Lundin Petroleum introduced that as at 31 December 2019, its proved plus possible web reserves (2P reserves) are 693 million barrels of oil equal (MMboe), its proved plus possible plus doable web reserves (3P reserves) are 858 MMboe and its finest estimate web contingent sources (contingent sources) are 185 MMboe. The 2P reserves alternative ratio for 2019 is 150 % and that is the sixth consecutive 12 months that Lundin Petroleum has greater than changed manufacturing. The 3P reserves as at 31 December 2019 are 857.5 MMboe and replicate a optimistic revision of 73.four MMboe, excluding asset transactions.2
The enhance in reserves pertains to mission sanctions for Solveig Phase 1, the Rolvsnes Extended Well Test and the Edvard Grieg infill properly programme, with the contingent sources related to these initiatives being promoted to reserves. Oil accounts for 93 % of Lundin Petroleum’s 2P reserves and the vast majority of the reserves are related to fields in manufacturing. Edvard Grieg manufacturing efficiency continues to exceed expectations with considerably slower build-up of water manufacturing than anticipated. With the sanction of the Edvard Grieg infill properly programme, one of the best estimate gross final restoration from Edvard Grieg as at 31 December 2019, which is cumulative manufacturing plus 2P reserves, is elevated to 300 MMboe, representing a 60 % enhance from the unique PDO. With the elevated reserves at Edvard Grieg, mixed with Solveig Phase 1 and the Rolvsnes Extended Well Test, which will likely be produced by the Edvard Grieg services, the manufacturing plateau will likely be maintained on the contractually obtainable services capability till not less than the top of 2022, representing a four-year extension in comparison with the unique Edvard Grieg PDO. First oil from the Johan Sverdrup discipline occurred in October 2019 and manufacturing has ramped up rapidly from the eight pre-drilled manufacturing wells, to achieve round 350 Mbopd gross, which is about 80 % of Phase 1 services capability of 440 Mbopd. The drilling of two new manufacturing wells will likely be required to realize Phase 1 plateau, which is anticipated in the summertime of 2020.
The contingent useful resource estimate for the Alta discovery has been adjusted downwards primarily based on analysis of the excessive specification 3D seismic survey (Topseis) acquired over the world, mixed with the intensive knowledge and evaluation from the properly drilled for the prolonged properly check carried out in 2018. Lundin Petroleum is drilling a number of massive prospects within the Loppa High space in 2020, which if profitable might change the dynamic of business choices for this space.
(Source and picture Lundin)

The submit LUNDIN INCREASED RESERVES FOR SIXTH CONSECUTIVE YEAR appeared first on Energy Global News.

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