More growth in prospect in North Sea Alvheim area

Offshore staff

STOCKHOLM, Sweden – Lundin Petroleum says the development wells for the BG-operated Gaupe field in the Norwegian North Sea have been drilled and the production facilities are virtually complete.

However, the partners are awaiting the pipelay vessel to finish the development and start production. Severe weather in the North Sea this winter has forced start-up to be pushed back to end-March.

At the Marathon-operated Alvheim field in the same region, Lundin says production remains above expectations. Ultimate recovery during 2011 reached 282 MMboe, a 69% increase on the forecast when the Alvheim development plan was submitted in 2005.

Phase 2 of Alvheim development drilling has been completed. Two development wells came online in October and a third well entered production. A Phase 3 development well will be drilled this year, along with a further well on the Volund satellite field.

During the first half of this year, a plan will be submitted to develop the 21 MMboe Bøyla field as a subsea tieback to the Alvheim FPSO, with first oil expected in 2014. Last year’s nearby Caterpillar find will likely be tied into the Bøyla subsea facilities.

As for exploration drilling, Lundin plans wells this year in the southern Utsira High area targeting the Luno II prospect in license PL359, Jorvik in PL338, and Biotitt in PL544, followed by wells on other prospects in 2013.

The company is also lining up a well on the Albert prospect in the Møre basin in the northern Norwegian North Sea, close to recent finds.

In the Natuna Sea off Indonesia, the company expects to complete acquisition this year of more than 400 sq km (154 sq mi) of 3D seismic on the Gurita block.

Finally, Lundin plans a further five exploration and/or appraisal wells offshore Sabah and offshore peninsular Malaysia, with drilling likely to start in mid-year.

2/9/2012

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