Arctic oil discoveries may lead to more finds in Norway's Barents Sea

Norway is hoping for series of Arctic oil discoveries after a well produced crude from a previously unproductive layer of rock, as last month's Gohta find could open as many as 10 possible drilling targets in the surrounding area, Lundin Petroleum (LNDNY.PK, LNDNF.PK) says.

The new play could revive interest in Norway’s Arctic after Statoil (STO) decided to delay the development of its Johan Castberg twin finds 65 km from Gohta because of rising costs, tax increases and lower resource estimates.

A joint development of Gohta and Castberg could boost the commercial viability of both projects, Lundin's Norway head says; "It’s not impossible that we would sit down for a talk with Statoil at some point."

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