal, Statoil increases its share of the North Sea’s giant Johan Sverdrup oil field as well as the Edvard Grieg field, where the two companies already work together.

“In recent years Statoil has farmed down in certain mature assets on the NCS to realize value for new investments,” the company said. “Through the acquisition of shares in Lundin Petroleum, Statoil increases its exposure to core field development projects and growth assets on NCS.”

It said the company is supportive of Lundin Petroleum’s management, its board of directors and the strategy and has no plan to increase its shareholding in the company further.

Lundin Petroleum has seen its shares fall 30% in the last six weeks.

By Dominic Chopping

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