Lundin Petroleum to Invest in Barents Sea

Sweden’s Lundin Petroleum reported that the preliminary evaluation of the gross recoverable oil and gas resource from the Gohta discovery is estimated at between 105 and 235 million barrels oil equivalent.

The oil resources are between 60 and 145 million barrels oil and the gas resources are between 275 and 545 billion cubic feet of gas. 

“The discovery has proved the Permian carbonate play concept in the area and as well as delineating the discovery, we will now look to drill similar exploration prospects in adjoining licences where we have a significant acreage position,” commented Ashley Heppenstal, President and CEO of Lundin Petroleum, explaining that the company is pleased with the oil potential of the Barents Sea. 

The well 7120/1-3, operated by Lundin Petroleum, is in the Barents Sea off Norway’s coasts. It was drilled 35 kilometres north of the Snøhvit field.

‘The results confirm for the first time oil and gas in a play model which so far has been unsuccessful on the Norwegian Continental Shelf,’ reads the note.