Lundin Announces 'Significant' Oil, Gas Discovery in Barents Sea

Norway’s Lundin unveiled a ‘significant oil and gas discovery’ in the Barents Sea, 190 kilometres northwest of Hammerfest. 

‘Preliminary estimates of the size of the discovery are between 14 and 50 million standard cubic metres (Sm3) of recoverable oil, and between 5 and 17 billion standard cubic metres of recoverable gas. Further delineation of the discovery is planned for 2015,’ reads a note rep leased by the Norwegian Petroleum Directorate.

Announcing the drilling of exploration well 7220/11-1, the company said it will drill three or four appraisal/exploration wells in the area in 2015.

“The Alta discovery is a significant predominantly oil discovery in the southern Barents Sea. Alta is close to the nearby Gohta discovery made by Lundin Petroleum just over a year ago,” Ashley Heppenstall, President and CEO, commented in a separate statement.  

Lundin is the operator of the PL609. It holds 40% interest, with RWE Dea Norge AS and Idemitsu Petroleum Norge AS controlling 30%.

Lundin announced the drilling of the exploration well 7220/11-1 in August.