The Norwegian Ministry of Petroleum and Energy has given its approval to the Swedish independent oil company Lundin Petroleum and Norwegian oil giant Statoil for the Edvard Grieg field transaction.
Earlier this year, Statoil and Lundin entered into an agreement whereby Statoil would divest its entire 15 percent interest in the Edvard Grieg field, in the central North Sea, for an increased shareholding in Lundin Petroleum.
The Norwegian Ministry of Petroleum and Energy has now granted approval for the transaction where Lundin Norway will acquire from Statoil Petroleum an additional 15 percent interest in the field and interests in associated pipeline assets.
The remaining stake in the field is held by Wintershall, 15%, and OMV, 20%.
Following the Lundin Petroleum EGM approval received on the 30 May 2016, Lundin Petroleum said it expects to complete the transaction on 30 June 2016.