Equinor Closes Sverdrup Share Purchase

Norway’s Equinor announced on August 30 it had sealed its purchase of an additional stake in the Johan Sverdrup oil project, while divesting shares in Swedish counterpart Lundin Petroleum.

The deal, first announced in early July, will see Equinor exchange a 16% interest in Lundin for $650mn in cash and an extra 2.6% share in Johan Sverdrup. The deal has now been closed, following government and regulatory approvals, Equinor said in a statement. Its completion had been anticipated in the fourth quarter.

The transaction, backdated to January 1, bolsters Equinor’s ownership of Johan Sverdrup to 42.6%, and reduces its stake in Lundin to 4.9%.

One of the largest oil and gas fields on Norway’s continental shelf, Johan Sverdrup is scheduled to start up this November and produce 440,000 b/day at peak capacity.