Lundin Petroleum AB may “significantly” raise estimated reserves from the biggest oil discovery in Norway in 20 years, Chairman Lukas Lundin said.
Lukas Lundin, investment manager for his billionaire Swedish family, said the oil stock bearing their name should double in value this decade after making its biggest North Sea discovery.
Lundin Petroleum AB, a Swedish gas and oil exploration company, fell to its lowest level in two months after the company said a wildcat well in the North Sea was abandoned as a dry hole.
Lundin Petroleum AB, a partner in Norway’s biggest oil find in decades, pledged to keep its stake and help develop the deposit as it targets growth in Europe.
Norway’s government and the opposition reached a compromise to start electrification of three North Sea oil fields by 2022, a plan they say will avoid a delayed start to the country’s biggest offshore find in decades.