Lundin Energy acquires operatorship of Wisting

Lundin Energy Norway AS concluded a cooperation agreement with Equinor ASA for operatorship of future Wisting development in the southern Barents Sea. Equinor will retain operatorship of Wisting into the operations phase, and Lundin Energy will become operator for exploration acreage surrounding Wisting (PL1133 and PL1134). Lundin Energy will take over 15% of ownership interests from Equinor in PL133 and 5% ownership interests in PL1134 starting Jan. 1, 2022.

Lundin Energy completed the previously-announced transaction to acquire a further 25% working interest from OMV (Norge) AS in Wisting for $320 million, effective Jan. 1, 2021 The transaction increases Lundin Energy’s working interest in Wisting to 35% from 10% (OGJ Online, Oct. 28, 2021).

Wisting license partners will continue to mature the project towards a scheduled investment decision at the end of 2022. An impact assessment is scheduled to be completed during the first quarter of 2022.

Norsk Petroleum Directorate estimates Wisting's reserves at 500 million boe, almost entirely oil.