Sweden’s Lundin announces another major find in Norway’s Barents Sea

The semi-submersible drilling rig "Leiv Eiriksson," picture taken in July 2009. (Ulrich Latzenhofer / CC via Wikimedia Commons)
The semi-submersible drilling rig “Leiv Eiriksson,” picture taken in July 2009. (Ulrich Latzenhofer / CC via Wikimedia Commons)

Swedish oil and gas company Lundin has made another major discovery in Norway’s offshore Arctic waters.

The company believes the Filicudi prospect holds between 35 and 100 million barrel of oil equivalents, it said in a release. The discovery is located in the Barents Sea, about 160 kilometers (about 100 miles) northwest of Hammerfest.

The Filicudi discovery strengthens the position of Loppa High, the area where Lundin previously has made two other significant discoveries, the Alta and Gohta. The Johan Castberg field, controlled by Statoil, is about 40 kilometers (about 25 miles) to the northeast.

[Sweden’s Lundin discovers new Barents oil and gas]

A sidetrack well is now being drilled to confirm the reservoir and hydrocarbon column. The operations are conducted by semisubmersible drilling rig Leiv Eiriksson. The Filicudi is part of license PL533.

“The PL533 is a very prospective area with many interesting opportunities,” says Halvor Jahre, company exploration manager.

An additional two wells are likely to be drilled in the license, at the Hufsa and Hurri prospects.

Lundin believes the license area’s potential may rival that of Johan Castberg, which holds about 500 million barrel equivalents, reports High North News.

“The company’s strategy is to secure a larger, coherent exploration area early, so that both exploration activity and potential developments can be coordinated and streamlined,” the company said in its release.

Lundin is operator and owner of 35 percent of the license. License partners are Aker BP (35 percent) and DEA (30 percent).

“This is very good news and another important signal about the potential of the Barents Sea,” says Kjell Giæver and Nina Kivijervi from supplier network Petro Arctic.

“We are still only in the start phase of exploration activities in the Barents Sea,” they say in a press release.