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)
