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Overseas Stakes – Statoil buys stake in Lundin Petroleum

Statoil (NYSE:STO) has increased its exposure to its home market by buying a big stake in Lundin Petroleum (OTCPK:LNDNY), boosting its presence in the Johan Sverdrup field, Norway’s biggest offshore project in decades.

The Norwegian state-controlled oil major bought 11.9% in the Swedish company for SEK4.6B ($539M) making the acquisition Statoil’s first big deal since oil prices started collapsing 18 months ago.

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