Norway: Oil Industry Statoil Plans Asset Swap: Oilfield Interest for Lundin Shares
Statoil plans to increase its shares in Lundin Petroleum via an asset swap: The Norwegian petroleum company plans to divest its entire 15 percent interest in the Edvard Grieg field for an increased shareholding in Lundin.
Oslo/Norway – The transaction also includes divestment of a 9 percent interest in the Edvard Grieg Oil pipeline and a 6 percent interest in the Utsira High Gas pipeline, and in addition payment of a cash consideration of US $ 68 million to Lundin Petroleum.
Following completion of the transaction Statoil will own approximately to 20.1 percent of the shares and votes of Lundin Petroleum. The two companies will continue to operate independently, and act as separate entities in all licenses on the NCS. Statoil remains supportive of Lundin Petroleum’s management, its Board of Directors and strategy.
Statoil will through this transaction further strengthen its indirect exposure to core field development projects and growth assets on NCS. This includes the Statoil operated Johan Sverdrup field, a world class project with a break-even of less than USD 30 per barrel for phase 1.