Equinor completed the disposal of 16% stake in Lundin for $1.5bn.

Equinor, a Norwegian oil and gas firm, completed the disposal of a 16% stake in Lundin for a direct interest of 2.6% in the Johan Sverdrup oilfield and a cash consideration of around $650m. “The chance to redeem the majority of Equinor’s holding in Lundin Petroleum at a discount to the market and before the pivotal start-up of the Johan Sverdrup development project in November this year, was an opportunity which rarely comes along. The Transaction provides us with a rationalised shareholder structure and all shareholders with enhanced leverage to the ongoing success of Lundin Petroleum, at a time when we continue to unlock further upside potential from our existing asset base and execute on our proven organic growth strategy," Ian H Lundin, Lundin Petroleum Chairman.