Lundin acquires interest in North Sea block (Norway)
- Business & Finance
Lundin Petroleum has entered into agreements to acquire a 35 percent interest in PL674, offshore Norway.
Lundin Norway, a subsidiary of Lundin Petroleum, will acquire a 15 percent interest in PL674 from Petrolia Norway AS and a 20 percent interest of a carve out area of PL674 from E.ON.
The effective date for both transactions is 1 January 2014.
PL674 is located east of PL501/265 where the Johan Sverdrup field is located, and covers an area of 1,027 square kilometres.
E.ON is currently the operator of PL674 with a 50 percent interest and Petrolia Norway AS holds the remaining 50 percent interest.
These transactions remain subject to Norwegian government approval.
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a portfolio of assets primarily located in Europe and South East Asia