Lundin Norway AS said it plans to apply for development of its Luno II oil discovery in the Norwegian North Sea next year after closing a newly agreed acquisition of Equinor Energy’s 15% interest in the license (OGJ Online, Aug. 12, 2015).
The deal will increase Lundin Norway’s operated interest in PL359 to 65%. The company will pay cash and transfer its 20% interest in PL825 to Equinor. PL825 contains a prospect named Rungne.
Lundin Norway plans to develop Luno II field with a subsea tie-back to the platform on Edvard Grieg oil field 15 km north, which it operates.
Acquisition of the Equinor stake will align Edvard Grieg and Luno II interests. Lundin Norway estimates the Luno II hydrocarbon resource at 40-100 million boe.
Other PL359 partners are OMV, 20%, and Wintershall, 15%.