Lundin aiming for new Norwegian core area via Albert well

Offshore staff

STOCKHOLM, Sweden – The semisub Bredford Dolphin has started drilling an exploration well for Lundin Petroleum (NASDAQ:LUPE) on the Albert prospect in the Norwegian North Sea.

The main objective of well 6201/11-3 in license PL519, 65 km (40 mi) northwest of the Snorre field, is to test Cretaceous and Triassic age sandstones of a multiple target structure.

Lundin estimates Albert could contain 177 MMboe. Drilling should last around 55 days, with a planned TD of 3,150 m (10,334 ft) below mean sea level.

According to CEO Ashley Heppenstall, Lundin has lined up eight exploration wells for 2012. However, since the Norwegian winter just ended and successes in other wells have delayed rig schedules in the sector, programs are taking longer to complete than forecast.

In Lundin’s case, various exploration wells are being put back until later in 2012 or early 2013.

The company is focusing on three main strategies offshore Norway:

  • To find more oil in the Southern Utsira High area in the North Sea close to the Edvard Grieg and Johan Sverdrup fields, where Lundin operates the majority of the licensed acreage
  • To open a new core area such as the Møre basin in the northern Norwegian Sea, possibly via a find at Albert
  • To discover hydrocarbons in the Barents Sea where Lundin has built a large acreage position.

As for field development, the company has contracted Kvaerner to build the platform for Edvard Grieg, its first operated standalone development in the Norwegian sector. Rowan Co.s is providing a jackup for development drilling, and Saipem is providing marine installations.

Lundin is a partner in the Bøyla oil discovery in PL340, estimated to hold 21 MMboe. This field will be developed as a subsea tieback to the Marathon-operated Alvheim FPSO, with a development plan likely submitted before mid-year. First oil is planned before 2014.

Offshore Sabah, east Malaysia, Lundin drilled the Tarap and Cempulut gas discoveries last year in block SB303 (WI 75%), to go with the earlier Titik Terang find.

All three fields are close to one another, with potential combined resources of more than 250 bcf. Lundin Petroleum is evaluating a possible cluster development.

Later this year it plans to drill another exploration well on the block, targeting the Berangan prospect, and another on neighboring SB307/308 to test upside exploration potential on the Tiga Papan discovery.

5/9/2012

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