Lundin to invest in Caspian drilling platform

Lundin Petroleum has budgeted $540 million for exploration and development in 2010, a 4% rise on last year’s sum.

Offshore staff

STOCKHOLM -- Lundin Petroleum has budgeted $540 million for exploration and development in 2010, a 4% rise on last year’s sum.

Among the stand-out programs is a new self-elevating platform to drill wells on the Lundin-operated Lagansky block in the Russian sector of the Caspian Sea. Construction is due to start later this year.

Offshore Norway, Lundin will participate in eight exploratory wells, five as operator. Four will be in the Greater Luno area of the North Sea. The company hopes to prove further oil which could be tied into a development of the Luno field.

Lundin is a partner to Marathon in the ongoing Volund development, where two multi-lateral producers should be completed during the course of the year. Phase 2 development drilling on Alvheim will also get under way, comprising three multi-laterals.

In the UK, Lundin has reinstated platform drilling facilities on its Thistle platform in the northern North Sea. Here it plans four workover and development wells, with a further development well on the Heather complex satellite, Broom.

Elsewhere, the company will participate in two exploratory wells on Vietnam offshore block 06/94, and one on the Congo (Brazzaville) Marine XIV block.

01/21/2010

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