Lundin holds 25.93% interest in the Salawati Basin asset and 14.51% interest in the Salawati Island asset, both operated by PetroChina.

The transaction is subject to various conditions including RH Petrogas shareholder approval.

Lundin is a Swedish oil and gas exploration and production company with assets in Europe, Russia, South East Asia and Africa, and the company has proven and probable reserves of 177 million barrels of oil equivalent.