Sweden’s Lundin Petroleum said it has found more oil at its Luno II discovery offshore Norway and aims to submit a development plan for the field around the end of this year.
The company has been drilling an appraisal well at the North Sea field and said in February it was “very close” to deciding on its development.
The company said it has increased the gross resource range for the discovery to between 40 million barrels of oil equivalent (MMboe) and 100 MMboe from the previous 30 MMboe to 80 MMboe, following the positive well results.
“Development studies for Luno II will now be progressed with the objective of submitting a PDO [development plan] around the end of 2018,” Lundin Petroleum said in a statement.
A development would be tied to the existing platform at the Edvard Grieg Field, which Lundin Petroleum operates, rather than building an independent installation at Luno II.
Lundin Petroleum is the operator of the field and has a 50% stake. Partners are Austria’s OMV (20%) and Statoil (15%) and Wintershall (15%).
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