Lundin Petroleum has exploration and production assets focused upon two core areas, Norway and South East Asia, as well as assets in France, Netherlands and Russia. Lundin Petroleum maintains an exploration focus seeking to generate shareholder value through exploration success and also has the... More
Friday, Dec 202013, 8:00 AM
Friday, Dec 202013, 8:00 AM| Comment!
- Development of the North Sea's giant Johan Sverdrup oilfield will be delayed by a year, to late 2019 rather than Q4 2018, as the project continues to grow in complexity and cost.
- Norway's Statoil (STO), Det norske (DETNF) and Petoro, Sweden's Lundin Petroleum (LNDNY) and Denmark's Maersk Oil were expected to announce this month which type of installation they would use to develop the field.
- The first phase of the project is now expected to cost $16B-$21B, more than had been anticipated.
- Analysts say the present value of Johan Sverdrup has been reduced by ~20%, 12% due to lower reserves and 8% due to the delay.
Tuesday, Oct 82013, 2:28 PM
Tuesday, Oct 82013, 2:28 PM| Comment!
- 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."
Thursday, Sep 192013, 3:40 PM
Thursday, Sep 192013, 3:40 PM| Comment!
- Statoil (STO +0.6%) will unveil on Oct. 1 the proposed development concept for the giant Johan Sverdrup field off Norway, which is set to require multiple platforms as well as a huge accommodation unit, Upstream reports.
- Two or more bridge-linked processing platforms with steel jackets likely will be needed for the central hub of the shallow-water field in the North Sea, as well as a number of subsea installations.
- The field, whose resources are estimated at 1.7B-3.3B boe by partner Lundin Petroleum (LNDNY.PK), is due to be brought on stream as a phased development from 2018.
Monday, Jul 12013, 11:44 AMStatoil (STO +1.3%) secures a permit from Norway’s petroleum agency to drill a second wildcat at its Cliffhanger prospect on the Johan Sverdrup discovery after an earlier probe came up dry. It will be the ninth exploration well to be drilled in the license as part of an intensive drilling effort by STO and Lundin Petroleum to firm up resource volumes at the giant discovery, estimated at 1.7B-3.3B boe. |Monday, Jul 12013, 11:44 AM| Comment!
Monday, Jul 12013, 8:26 AMSeveral oil companies indicate interest in the resource potential of the southeast Barents Sea off Norway after buying seismic packages from the country’s petroleum agency ahead of a possible licensing round later this year. The list of buyers for the data includes big-hitters Chevron (CVX), Shell (RDS.A, RDS.B) and Total (TOT), as well as smaller players such as Tullow and Lundin. |Monday, Jul 12013, 8:26 AM| Comment!
Monday, Feb 112013, 9:29 AMLundin Petroleum shares sink in Stockholm trading after the oil explorer cut resource expectations for the giant Johan Sverdrup discovery off Norway. A Swedbank analyst says the reduced outlook is "clearly negative and undoubtedly below market expectations," adding it also was negative news for Sverdrup partners Statoil (STO) and Maersk Oil. |Monday, Feb 112013, 9:29 AM| Comment!
Friday, Oct 262012, 10:18 AMMarathon Oil (MRO) gains government approval for the NOK4.9B ($845M) development of its marginal Boyla oilfield off Norway. MRO plans to develop the North Sea oil and gas field as a subsea tie-back to its operated Alvheim field, with recoverable reserves estimated at 23M boe. MRO is operator with a 65% stake, with partners COP (20%) and Lundin (15%). |Friday, Oct 262012, 10:18 AM| Comment!