Norwegian Statoil acquired around 12 percent share and votes of Swedish energy company Lundin Petroleum on Thursday.
According to Statoil's announcement, the transaction fee is around $539 million (4.6 billion SEK).
The
company said the investment in Lundin Petroleum will increase its
indirect exposure to core assets on the Norwegian Continental Shelf
(NCS).
"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," said Eldar Saetre, president
and CEO of Statoil.
"The investment underpins Statoil’s long term interest and commitment to the future of the NCS," said the company.
Lundin Petroleum has a portfolio on the NCS, Malaysia and France.
The
company held reserves of 187.5 million barrels in the NCS at the end of
2014. Since 2002, the company increased its reserves base four-fold and
produced around 25 thousand barrels of oil equivalent in 2014.
Statoil says it has no plans to further increase its shareholding in Lundin Petroleum.
(Anadolu Agency)