Lundin Petroleum, through its subsidiary Lundin Norway, has signed agreements to acquire a 35% interest in the PL674 licence.

Lundin will acquire a 15% stake in the licence from Petrolia Norway and a 20% interest of a carve out area of PL674 from E.ON.

PL674, which covers an area of 1,027km², is located east of PL501/265 where the Johan Sverdrup field is situated.

E.ON operates the licence with a 50% stake and Petrolia Norway owns the remaining 50% interest.

Petrolia Norway was awarded the licence in February 2013 in the 2012 Awards in Predefined Areas (APA) and PL674 includes blocks 16/3, 16/6, 17/1, 17/2, 25/12 and 26/10.

Lundin said the effective date for both the transactions, which are subject to Norwegian Government approval, is 1 January 2014.

Swedish independent oil and gas exploration and production firm Lundin Petroleum has a portfolio of assets primarily located in Europe and South-East Asia.

Production is generated from the company’s assets in Norway, France, Netherlands and Indonesia.

The company has existing proven and probable reserves of 194 million barrels of oil equivalent (MMboe) and a forecast net production range for 2014 of 24,000-29,000 barrels of oil equivalent per day.

Norway is Lundin Petroleum’s main area of operations with reserves of 146.6MMboe, representing 76% of its total reserves.

The company also has a portfolio of prospective exploration licences and three ongoing development projects, which upon completion will increase production.

Defence Technology