It was announces May 3, 2016 that Lundin Petroleum acquires Statoil's stake of 15% in the Edvard Grieg field. As part of the transaction Statoil increases its ownership in Lundin Petroleum to 20.1 percent.

Statoil’s stake in the Edvard Grieg field includes a 9% stake in the Edvard Grieg oil pipeline and 6 % share in Utsira gas pipeline.

In consideration for the transaction it is agreed to issue 27,580,806 shares in Lundin Petroleum to Statoil. In addition will 2,000,000 of Lundin Petroleums’s own shares transfer to Statoil and Statoil receives 27,580,806 newly issued shares in Lundin Petroleum against a cash contribution of USD 68 million.

Post-acquisition Statoil increases its ownership in Lundin Petroleum from 11.93 % to 20.1 % , and will after the transaction own 68,400,000 shares in Lundin Petroleum.

The effective date of the acquisition of assets is January 1, 2016.