Equinor divests shares in competitor in million-dollar deal

Equinor divests its ownership stake in Lundin Petroleum. In exchange, the Norwegian company gets a larger portion of the major Johan Sverdrup field. A rumored trade with billionaire Kjell Inge Røkke falls flat.

Eldar Sætre, CEO at Equinor, which just sold its shares in competitor Lundin Petroleum. | Photo: Jørgen Bratland / PR / Equinor

Oil company Equinor just made a million-dollar deal with Swedish Lundin Petroleum.

The deal includes that the company, formerly known as Statoil, divests 16 percent of its stake in Lundin to the company in exchange for increased direct ownership in the large oil field Johan Sverdrup on the Norwegian continental shelf. Equinor gets 2.6 percent more of the Johan Sverdrup field as well as a USD 650 million cash payment, writes Equinor in a press release.

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