Lundin, Equinor in North Sea Grieg area license swap
Lundin Norway has agreed to acquire Equinor’s 15% stake in in the Lundin-operated PL359 license in the Norwegian North Sea, containing the Luno II oil discovery.
It will raise Lundin interest in the concession to 65% and should, the company added, lead to commercial and operational alignment between the Edvard Grieg and Luno II partnerships, with optimized production and improved value from both fields.
Under the deal Equinor will receive a cash sum and Lundin’s 20% interest in PL825, containing the Rungne exploration prospect. Completion remains subject to government approvals.
Luno II is around 15 km (9.3 mi) south of the Edvard Grieg platform on the Utsira High, with estimated resources in the range of 40-100 MMboe.
The company is working on a subsea tieback to the platform, and aims to submit its development plan and sanction the project early next year.