Equinor sells remaining stake in Lundin Energy for $336m

first_imgEquinor previously offloaded 16% stake in Lundin Energy for $1.56bnIn July 2019, Equinor sold a stake of 16% in Lundin Energy for about $1.56bn by offloading nearly 54.5 million shares in the Swedish firm at a price of SEK266.4 ($27.14m) per share. At that time, the Norwegian oil and gas company said that it was divesting the shareholding to capitalise on the value creation from the investment it made in the Swedish firm and also for simultaneously increasing its direct ownership in the Johan Sverdrup field.The deal made in last July increased Equinor’s direct stake in the Johan Sverdrup oil field by 2.6%.Equinor announced its investments in Lundin Petroleum in 2016 at an average weighted cost price of SEK121 per share ($12.33), which was adjusted for the sale of International Petroleum Corporation.Until July 2019, Equinor is said to have more than doubled the value of its invested capital in the Swedish oil and gas company.Equinor CFO Lars Christian Bacher said: “We have created significant value and increased our direct exposure in the Johan Sverdrup field. Although we are now no longer a shareholder in Lundin, we continue to consider the company a strong partner on the Norwegian Continental Shelf.”Equinor holds an operating stake of 42.6% in the Johan Sverdrup field, while Lundin Energy’s subsidiary Lundin Norway has a 20% stake.The other partners in the offshore oil field are Petoro (17.36%), Aker BP (11.57%), and Total (8.44%).Recently, the Norwegian oil and gas company said that the Johan Sverdrup field phase 1 is expected to reach plateau production in early May, which is earlier than anticipated. Equinor and Lundin Energy are partners in the Johan Sverdrup field in the North Sea. (Credit: Ole Jørgen Bratland/Equinor ASA) Equinor has offloaded the 4.88% stake it had in Swedish oil and gas company Lundin Energy (formerly Lundin Petroleum) for a total sale price of about SEK3.3bn ($336.2m).The Norwegian oil and gas major, in this connection, sold nearly 14 million shares it had in the Swedish firm. Following the sale, Equinor no longer has any shares in the company, which has been its partner in the Johan Sverdrup field in the Norwegian continental shelf. Following the sale, Equinor no longer has any shares in Lundin Energy, which has been its partner in the Johan Sverdrup field in the Norwegian continental shelflast_img read more

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China evacuates 100,000 as floods threaten heritage site

first_imgFloods on the upper reaches of China’s Yangtze river forced authorities to evacuate more than 100,000 people on Tuesday and threatened a 1,200-year-old world heritage site.Staff, police and volunteers used sandbags to try to protect the 71-metre (233-foot) Leshan Giant Buddha, a UNESCO World Heritage site in southwestern Sichuan province, as muddy flood water rose over its toes for the first time since 1949, state broadcaster CCTV reported.Sichuan, through which the Yangtze river flows, raised its emergency response to the maximum level on Tuesday to cope with a new round of torrential rainfall. Authorities have been at pains to show that the cascade of giant dams and reservoirs built along the Yangtze’s upper reaches have shielded the region from the worst of the floods this year, though critics say they might be making things worse. Topics :center_img The Yangtze Water Resources Commission, the government body that oversees the river, declared a red alert late on Tuesday, saying water at some monitoring stations was expected to exceed “guaranteed” flood protection levels by over 5 metres.The Three Gorges Project, a massive hydroelectric facility designed in part to tame floods on the Yangtze, is expected to see water inflows rise to 74,000 cubic metres per second on Wednesday, the highest since it was built, the Ministry of Water Resources said.The project restricts the amount of water flowing downstream by storing it in its reservoir, which has been over 10 metres higher than its official warning level for more than a month.The facility was forced to raise water discharge volumes on Tuesday in order to “reduce flood control pressures”, the water ministry said.last_img read more

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Holy Cross looks for home win vs Lafayette

first_img February 13, 2020 Share This StoryFacebookTwitteremailPrintLinkedinRedditLafayette (15-9, 7-6) vs. Holy Cross (3-23, 2-11)Hart Recreation Center, Worcester, Massachusetts; Saturday, 2:05 p.m. ESTBOTTOM LINE: Holy Cross looks for its sixth straight win over Lafayette at Hart Recreation Center. The last victory for the Leopards at Holy Cross was a 76-64 win on Feb. 19, 2014. Associated Press TEAM LEADERSHIP: Holy Cross’ Joe Pridgen has averaged 17 points and 6.7 rebounds while Austin Butler has put up 12 points and 6.4 rebounds. For the Leopards, Justin Jaworski has averaged 17.1 points while Myles Cherry has put up 10.1 points and seven rebounds.JUMPING FOR JUSTIN: Jaworski has connected on 36 percent of the 172 3-pointers he’s attempted and has made 15 of 38 over the last five games. He’s also made 86.7 percent of his free throws this season.STREAK STATS: Holy Cross has lost its last three home games, scoring an average of 62.7 points while giving up 75.3.ASSIST RATIOS: The Leopards have recently used assists to create baskets more often than the Crusaders. Holy Cross has an assist on 28 of 73 field goals (38.4 percent) over its previous three matchups while Lafayette has assists on 32 of 62 field goals (51.6 percent) during its past three games.DID YOU KNOW: Lafayette as a team has made 9.2 3-pointers per game this season, which is second-most among Patriot League teams.___center_img Holy Cross looks for home win vs Lafayette For more AP college basketball coverage: https://apnews.com/Collegebasketball and http://twitter.com/AP_Top25___This was generated by Automated Insights, http://www.automatedinsights.com/ap, using data from STATS LLC, https://www.stats.comlast_img read more

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