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Lundin’s Barents sea oil find may hold 145 MMbbl

BY MIKAEL HOLTER

STOCKHOLM (Bloomberg) -- Lundin Petroleum, said its Gohta discovery in the Arctic Barents Sea may hold as much as 145 MMbbl of crude and 545 Bcf of gas.

Tests showed a flow rate of about 4,300 bopd, the company said in a statement. The discovery, announced last month, is Lundin’s first Barents Sea oil find off Norway’s northern tip and the first successful test of carbonate reservoirs from the Permian period on the Norwegian shelf.

“The discovery has proved the Permian carbonate play,” Ashley Heppenstall, CEO of Lundin Petroleum, said in the statement. “As well as delineating the discovery, we will now look to drill similar exploration prospects in adjoining licenses.”

Gohta, located 35 km north of Statoil’s Snohvit gas field, follows a find by OMV at Wisting, Norway’s northernmost discovery, which holds as much as 160 MMbbl of oil and 40 Bcf of gas. The two finds may boost confidence in Norway’s Arctic after Statoil delayed its Johan Castberg development there in June because of rising costs, tax increases and lower resource estimates.

Lundin, which also has a stake in the Johan Sverdrup find, Norway’s biggest in decades, is the operator of the Gohta license with a 40 %stake. Det Norske has 40 % and Norwegian Energy Co. 20 %.

10/03/2013

 

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