The Norwegian Ministry of Petroleum and Energy has given approval to Sweden-based Lundin Petroleum for its previously announced acquisition of Statoil Petroleum’s 15% interest in Edvard Grieg field in offshore Norway.

As part of the deal, Lundin and its wholly owned subsidiary Lundin Norway will also acquire a 9% stake in the Edvard Grieg oil pipeline and a 6% interest in the Utsira High gas pipeline.

Originally announced in May, the acquisition is expected to complete on 30 June.

At present, Statoil owns 37.1 million shares of Lundin Petroleum, which represents 11.93% of the current issued and outstanding shares of Lundin.

"Upon completion of the deal, Statoil will own 68.4 million shares of Lundin."

Upon completion of the deal, Statoil will own 68.4 million shares of Lundin and is expected to boost its indirect exposure to various assets such as Johan Sverdrup.

Lundin Norway discovered the Edvard Grieg field in production licence 338 (PL 338) in 2007. The field in block 16/1 is located in the Utsira High area in the central North Sea.

So far, a total of six exploration and appraisal wells have been drilled on the Edvard Grieg field and discoveries were made in wells 16/1-12 (Luno South) and 16/1-14 (Apollo), which are not included in the plan for development and operation (PDO) approved in 2012.

It contains under-saturated oil without a gas cap and its gross 2P reserves are estimated at 187 million of barrels of oil equivalents (boe).

The field also comprises a platform resting on the seabed, with a full process facility, dry wellheads with external jack-up drilling and living quarters.