Lundin sizes up North Sea resources
Sweden's Lundin Energy has confirmed the size of its Lille Prinsen oil and gas discovery in the Norwegian North Sea after sinking two appraisal wells, the company said on September 16.
Lille Prinsen is now assessed to hold between 10 and 50mn barrels of oil equivalent, while Lundin's second well discovered an additional 2-10mn boe at the site. Lundin plans to mature the finds with a view to potentially sanctioning the project for development before the end of 2022, in time to secure temporary tax incentives introduced by the Norwegian government last year.
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The discoveries are situated 15 km north of Lundin's flagship Edvard Krieg oilfield.
Lundin operates the licence where the finds were made with a 40% interest, while Equinor has 30%, Spirit Energy has 20% and Aker BP has 10%.