Eldar Sætre

Statoil has acquired 11.9% of the shares in Sweden-based Lundin Petroleum in a deal worth Skr4.6bn ($539m).

The investment will enable Statoil increase its indirect exposure to core assets on the Norwegian Continental Shelf (NCS).

Statoil president and CEO Eldar Sætre said: "We consider this a long-term shareholding.

"The Norwegian Continental Shelf is the backbone of Statoil’s business, and this transaction indirectly strengthens our total share of the value creation from core, high-value assets on the NCS."

The acquisition of minority shareholding in Lundin Petroleum will also allow Statoil to increase its exposure to core field development projects, as well as growth assets on NCS, including Johan Sverdrup and Edvard Grieg.

"We consider this a long-term shareholding."

Lundin Petroleum reported 187.5 million barrels of oil equivalent of reserves at the end of 2014.

The company increased its reserves base from 2002 to 2014 and produced 24,900 barrels of oil equivalent per day in 2014.

In 2015, it has booked net 2P reserves of 515 million barrels of oil equivalent for the Johan Sverdrup field development, based on its 22.60% working interest.

In December 2015, Statoil sold a 15% interest in the Gudrun field on the Norwegian Continental Shelf to Repsol.

The company also acquired a 13% interest in Eagle Ford joint venture from Repsol and became its sole operator.

Image: Statoil president and CEO Eldar Sætre. Photo: © Statoil.