Lundin Ups Edvard Grieg Oil Field Reserve Estimate


September 29, 2020
Edvard Grieg Platform - Credit: Lundin Energy

Edvard Grieg Platform - Credit: Lundin Energy

Lundin Energy has raised its reserve estimate for Norway's Edvard Grieg oilfield by 50 million barrels of crude, an increase of 17%, and boosted output plans for the coming years, the Swedish company said on Tuesday.

So-called plateau production, at which the field pumps oil at the maximum capacity it was designed for, will now be extended by a year to late 2023, Lundin said in a statement.

"The Edvard Grieg field continues to outperform, with the water production levels significantly lower than anticipated," the company said.

Since development plans were first presented in 2012, the estimated reserves at the Grieg field have been increased by 90%.

"This reserve increase and plateau extension is incredibly value accretive, as it comes with limited additional investment," Chief Operating Officer Nick Walker said in a statement.

"I'm confident, that as we continue to explore in the Greater Edvard Grieg Area, it will grow further and drive material additional value to the partnership and Norway," he said.

 (Reporting by Terje Solsvik; editing by Jason Neely)

No comments

More Popular Posts

About Crude Oil Brokers Ltd

Crude Oil Brokers Ltd is a dedicated global broker and facilitator of crude oil buying and selling. We work directly with crude oil buyers and crude oil sellers worldwide. We are a United Kingdom and Nigerian based firm, privately owned and devoted to the brokering of crude oil and other petroleum products buying and selling.

We have buyers and sellers of;

1. Nigerian Bonny Light Crude Oil, BLCO

2. D2 Diesel Fuel, JP54 Jet Fuel, Mazut etc.

3. Saudi Light Crude Oil, SLCO

4. Iraqi Light Crude Oil

If you are a buyer or seller of crude oil or other petroleum products or have mandate to buy or sell any of the above oil products, do contact us because we could be of help.

To contact Crude Oil Brokers, click here ». To learn more about Crude Oil Brokers Ltd, click here

Crude Oil Brokers