Lundin Cuts Ambition for Arctic Alta, Gohta development

Terje Solsvik
Monday, January 13, 2020
Illustration: An offshore drilling rig / Image source: Lundin Norway

Lundin Petroleum has cut its resource estimate for the Alta oil discovery in the Norwegian Arctic, and no longer sees Alta and the nearby Gohta find as commercially viable for a joint field development, the Swedish company said on Monday.

The company, as well as Norwegian authorities, had seen the two discoveries as key to opening a new area of oil production in the Barents Sea in the Arctic, where only a few successful discoveries have so far been made.

The estimated size of the Alta find was cut based on high-resolution seismic data as well as data and analysis from a well drilled for extended testing in 2018, Lundin said.

Instead the two finds could in the future be tied in as additional resources to another Barents Sea field, Equinor's Johan Castberg, or to another potential discovery in the region, Lundin said.

"Lundin Petroleum is drilling several large prospects in the Loppa High area in 2020, which if successful could change the dynamic of commercial options for this area," the company added.

In 2019, Lundin's reserve replacement rate stood at 150%, the sixth consecutive year of adding more resources to its portfolio than it produced, the company separately said. 

(Reporting by Terje Solsvik, editing by Jan Harvey and Gwladys Fouche)

Categories: Drilling Activity Europe Production Exploration

Related Stories

Vard Books Construction Order for CSOV Pair

Vard Books Construction Order for CSOV Pair

Transocean Scoops $199M in Second Quarter Drilling Rig Deals

Transocean Scoops $199M in Second Quarter Drilling Rig Deals

Dolphin Drilling Lines Up $105M Payment for Rig Deal Termination in Nigeria

Dolphin Drilling Lines Up $105M Payment for Rig Deal Termination in Nigeria

Current News

SLB Narrowly Beats Quarterly Profit Estimates

Vard Books Construction Order for CSOV Pair

ABL to Deliver Grid Works for 600MW French Offshore Wind Farm

Cadeler Adds Wind Keeper WTIV to Fleet, Locking in Long-Term Vestas Deal

Subscribe for OE Digital E‑News

Offshore Engineer Magazine