September 25, 2018 / 7:15 AM / in 24 days

Lundin Petroleum says Arctic oil test points to bigger reservoir

OSLO, Sept 25 (Reuters) - Swedish oil firm Lundin Petroleum expects to increase its resource estimate for the Alta discovery in Norway’s Arctic region following a successful two-month production test.

Finding significant oil reserves in the Norwegian Arctic has been challenging for oil firms, but Alta is among the exceptions.

The company and its partners are considering developing the discovery as a subsea field connected to a floating production and storage vessel, and may also tie in the smaller Gohta find, which is located nearby.

Prior to the production test the combined gross resource range for the Alta and Gohta discoveries was estimated at between 115 and 390 million barrels of oil equivalent.

“These positive results are expected to increase the Alta resource estimate and reduce the uncertainty range,” Lundin said on Tuesday.

“We have significantly advanced our understanding of this complex carbonate reservoir, the development of which would be a first for Norway. We will now concentrate our efforts on further defining the route to commercialisation and progressing development concept studies,” it added.

Lundin holds a 40 percent stake in Alta, while Idemitsu Petroleum and DEA hold 30 percent each. Lundin also holds 40 percent at the nearby Gohta, while Aker BP holds 60 percent. (Reporting by Terje Solsvik Editing by Alexander Smith)

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