Lundin buys into Krabbe discovery

Lundin Petroleum AB has acquired from Talisman Energy Norge AS a 40% interest in production license 301 north of Ula field in the southern North Sea. The license holds the undeveloped Krabbe oil discovery.

Uchenna Izundu
OGJ International Editor

LONDON, Mar.31 -- Lundin Petroleum AB has acquired from Talisman Energy Norge AS a 40% interest in production license 301 north of Ula field in the southern North Sea. The license holds the undeveloped Krabbe oil discovery.

The value of the transaction was not disclosed. This transaction is subject to government approval.

Lundin plans to tie in Krabbe and its nearby Nemo discovery in PL148 to existing nearby facilities as a subsea development so it can improve efficiency and lower development costs.

"The two discoveries are of similar type and size," Lundin said.

Contact Uchenna Izundu at uchennai@pennwell.com

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