Lundin Petroleum has found new oil at the Norwegian field in the North Sea
Swedish Lundin Petroleum reports, that it has discovered new oil deposits at the Luno II deposit in Norway. According Reuters, the company intends to submit a plan for the development of this area at the end of this year.
The Swedish company drilled an appraisal well in a field in the North Sea.
"After positive results [drilling] of the well, the previous gross production range at Luno II was increased from 30-80 million barrels per day to 40-100 million barrels per day, "- said in a press release Lundin Petroleum.
"Studies at the Luno II deposit will now be carried out with the goal of developing a development plan by the end of 2018," the document says.
The regional development plan will be tied to the platform operating at the Edvard Grieg field. The creation of an independent installation on the Luno II is not yet envisaged.
Lundin Petroleum is the operator of the field and has a 50% stake in it. The partners of the Swedish company are OMV (Austria, 20%), Norwegian Statoil and German Wintershall (15% each).
Lundin shares rose 0,63% on March 26 to 08:08 GMT, slightly higher than the European average for the industry (0,25%).
Lundin Petroleum is an independent company engaged in the exploration and production of oil and gas. It was founded in 2001. At the end of 2016, the company's turnover was 1,160 billion dollars. The value of assets is 5,202 billion dollars (end of 2016).