New Barents Sea discoveries less than Lundin hoped for

The Rig ScarabeoThe Rig Scarabeo.Photo: Jan-Morten Bjørnbakk / NTB scanpix

Lundin found oil and gas in the exploration well Neiden in the Barents Sea. But the implementation of Gotha- and Alta findings are not as promising as the company had hoped.

Also the sixth exploration well in production license revealed 609 deposits of oil and gas. The Neiden well is located about 60 kilometers northeast of the oil and gas discovery Alta and 20 kilometers east of the major found Johan Castberg.

According to the Oil Directorate the found is estimated at between 3 and 7 million standard cubic meters of recoverable oil and 2.1 billion standard cubic meters of gas.

The oil column is about 20 meters with an overlying gas column of approximately 10 meters.

– These are smaller volumes than what we had hoped for, says exploration manager Halvor Jahre Lundin Norway to NRK news.

He suggests that the Neiden discovery will be more challenging to build than the Gotha and Alta findings.


Source: NTB scanpix / Norway Today