Lundin Petroleum AB, the Swedish explorer focused on Norway, said there won’t be any new oil output in the ice-filled waters of the Arctic for at least 15 years because of technical and logistical challenges.
Statoil ASA said a fourth well meant to boost oil resources at its delayed Johan Castberg project in the Barents Sea found only gas, increasing pressure on Norway’s biggest energy company to cut development costs.
Norway’s Johan Sverdrup discovery, the country’s largest oil find in decades, could achieve a recovery rate of as much as 70 percent, according to the field’s operator, Statoil ASA. Shares in partners Lundin Petroleum AB and Det Norske Oljeselskap ASA surged.
Recent oil discoveries in Norway’s Arctic Barents Sea, including one by Lundin Petroleum AB, have made the case for the construction of billions of dollars of export infrastructure, the Swedish oil explorer said.