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Lundin exploring new potential in Barents Sea

Lundin exploring new potential in Barents Sea

Business
Aug. 31 (UPI) -- A new well in Norway's southern waters of the Barents Sea is targeting a prospect thought to hold 244 million barrels of oil equivalents, Lundin Petroleum said.Lundin's subsidiary in Norway said it started drilling an exploration well in the Børselv prospect in the southern Barents Sea. The company said the well is located near the proved Alta and Neiden oil discoveries and about 11 miles northwest of another discovery well."The Børselv prospect is estimated to contain gross unrisked prospective resources of 244 million barrels of oil equivalent," the company said in a statement.Lundin made discoveries near the Børselv prospect about three years ago. A fourth appraisal well was drilled in the Alta discovery in May and the company put the estimated reserves there at between...
Strong performance for Norwegian oil player, Lundin

Strong performance for Norwegian oil player, Lundin

Business
Aug. 2 (UPI) -- Strong revenue growth for the second quarter and a pipeline of high-profile developments sets up Lundin Petroleum as a premier European player, the CEO said."The quarter was characterized by strong production at low cash operating cost, solid operating cash flow generation, good progress on development projects and successful appraisal activity and organic growth in the southern Barents Sea," President and CEO Alex Schneiter said in a statement.Lundin, which has headquarters in Sweden and an operational focus in Norway, posted revenue for the three months ending June 30 of $ 464.6 million, more than twice that of the same period last year. Cash flow of $ 340 million marked an 88 percent improvement over last year and net production was up more than 75 percent.The company st...
Lundin barely holds on as operator of North Sea field

Lundin barely holds on as operator of North Sea field

Business
June 28 (UPI) -- The Norwegian subsidiary of Lundin Petroleum said Wednesday it nabbed more than $ 90 million for a stake in a North Sea operation.The company, Lundin Norway, said in an emailed statement that it sold a 39 percent interest in the Brynhild field in the Norwegian waters of the North Sea for $ 91.7 million. The Lundin subsidiary retains its role as the operator, while CapeOmega, which is already a partner, increases its stake in the field from 10 percent to 49 percent.Lundin struggled through the market downturn that began in 2015, trimming its production guidance lower as a result of less than expected output from the Brynhild field off the coast of Norway and infrastructure delays for its Edvard Grieg rig.A spokesman for the company told UPI in response to emailed questions ...