Lundin Petroleum has reached an agreement regarding a coordinated development solution for the Luno and Draupne Fields

Monday, March 5, 2012
  • The coordinated development solution for the Luno and Draupne fields will result in benefits for all stakeholders.

Lundin Petroleum AB announce that its wholly owned subsidiary Lundin Norway AS as operator of PL338 containing the Luno field has, with its partners Wintershall Norge ASA (Wintershall) and RWE Dea Norge AS (RWE Dea), reached an agreement with the licences PL001B, PL028B, PL242 operated by Det norske Oljeselskap ASA and containing the Draupne field (Draupne and West Cable in PL001B, Hanz in PL028B), for a coordinated development solution of the Luno and Draupne fields.

A plan for development and operation (PDO) for the Luno field was submitted on 19 January 2012 to the Norwegian Ministry of Petroleum and Energy and includes 15 wells drilled from a jack-up rig, a processing platform on a jacket structure and export pipelines tied back to existing infrastructure. First production is expected in the fourth quarter 2015.

In the coordinated development solution, the partially processed fluids from the Draupne field will be transported from the Draupne platform to the Luno platform for stabilisation and export of oil and gas. The combined production from the Luno and Draupne fields will be phased in time with Draupne production planned to start in late 2016 and increasing toward a peak rate in late 2018. The Luno platform design capacity will accommodate in excess of 120,000 bopd and up to 175 MMcfd when Draupne production is combined with that from the Luno field.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments: "The coordinated development solution for the Luno and Draupne fields will result in benefits for all stakeholders. Lundin Petroleum and our Luno partners will receive a capital contribution and tariff/ operating cost share income from the Draupne partners which will enhance the value of the Luno asset. In addition there will be valuable synergies from the joint Luno/ Draupne production which will allow higher production through the facilities than from a Luno standalone project"

Lundin Petroleum is the operator of and has a 50 percent working interest in the Luno field. Wintershall and RWE Dea hold a 30 percent and a 20 percent interest, respectively.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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