Lundin Energy has a proven track record of discovering and developing oil and gas resources and bringing them into production efficiently and responsibly.
In June 2020, the Norwegian Government announced tax incentives that will apply to new projects for which a Plan for Development and Operation is submitted before the end of 2022. Lundin Energy has a pipeline of new projects that can meet this requirement and will be aiming to accelerate appraisal activities and field development studies, with the objective of maturing and potentially sanction them all within the time frame. The first two of these have already been sanctioned, with the Frosk (PDO submitted in 2021) and Kobra East/Gekko (PDO approved in January 2022) projects in the execution phase.
2 projects online
In the Greater Edvard Grieg Area, the Company is progressing the Solveig Phase 2 project, Lille Prinsen and Rolvsnes Full Field developments, as operator towards PDO submission in 2022, which will add high margin barrels into the existing hub in the future.
At the Alvheim area, The Trell and Trine project is on track for PDO submission by mid-2022. The development is a subsea tie-back to the Alvheim FPSO.
2 projects moving towards PDO
In the Alvheim area, The Trell and Trine project is being matured towards final investment decision. The development is a subsea tie-back to the Alvheim FPSO.
Lundin Energy has a 35 percent working interest in the Wisting oil discovery in the Southern Barents Sea, estimated to hold 500 MMbo of gross resources. Equinor, the operator of Wisting in the development phase, is targeting a PDO by end 2022.
3 potential new projects require de-risking
In the Edvard Grieg Area, the Solveig Phase 2 and the Rolvsnes Full Field development will be de-risked through production experience from Solveig Phase 1 and the Rolvsnes EWT which came on stream in 2021. The appraisal well for the Lille Prinsen discovery was completed in September 2021. A development solution is currently being matured, aiming for project sanction in 2022.