Lundin is collecting reserves in the Edvard Grieg field – E24

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Edvard Grieg is now expected to contain 350 million barrels of oil equivalent, which is 50 million barrels more than previously estimated.

The estimate is raised due to the fact that the field continues to produce better than expected. According to Lundin, the field is now estimated to contain 90 percent more than what the company estimated in the original development plan.

Lundin Energy says that plateau production has been extended by one year to the end of 2023, which is five years longer than the company estimated in the development plan.

This applies to the entire Edvard Grieg area, which also includes the first phase of the Solveig field and the well test at the Rolvsnes discovery.

With these findings, Lundin Energy now estimates that they can extract 410 million barrels of oil equivalent. According to the company, there may be potential to extract up to 800 million barrels in this area.

I had expected increase

Lundin Energy said in its July second quarter report that it was in line with an increase in the reserve estimate in the Edvard Grieg area and an extension of plateau production.

In recent years, Lundin has made several discoveries around the Edvard Grieg field that have added new reserves.

The 2007 find is located 180 kilometers west of Stavanger. It was put into production in 2015 and was later estimated to contain around 200 million barrels. Since then, this has been significantly improved.

In March last year, Lundin made an investment decision in Solveig (formerly Luno II), a satellite field worth more than NOK 6 billion. Here 57 million barrels would be added in the first phase.

Last summer, the company announced that it had found more oil in Jorvik and Tellus East, near the Grieg field, and that these could provide up to an additional 37 million barrels.

Additionally, Lundin claimed that the Rolvsnes and Goddo prospects could hold up to 250 million barrels.

I hope to get to the crisis package

Earlier this year, the Storting adopted a favorable crisis package with tax deferrals, which was to accelerate investments after the crown crisis.

Following the crisis package, Lundin said they will consider what it takes to have a development plan delivered for projects like Rolvsnes and Solveig phase 2 during 2022 so that they can be covered by the crisis package.

In total, the company is trying to accelerate eight projects to be covered by the crisis package. These projects can extract a total of 120 million barrels of oil equivalent.

This month, Lundin and its partners awarded a contract to Aker Solutions to supply electric boilers to the Grieg field. In fact, the field at Utsirahøyden will get its energy from the ground, instead of running on gas power on board like today. It will reduce CO2 emissions by 200,000 tons per year.