July 25, 2014 5:01 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Lundin Norway AS

Company Overview

Lundin Norway AS engages in the exploration, development, and production of oil deposits on the Norwegian shelf. It is involved in evaluating and maturing the Johan Sverdrup oil discovery; developing the Brynhild and Edvard Grieg fields; and producing oil from Alvheim, Volund, and Gaupe assets. The company was founded in 2003 and is based in Lysaker, Norway with an additional office in Harstad. Lundin Norway AS operates as a subsidiary of Lundin Petroleum AB (publ).

Strandveien 50 D

Lysaker,  1366


Founded in 2003


47 67 10 72 50


47 67 10 72 51

Key Executives for Lundin Norway AS

Lundin Norway AS does not have any Key Executives recorded.

Lundin Norway AS Key Developments

Lundin Norway AS Announces Drilling Results for Western Part of the Gohta Discovery in PL 492

Lundin Petroleum AB, through its subsidiary Lundin Norway AS (Lundin Norway), announced that drilling of appraisal well 7120/1-4S in the western part of the Gohta discovery in PL492 has been successfully completed. The well was drilled 5.3 km northwest of the original Gohta discovery well. The main objectives of well 7120/1-4 S, which was operated by Lundin Norway, were to confirm the extent and reservoir properties of the Permian carbonates and to establish the oil-water and gas-oil contacts in the western parts of the structure. The well encountered 10 metres of Upper Permian limestone conglomerate with good reservoir properties overlying fractured limestones of limited reservoir quality. The conglomeratic interval contained gas condensate and the limestone contained traces of oil but appears to be tight. The depth interval of the oil traces in the appraisal well corresponds with the oil column in the 7120/1-3 discovery well. The pressure and fluid properties indicate communication between the reservoirs in the two wells on the Gohta structure. Two production tests (DST) were performed in the well. An attempt was made to test a 50 metre interval starting 23 metres below the estimated gas-oil contact followed by a test of the 10 metre thick conglomerate interval. The oil zone test instantaneously produced gas at a rate of 6.4 million cubic feet per day (mmcfd). Pressure build-up data showed drainage from a porous reservoir as a result of insufficient isolation between the oil and gas zones on the outside of the production liner. The oil zone test was therefore not conclusive. The test of the 10 metre thick gas condensate zone produced 26.4 mmcfd of gas and 880 barrels of condensate per day. The pressure build-up analysis showed the test draining an area with a radius of at least 1,000 metres out from the well. The results confirmed good production characteristics in the matrix of the limestone conglomerate. Appraisal well 7120/1-4 S is the second well drilled in production license PL492 after it was assigned in 2008 (APA2007). It was drilled to a total depth of 2,490 metres below sea-level. The water depth was 331.5 metres. The well was drilled by the drilling rig Island Innovator. It will be permanently plugged and abandoned before the rig proceeds to drill exploration well 7220/11-1 in production license PL609 where Lundin Norway is also operator. The Gohta discovery well 7120/1-3 was completed in October 2013 and found a 25 metres gross gas column above a 75 metres gross oil column in karstified and dolomitized limestone. The well production tested approximately 4,300 bopd through a 44/64" choke and the preliminary evaluation of the gross recoverable oil and gas resources from the Gohta discovery well is estimated at between 111 and 232 million barrels oil equivalent.

Lundin Norway AS Spuds Appraisal Well 16/4-8 S on the Luno II Discovery, Offshore Norway

Lundin Petroleum AB through Lundin Norway AS announced that drilling of appraisal well 16/4- 8 S on the Luno II discovery has commenced. The Luno II discovery is located approximately 15km south of the Edvard Grieg field in the North Sea sector of the Norwegian Continental Shelf (NCS). The well is located in PL359 and will appraise the Luno II Central South basin, located 4 km southeast of the Luno II discovery well. The main objective of well 16/4-8 S is to test the reservoir properties and verify the petroleum potential. The reservoir is expected to be of Jurassic/Triassic age. The planned total depth is approximately 2,700 metres below mean sea level and the well will be drilled with the semi-submersible drilling unit Bredford Dolphin. The drilling operation is expected to take approximately 50 days. Lundin Norway, the operator of PL359, holds a 40% interest and has announced that it will increase its interest to 65% interest, subject to governmental approval. Statoil Petroleum AS holds 15% interest and OMV Norge AS has entered into an agreement to increase its interest from 15% to 20%, subject to governmental approval.

Lundin Norway AS Increases Interest in PL359, Offshore Norway

Lundin Petroleum AB through its wholly owned subsidiary Lundin Norway AS has entered into agreements to acquire an additional 25% interest in PL359, which contains the Luno II discovery. Lundin Norway will acquire a 30% interest from Premier Oil for a cash consideration of USD 17.5 million and at the same time will sell a 5% interest to OMV (Norge) AS. The effective date for both transactions is 1 June 2014. The Luno II discovery was made by Lundin Petroleum in 2013 and is located in PL359 in the central North Sea sector of the Norwegian Continental Shelf on the south western flank of the Utsira High approximately 15 kilometres south of the Lundin Petroleum-operated Edvard Grieg field. An appraisal well will be drilled on the Luno II discovery and is expected to spud during June 2014. PL359 also contains numerous drill-ready exploration prospects and the next exploration well on the licence is likely to target the stacked Luno II North and Fignon prospects, estimated to contain gross unrisked prospective resources of 46 mmboe. These transactions remain subject to Norwegian government approval.

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Recent Private Companies Transactions

July 4, 2014
PL359 Licence
June 17, 2014
PL359 Licence
June 17, 2014
PL359 Licence

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