Lundin sets sights on Barents riches

Swedish operator Lundin Petroleum is gearing up activity in the Barents Sea, aiming to build its position in a region that could become Norway’s next large petroleum province.

Eyes on Barents: Lundin chief executive Alex Schneiter

Beate Schjolberg from Oslo

The company in July re-entered an appraisal well at the promising Alta discovery, and has two further wildcats planned this year in the Loppa High area. Total resources in the area could reach as high as 1 billion barrels, chief executive Alex Schneiter said at the Pareto conference in Oslo on Wednesday.

With a possible 8.8 billion barrels of oil equivalent left to be found in the Barents Sea, “this is the new growth area for Norway,” said Schneiter.

Lundin is already conducting feasibility studies for the twin Alta and Gohta finds. In addition, the company is a partner in two Statoil-operated licenses recently awarded in the south-eastern Barents Sea, where the first wildcat is planned for next year.

“Some of these structures are three and four times as large as Johan Sverdrup,” Schneiter said of the south-eastern licences. “These are phenomenal structures. We have got to be in on the action, and we are there.”

The two Statoil-operated licences include the Haapet High and Signalhortnet Dome areas, which cover areas of 850 and 570 square kilometres, respectively. The resource potential is in the “multi-billion barrel” league, according to Lundin.

In comparison, the giant North Sea Johan Sverdrup field, where Lundin is also a partner, stretches over about 200 square kilometres.