Swedish based offshore exploration and production company, Lundin Petroleum, have announced a new oil discovery off the Norwegian coast.
The offshore discovery was found whilst drilling the 16/4-9 S exploration well, part of the PL359 license, northwest of the Luno II discovery, in the Norwegian Central North Sea (CNS).
Early information gained from drilling, shows hydrocarbons in the Luno II North discovery to be different from to that seen in the earlier Luno II discovery.
After initial production flow tests, Lundin have said that the Lundo II North will have a production flow rate of around 1,000 barrels of oil a day, with estimate reserves of around 12 to 26 million barrels of oil equivalents.
Lundin has said that its already looking at options in developing the find, with the most plausible and financially viable option looking to be a subsea tieback to the Lundin operated Edvard Grieg platform.
The 16/4-9 S is the fourth exploration well to be drilled by Lunidn since it gained the PL338 licence in 2006. It showed a oil column of 23 meters in a total depth of 7,562 feet (2,305 meters), in a sea water depth of 328 feet (100 meter).
Current drilling campaign is being done by the Bredford Dolphin semisubmersible drilling rig.