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Equinor completes £600m sale of stake in Lundin Petroleum

Norwegian energy firm Equinor has announce it has completed the sale of Swedish exploration oil and gas company Lundin Petroleum.

The deal for Equinor’s 16% shareholding in Lundin has been sold for almost £600 million for a 2.6% direct interest in the Johan Sverdrup project.

The transaction was first announced on July 7 2019.

The deal totaled £589m.

The first part of the deal, an acquisition of around 54.5 million shares in Lundin Petroleum AB from Equinor ASA, concluded on August 5 and followed the approval of the transaction in Lundin Petroleum AB’s Extraordinary General Meeting on July 31 2019.

The second part, Equinor Energy’s acquisition of the 2.6% in the Johan Sverdrup field from Lundin Norway AS, concluded on 30 August.

The Johan Sverdrup field, 100 miles west of Stavanger, has estimated resources of up to 3.1billion barrels of oil equivalent.

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