STOCKHOLM, Sweden – Lundin Energy has updated its estimates for its 2P and 3P net resources.
As of Dec. 31, 2020, 2P (proved plus probable reserves) were 670.9 MMboe, an upward revision of 39.3 MMboe related mainly to the Edvard Grieg field in the North Sea.
Lundin’s 3P (proved plus probable plus possible) resources rose by 30 MMMboe to 826 MMboe, while 2C contingent resources were also higher following the acquisition of interests in the Wisting and Alta discoveries in the southern Barents Sea, and exploration success in 2020 at the MOL-operated Iving prospect in the North Sea.
Ultimate recovery for the Greater Edvard Grieg Area has risen to 410 MMboe, including the Solveig Phase 1 and Rolvsnes extended well test tiebacks.
These additional reserves should extend plateau production through the Grieg platform complex by a year to late 2023, five years more than predicted under the original development plan.
Activity in the Greater Edvard Grieg Area will continue this year, with drilling of three infill wells at the Edvard Grieg field, first oil from the two tiebacks, and further exploration drilling.
At the Equinor-operated Johan Sverdrup field in the same region, production continues to exceed expectations, Lundin added, with strong reservoir performance and well productivity.
Capacity at the Phase 1 field center has increased to 500,000 b/d, with potential to go higher following modifications to the water injection system, planned for mid-2021.
When Phase 2 comes onstream in 4Q 2022, production capacity should reach 720,000 b/d.
Iving and the Evra discovery, both close to the Balder and Ringhorne fields, are thought to hold 12-71 MMboe gross resources. Each will undergo appraisal this year.
ERCE audited Lundin’s reserves, using the 2018 Petroleum Resource Management System Guidelines of the Society of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists, and Society of Petroleum Evaluation Engineers.