Statoil has acquired an 11.93% equity stake in Stokholm listed Lundin Petroleum. No new equity was issued; the stock was acquired in the open market. The acquisition adds to Statoil's core portfolio in Norway at what could be a low point in the price cycle. With the Lundin family still controlling 31.4% of the company the move effectively heads off any threat of a rival bid for Lundin and gives Statoil a position from which it might build a bigger stake over time. The deal signals Statoil's confidence in the Johan Sverdrup project which is a crucial project for both companies. The deal may also help align interests in the Barents where a joint development between Statoil's Johan Castberg and Lundin's Gohta and Alta discoveries could improve the economics of both areas.