Lundin targets nine Norwegian prospects with 2020 drilling line-up

Offshore staff

STOCKHOLM, Sweden – Lundin Petroleum has set aside $225 million for exploration and appraisal this year on the Norwegian continental shelf.

The company will participate in 10 wells, five as operator, targeting a total resource of more than 650 MMboe.

Four of the planned exploration wells are in the southern Barents Sea. Two will be drilled on the Loppa high area, close to Lundin’s Alta/Gohta discoveries, on the Polmak prospect in PL609 and the Bask prospect in PL533B.

Others will be drilled on the Schenzhou prospect in PL722, close to OMV’s Wisting oil discovery, and Spissa in PL960.

In the Norwegian Sea the company is partner in a recently spud appraisal well on Wintershall Dea’s 2018 Balderbrå gas find in PL894, thought to hold 50-140 MMboe, and it will also participate in an exploratory well on the Melstein prospect in PL886.

On the line-up for the Norwegian North Sea are wells on the Iving prospect in PL820S and Hasselbaink in PL917, both east of the Alvheim area; and others on Merckx in PL981 and Dovregubben, two prospects on the Utsira High.

Lundin expects to incur $50 million of expenditure related to abandonment of the Brynhild field development wells this year, with the subsea facilities due to be decommissioned in 2021.

The company’s 2020 development budget is $895 million, with around 40% directed at Johan Sverdrup and 35% at the Solveig-Edvard Grieg subsea tieback and the Rolvsnes extended well test, all in the North Sea.

Drilling will get under way this year on Solveig’s first development wells, with first oil scheduled for 1Q 2021.

At Edvard Grieg Lundin plans to drill the first of three infill wells. In addition, the company will pay its share of costs related to infill wells on the Alvheim area.

01/31/2020