Operations

Norway is the principal area of operation for Lundin Petroleum. With estimated gross reserves in the range of 2.1 and 3.1 billion barrels of oil, the giant Johan Sverdrup discovery is the largest find on the NCS since the mid-eighties.

Norway is Lundin Petroleum’s principal area of operation with 2P reserves of 726.3 MMboe. Average net production from the Norwegian assets for 2017 amounted to 86.1 Mboepd.

Johan Sverdrup development
In September 2010 an exploration well on the Avaldsnes prospect in PL501, located 25 km east of the Edvard Grieg field, resulted in a giant oil discovery. A further large discovery was made on the same structure in the neighbouring PL265 on the Aldous Major South prospect.

In early 2012 the Avaldsnes/Aldous discovery was renamed Johan Sverdrup.

An extensive appraisal programme was completed in 2014 and the PDO was submitted in February 2015.

The PDO for Phase 1 of the development was given final approval by the Norwegian Ministry of Petroleum and Energy in August 2015. Phase 1 of the development consists of four bridge linked platforms as well as three subsea installations. The gross capital expenditure for Phase 1 is estimated at NOK 88 billion (nominal, operators latest estimate) which includes oil and gas export pipelines, development wells as well as power supply from shore. Phase 1 production is scheduled to come onstream in late 2019 with a gross plateau rate of up to 440,000 barrels of oil per day.

Lundin Petroleum has a 22.60 percent working interest in the Johan Sverdrup field.

Edvard Grieg field
Edvard Grieg came onstream at the end of 2015, quickly achieving stable operations, and during 2016-2017 new wells were progressively brought online with production levels reaching gross maximum facilities capacity of 100,000 boepd towards the year end.

The Edvard Grieg prospect in licence PL338 was successfully drilled as an oil discovery in late 2007. Following appraisal programme, a plan for development and operation (PDO) for the Edvard Grieg field was given final approval in June 2012. The gross capital cost of the Edvard Grieg field development is estimated at NOK 26 billion and includes platform, pipelines and development wells.

Lundin Petroleum was assigned a unitised interest in the Ivar Aasen field located north of the Edvard Grieg field in 2014. Lundin Petroleum has a net ownership in Ivar Aasen of 1.385 percent. Production from Ivar Aasen, which commenced in December 2016, is exported via the Edvard Grieg platform.

Other production

The Alvheim field came onstream in 2008 and consists of the Kameleon, Boa, Kneler, Kameleon Øst and the Viper/Kobra hydrocarbon deposits.”

The Volund field is located to the south of Alvheim and is a sub-sea tieback to the Alvheim FPSO. The field came on stream in 2010. In addition, the Viper/Kobra accumulation is a subsea tieback to the Volund subsea facilty with first oil achieved in December 2016.

Production from the Bøyla field in PL340, commenced in January 2015. The field is a subsea tie-back to the Alvheim FPSO.

Exploration
A significant oil and gas discovery was made in 2014 on the Alta prospect in the Barents Sea. The find is located close to the Gohta discovery situated on the Loppa High. Alta will be further appraised during 2017.

Lundin Petroleum has an active ongoing exploration/appraisal programme in Norway. A total of ten exploration/appraisal wells are scheduled to be drilled in 2017 which will be concentrated in two core areas, namely the Utsira High in the North Sea and the southern Barents Sea.

¹ Excluding Hanz discovery which is not part of the Ivar Aasen unit

300 million years of hydrocarbons

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