Completion of Wisting acquisition
Lundin Energy AB announced the completion of the previously announced transaction to acquire a further 25 percent working interest from OMV (Norge) AS in the Wisting development, for USD 320 million. Lundin Energy has also entered in to a cooperation agreement with Equinor ASA (Equinor) regarding the operatorship of Wisting and nearby exploration licences.
The transaction to acquire a further 25 percent working interest in the Wisting development has completed following the closing of all pre-requisite conditions, including regulatory and government approvals and is effective from 1 January 2021. In addition, Lundin Energy has concluded a cooperation agreement with Equinor for the Wisting development with the following key terms, which will see Lundin Energy:
- Propose Equinor to retain operatorship of the Wisting development into the operations phase, allowing operational synergies across their various developments in the Barents Sea
- Become operator for the exploration acreage surrounding Wisting (PL1133 and PL1134), including an increase in Lundin Energy’s working interest to 35%1
- Collaborate further with Equinor in the Wisting development by secondment of Lundin Energy employees into key technical and operational positions within the Wisting project
This agreement further strengthens the relationship between Equinor and Lundin Energy and sets out a strong collaboration for exploration and operations in what will be the next Barents Sea production hub.
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