Norwegian national oil company, Equinor ASA, said it is selling parts of its stake in Lundin Petroleum.
The 16% stake which is worth $1.56 billion according to a disclosure by the oil giant.
Equinor said it will use the proceed to acquire an additional 2.6% stake in Johan Sverdrup oilfield. The acquisition will cost the Norwegian oil and gas company a total of $910 million.
Equinor’s giant Johan Sverdrup oilfield is expected to start production in November this year.
At closing, the Norwegian company will hold 42.6% ownership in the oilfield.