Finding Luno / News / The Foreigner

Finding Luno. Norway's Luno oil and gas discovery is proving up to be one of the country's next major offshore developments after a succession of surrounding discoveries prompting operator Lundin Petroleum to talk about the “Greater Luno area.” Finding Luno is less of a fishy story – excuse the pun – but more a tale of growing reserves base now thought be around 149 million barrels of oil equivalent and quite possibly more. On 1 December Lundin indicated that results from the Apollo exploration well - within the Greater Luno area - confirmed two hydrocarbon zones which were encountered in the 16/1-4 Apollo exploration well. One was a 40 metre Palaeocene oil column and the second was a 10 metre Cretaceous oil column.

luno, lundin, petroleum, norway, apollo, oil, gas, avaldsnes, ashley, heppenstall



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Finding Luno

Published on Friday, 3rd December, 2010 at 15:08 under the news category, by Offshore staff.
Last Updated on 3rd December 2010 at 20:14.

Norway's Luno oil and gas discovery is proving up to be one of the country's next major offshore developments after a succession of surrounding discoveries prompting operator Lundin Petroleum to talk about the “Greater Luno area.”

Map of Lundin's Norwegian fields
Map of Lundin's Norwegian fields
Photo: Lundin Petroleum


Finding Luno is less of a fishy story – excuse the pun – but more a tale of growing reserves base now thought be around 149 million barrels of oil equivalent and quite possibly more.

On 1 December Lundin indicated that results from the Apollo exploration well - within the Greater Luno area - confirmed two hydrocarbon zones which were encountered in the 16/1-4 Apollo exploration well. One was a 40 metre Palaeocene oil column and the second was a 10 metre Cretaceous oil column.

And at the beginning of November Lundin Petroleum increased the estimated reserves for the field by 50% from 94 to 149 million barrels of oil equivalent after results from the 16/1-13 exploration well drilled in in PL338 were evaluated by reservoir auditor Gaffney Cline and Associates. The new figures are equivalent to 2P (2P = proven plus probable) reserves of 136.7 m bbl of oil, and 66.4 Bcm of gas.

During September Lundin signalled that the 16/2-6 exploration well on Avaldenes 25 kilometres (20 miles) east of Luno was estimated to contain reserves between 100 and 400 million boe within PL501.

“We have now made discoveries at Luno, Avaldsnes and Apollo in what is a very important area for Lundin Petroleum. The Apollo discovery opens up further exploration potential in the Greater Luno Area at the Paleocene and Cretaceous horizons,” Ashley Heppenstall, Lundin's chief executive has stated.

In October Lundin reported a 50% upgrade in Luno field area reserves to 149 m boe from 93 m boe in the PL338 area, after results from the 16/1-3 appraisal well were evaluated by reservoir experts.

Currently Lundin is wrestling with two development concepts, either a stand-alone solution or a combined development with the nearby Draupne discovery. If a joint development solution is agreed, a Plan of Development would be submitted to Norwegian authorities for approval in 2011.

Discovered in October 2007 with the 16/1-8 well in PL338, Luno has an estimated oil volume of 365 m boe or more, and it is due onstream in 2012.



Published on Friday, 3rd December, 2010 at 15:08 under the news category, by Offshore staff.
Last updated on 3rd December 2010 at 20:14.

This post has the following tags: luno, lundin, petroleum, norway, apollo, oil, gas, avaldsnes, ashley, heppenstall.





  
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