Lundin Petroleum Secures Production License in Northern Caspian Sea

Swedish independent oil company Lundin Petroleum announced Monday that it has secured a production license from Rosnedra for the Morskaya field, located in the Russian part of the Caspian Sea.

The field is estimated to contain gross contingent resources of 157 million barrels of oil equivalent and Lundin’s production license, which is valid until 2035, covers approximately 19 square miles.

Lundin Petroleum President and CEO Ashley Heppenstall commented in a company statement:

“We are very pleased to receive a production license for the Morskaya field and will now work towards putting in place a plan to fully appraise this large discovery situated in the northern Caspian Sea.”

The Morskaya field is owned by LLC Petroresurs. Lundin Petroleum holds a 70 percent shareholding in LLC Petroresurs and Gunvor Group holds the remaining 30 percent.

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