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 identified nine potential 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. These projects represent over 200 MMboe of net resources combined.
3 projects moving towards PDO
In the Alvheim area, the Frosk and Kobra East/Gekko projects are being matured to final investment decision in 2021. Frosk was discovered in 2018 and has been successfully appraised by a test production well drilled in 2019, derisking a further development of the discovery. Kobra East and Gekko will be jointly developed as tie-backs to the Alvheim FPSO.
In October 2020, Lundin Energy announced the acquisition of a 10 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
6 potential new projects require derisking
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 will come on stream in 2021. The Solveig Segment D prospect, the Iving discovery and the Lille Prinsen discovery, are all targets for exploration and appraisal drilling in 2021. Feasibility studies are being conducted on the Alta discovery in the Southern Barents Sea. following the appraisal drilling and successful long term production test in 2018.