Lundin Petroleum Raises Size Of Norway's Rolvsnes Oil Discovery



Reuters

STAVANGER, Norway, Aug 27 (Reuters) - The Rolvsnes oil and gas discovery in Norway's North Sea is almost five times as large as initially thought, Swedish operator Lundin Petroleum said on Monday after completing an appraisal well.

The company has increased its resource estimates to between 14 million and 78 million barrels of oil equivalents (boe) from a previous interval of 3 million to 16 million boe, it added.

Lundin now plans to perform a longer production test, likely in 2020-2021, before deciding whether to develop the discovery, it added.

"If the long-term test is successful, we will develop the discovery, because it's so close to the Edvard Grieg field," Kristin Faeroevik, head of Lundin's Norwegian unit, told a news conference.

The timing of any tie-ins will depend on availability of spare capacity at the Edvard Grieg production platform, which also processes oil from Aker BP's Ivar Aaasen field.

Faeroevik said Edvard Grieg's production is expected to begin to fall in 2020, providing spare capacity for future tie-ins.

The area around Rolvsnes, including the nearby Goddo prospect, could contain up to 250 million boe, Lundin said, adding that it plans to drill an exploration well at Goddo in 2019.

(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)



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