Sweden-based independent oil and gas producer Lundin Petroleum AB reported higher proved plus probable net reserves at 745 million barrels of oil equivalent ending Dec. 31, 2018, up from 726 MMboe reported at year-end 2017.
The company said Jan. 14 the higher proved plus probable net reserves, or 2P reserves, was due to the Johan Sverdrup field in Norway, while the Edvard Grieg and Alvheim fields, also in Norway, contributed minor reserves. Oil consists of 94% of Lundin's reserves, with Johan Sverdrup expected to add to the reserves once it starts production in November and Edvard Grieg targeted to ramp up production mid-2020.
Its proved plus probable plus possible net reserves, or 3P reserves, reached 901 MMboe last year, topping 896 MMboe as of 2017.
Contingent resources are estimated at 225 MMboe, up 40 MMboe from 2017. The increase was driven by discoveries on Frosk in the Alvheim area and Lille Prinsen in the Utsira High area, including appraisal wells on Luno II, Rolvsnes and Gekko and the acquisition of an additional 15% interest in Luno II.
The first phase of the Luno II development project is expected to be sanctioned in the first quarter, which will promote 37 MMboe of net contingent resources to 2P reserves. The Rolvsnes EWT is also targeted to be sanctioned during the first quarter. Meanwhile, Lundin is still evaluating tests conducted in the Alta and Gohta area.
All fields mentioned are in Norway.