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Lundin Petroleum News

01 Apr 2020

Siem Offshore Gets Breathing Room

Norway-based offshore vessel owner Siem Offshore has received some breathing room after reaching an agreement with its banks.The company last week warned that the extreme fluctuations in the financial markets over the past weeks „have resulted in a further deterioration in the company's liquidity situation“ and that Siem Offshore was in discussions with its banks to seek to alleviate the situation.In a statement on Wednesday morning, Siem Offshore said that it had "with effect from 31 March 2020 entered into an agreement with the group's secured lenders to provide time to secure a long-term financing solution for the Siem Offshore group."The terms of the agreement include deferral and suspension of principal and interest and waiver of financial covenants until May 15…

05 Feb 2019

'Frog's Leg' Proves Bountiful for Aker BP

Aker BP finds up to 153 million barrels of oil equivalents in North SeaAker BP has discovered an oil and gas reservoir while drilling near its Alvheim field in the North Sea.Known as Froskelaar (Frog's Leg) Main, the reservoir is estimated to hold between 45 million and 153 million barrels of oil equivalents, and may straddle Norway's maritime border with Britain."The drilling operation will continue, and a comprehensive data collection program will be performed to determine the size and quality of the discovery," Aker BP said in a statement.When reserves are found to stretch across the British-Norwegian offshore border, the two nations…

15 Oct 2018

Hurricane FPSO Leaves Dubai After Upgrade, Shetlands First Oil Seen in H1

(Photo: Hurricane Energy)

The Aoka Mizu floating production, storage and offloading (FPSO) vessel ordered by Hurricane Energy has left Dubai following a series of upgrades, the company said, another milestone for the group as it seeks to extract so-called fractured basement oil in Britain.Hurricane specializes in recovering oil from fractures in hard and brittle rock known as fractured basement reservoirs, which some see as a risky way to obtain crude.It expects first oil from its Greater Lancaster Area (GLA) project, west of Scotland's Shetland Islands, in the first half of 2019.

25 Sep 2018

Lundin Petroleum Says Arctic Oil Test Points to Bigger Reservoir

(Photo: Lundin Petroleum)

Swedish oil firm Lundin Petroleum expects to increase its resource estimate for the Alta discovery in Norway's Arctic region following a successful two-month production test.Finding significant oil reserves in the Norwegian Arctic has been challenging for oil firms, but Alta is among the exceptions along with ENI's Goliat field and Equinor's Johan Castberg discovery.Lundin and its partners are considering developing the discovery as a subsea field connected to a floating production and storage vessel…

19 Sep 2018

Aker Bets on Software Engineers for Its Oil Business

When the owners of Norwegian oil firm Aker BP decided to digitise its assets and operations, they searched high and low for the right software company. But they failed to find a suitable one.So instead they set up their own, Cognite, to create digital maps of Aker BP's oil industry assets, integrating data from equipment such as pumps, heat and pressure sensors, maintenance records and even staff rotas to improve efficiency and safety.Less than two years later, Cognite is selling its software to Aker BP's rivals and one competitor, Sweden's Lundin Petroleum, has even agreed to share its real-time oilfield data with Aker in what they say is an industry first."This will be the first time two different operators…

13 Sep 2018

Aker BP CEO Predicts Fast Johan Sverdrup Ramp-up

Illustration / TRY courtesy Equinor

Aker BP, a partner in Norway's giant Johan Sverdrup oilfield, expects a fast ramp-up of production when the initial development phase ends in late 2019, its chief executive said on Thursday."I think it will be done in a few months, because the production per well is so high," Karl Johnny Hersvik told Reuters on the sidelines of an energy conference.Johan Sverdrup Phase 1 will have capacity to produce 440,000 barrels of oil equivalents per day (boed), while the second phase, starting production in 2022, is expected to further boost output to 660,000 boed.Sweden's Lundin Petroleum, another partn

07 Aug 2017

Statoil Set to Drill Its Biggest Arctic Hope

File photo: Jamie Baikie / Statoil

Norway's Statoil will soon start drilling this season's most promising Arctic prospect, Korpfjell, after several disappointing wells in the Barents Sea, the company said on Monday. The majority state-owned company has stepped up drilling in the Barents Sea this year as the government seeks to attract more explorers to its Arctic waters to make up for declining North Sea output. The Norwegian Petroleum Directorate said on Monday Statoil's latest well in the Barents Sea, Gemini North, had found only minor volumes of gas and oil.

22 Nov 2016

Lundin Petroleum Finds More Oil in Norway's Arctic

Sweden's Lundin Petroleum has found additional oil and gas near its Alta discovery in the Norwegian Arctic, the firm and the Norwegian Petroleum Directorate said on Tuesday.   "The total gross resource estimate for the Neiden discovery is between 25 and 60 million barrels of oil equivalents," Lundin Petroleum said in a statement.   Lundin is the operator of the well and has a 40-percent stake. Its partners are Japan's Idemitsu and DEA, the oil firm controlled by Russian billionaire Mikhail Fridman, who have stakes of 30 percent, respectively. (Reporting by Gwladys Fouche, editing by Terje Solsvik)

28 Jul 2016

Det Norske to Restore Production at Alvheim after Leak

Alvheim FPSO (Photo: Det norske)

Norwegian oil firm Det norske said it expected to reach full production at its Alvheim FPSO (floating storage, offloading and producing unit) overnight after a leak, stopped production earlier on Thursday. There was no discharge into the sea as a result of the incident, it added. "We are in full control and expect to reach full production at some time during the night," a Det norske spokesman told Reuters. Full production at the Alvheim FPSO is 90,000 barrels of oil equivalents per day (boepd), he said.

21 Mar 2016

Bourbon Takes Delivery of AHTS

BOURBON announced that it has taken delivery, as scheduled, of the Bourbon Arctic from Norway's Vard Brattvåg shipyard and completed her first anchor handling operation. The vessel was engaged in the disconnection and unmooring operation of the Island Innovator drilling rig located at the Fosen field in the central North Sea. As a large Anchor Handling Tug Supply (AHTS) vessel, the Bourbon Arctic is specially designed to operate in remote areas all over the world and equipped for advanced anchor handling and towing operations. Capable of intervening in complex environments, the vessel boasts a bollard pull of 307 t in boost mode and 193 t in diesel electric mode, this being among the highest bollard pull in the world in this mode.

14 Jan 2016

Statoil Acquires Minority Stakes in Lundin Petroleum

Statoil ASA has acquired 37,101, 561 shares in Lundin Petroleum AB (publ.), corresponding to 11.93 percent of the shares and votes, at a total purchase price of approximately SEK 4.6 billion. The investment in Lundin Petroleum will increase Statoil’s indirect exposure to core assets on the Norwegian Continental Shelf (“NCS”). “We consider this a long term shareholding. The Norwegian Continental Shelf is the backbone of Statoil’s business, and this transaction indirectly strengthens our total share of the value creation from core, high value assets on the NCS, ” says Eldar Sætre, president and CEO of Statoil ASA. Statoil is continuously looking to enhance value creation. In recent years Statoil has farmed down in certain mature assets on the NCS to realize value for new investments.

09 Nov 2015

Lundin Spuds off Malaysia

Lundin Petroleum's wholly owned subsidiary Lundin Malaysia BV  has commenced drilling of the Selada-1 exploration well in Block PM308A, offshore Malaysia. The well will target hydrocarbons in Miocene aged sands and is located 14 km to the south of the Bertam field operated by Lundin Malaysia. The Selada-1 exploration well will be drilled with the West Prospero jack-up rig to a total depth of approximately 1,700 metres below mean sea level. The drilling of the well is expected to take approximately 30 days. Lundin Malaysia is the operator of and holds a 75 percent working interest in PM308A with PETRONAS Carigali Sdn Bhd holding a 25 percent working interest. Lundin Malaysia operates seven blocks in Malaysia, namely PM307, PM319, PM308A, PM308B, PM328, SB303 and SB307/308.

30 Jun 2015

Samsung Wins $890 mln Statoil North Sea Contract

Norwegian oil major Statoil  has awarded Samsung Heavy industries an $888 million contract for two platform decks on the giant Johan Sverdrup field in the North Sea, it said on Tuesday. The contract includes fabrication of decks for both the process and riser platforms for the Sverdrup field, a discovery with up to 3 billion barrels of oil equivalents that will cost as much as $28 billion to develop fully. "They (Samsung Heavy Industries) have provided a competitive bid in a tough international competition," Margareth Oevrum, executive vice president for Technology, projects and drilling at Statoil, said in a statement. Other competitors for the platform deck contracts included Korea's Hyundai Heavy Industries and Daewoo Shipbuilding, trade weekly Upstream reported in May.

03 Nov 2014

Statoil: $32.5 bln for Sverdrup Startup

Development of field could cost up to $32.5 bln; cost estimate higher than analyst forecasts. Sverdrup scheduled to start up in late 2019. Statoil's giant Johan Sverdrup oil field could cost as much as $32.5 billion, the company said in its first full estimate of the price tag to develop Norway's most expensive ever industrial project. Discovered in 2010, Sverdup is the biggest North Sea find in decades, reinvigorating Norway's oil sector where production has been declining for more than a decade. At maximum, its production would equal nearly half of Norway's current oil output. The hefty cost topped what analysts had expected, leading them to slightly downgrade the value of the project.

14 Oct 2014

Lundin Petroleum Hits More Oil, Shares Surge

Norwegian Arctic discovery could be game changer; Lundin Petroleum shares rise 7 percent. Noreco, Det Norske shares also rise on news. Swedish oil firm Lundin Petroleum has made a big oil and gas discovery in the Norwegian Arctic, sending its shares more than 7 percent higher and raising hopes that more oil could be found in the remote region. Lundin Petroleum's find in the Alta prospect contains between 125 and 400 million barrels of oil equivalent, including 85 to 310 million barrels of oil, near Statoil's Snoehvit field and Lundin's own Gohta find, the firm said in a statement on Tuesday. The discovery raises hopes that more oil could be found in a region where only a handful of oil fields have been discovered after several decades, and none have started production.

10 Oct 2014

Lundin Spuds Storm Wildcat

Lundin Petroleum AB, through its wholly owned subsidiary Lundin Norway AS, is pleased to announce that drilling of exploration well 33/2-1 in PL555 has commenced. The well will investigate the hydrocarbon potential of the Storm Prospect in PL555, which is located 200 km west northwest of Florø on the Norwegian west coast and approximately 65 km northwest of the Snorre Field. The main objective of well 33/2-1 is to test the reservoir properties and hydrocarbon potential of the Upper Jurassic Sandstones equivalent to the reservoir in the Magnus field on the UKCS approximately 35 km to the south. Lundin Petroleum estimates the Storm prospect to have the potential to contain unrisked, gross prospective resources of 89 million barrels of oil equivalent (MMboe).

08 Oct 2014

Cost Blowouts on Norway's New Oil Developments

Goliat FPSO, Photo courtesy of Eni

Several key oil and gas developments in Norway will cost much more than earlier expected and fields with approved development plans are now seen 10 percent more expensive than originally planned, the oil and energy ministry said on Wednesday. Costs in Norway's offshore oil sector, already one of the most expensive in the world, have soared in recent years, weighing on the budget which provides generous tax breaks during the development phase. The government has already said it would reduce tax breaks for new developments and the oil ministry launched an investigation into why costs soar.

21 Jul 2014

Lundin Petroleum Finds Arctic Oil

Swedish oil firm Lundin Petroleum has confirmed the size of a significant oil discovery in the Arctic, the company said on Monday after completing a second well. The Gohta discovery in the Norwegian section of the Barents Sea is now estimated to contain between 111 and 232 million barrels Of oil equivalent (boe), compared with 105-235 million boe seen in October last year. Lundin Petroleum's partners in the production license, called PL492, are Norway's Det norske and Noreco. (By Gwladys Fouche)

30 Jun 2014

Det norske Lifts Resource Estimate for Ivar Aasen Field

Norwegian oil firm Det norske has lifted the resource estimate for the Ivar Aaasen field in the North Sea after signing an agreement to combine several adjunct licenses and good drilling results, it said on Monday. The firm said the combined estimated gross proven and probable reserves were now 210 million barrels of oil equivalents (mmboe), up 35 percent compared to the end-2013 estimate. Meanwhile, investments for the field's development were unchanged at 27.4 billion Norwegian crowns ($4.45 billion), it added. The field was still expected to start up production in the fourth quarter of 2016. Det norske is the operator of Ivar Aasen with a stake of 34.8 percent. Its partners include Statoil, Lundin Petroleum, OMV, Bayerngas, Wintershall, a unit of chemicals giant BASF and VNG.

03 Mar 2014

Norway Confirms Small Arctic Oil Find

Norwegian oil explorer Det norske made a small oil discovery in the Arctic Barents Sea with a gross oil column of about 30 metres and much poorer reservoir quality than expected, the Norwegian Petroleum Directorate said on Monday. Det norske earlier said it found some oil in the prospect but initial volumes did not justify development. Det norske operates the licence and holds a 20 percent stake. Other shareholders include Sweden's Lundin Petroleum (20 percent), Tullow (15 percent), Rocksource (5 percent), Norwegian state holding firm Petoro (30 percent) and Atlantic Petroleum (10 percent).

04 Jan 2013

Statoil: Completed Appraisal Well in Johan Sverdrup

Gro Haatvedt, senior vice president Exploration Norway.

Statoil has completed another appraisal well in PL265 in the Johan Sverdrup discovery together with partners Petoro, Det norske oljeselskap and Lundin Petroleum. "We are satisfied with the results of our appraisal program in PL265 part of Johan Sverdrup in 2012. We have proven new volumes to Johan Sverdrup in the Geitungen segment, and drilled two important appraisal wells in the central and southern parts of the licence”, says Gro Haatvedt, senior vice president Exploration Norway.

08 Nov 2012

Lundin Petroleum Drills Offshore Malaysia

Lundin Petroleum AB has commenced the fourth well in its 2012 Malaysian exploratory drilling campaign. Tembakau-1 exploration well in PM307 Block, offshore east coast Peninsula Malaysia, is a vertical well to be drilled by the jackup rig West Courageous to a depth of 1,650 metres in approximately 80 metres water depth. The drilling of the well is expected to take two to three weeks. Lundin Petroleum holds 75 percent interest in PM307 through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV's partner is PETRONAS Carigali Sdn Bhd with 25 percent interest. Lundin Malaysia BV operates six blocks in Malaysia, namely PM307, PM308A, PM308B, SB303, SB307 & SB308.

14 Nov 2011

Technip Win Brynhild Subsea Contract

Technip was awarded by Lundin Petroleum a lump sum contract, worth approximately €100 million, for the  Brynhild field development. This field, previously known as Nemo, is located in the Norwegian North Sea a few kilometers East of the boundary to UK waters at a water depth of around 80 meters. This project is being developed by Lundin Petroleum as operator of the field, their first in Norway. The development will consist of three wells tied back to the Shell Pierce platform in UK waters. This 37 kilometer long tie-back is based on the use of Technip’s proven technology for the reeled pipe-in-pipe production and plastic lined water injection flowlines.