Lundin Petroleum Finds More Oil in Norway's Arctic

Sweden's Lundin Petroleum has found additional oil and gas near its Alta discovery in the Norwegian Arctic, the firm and the Norwegian Petroleum Directorate said on Tuesday.

 

"The total gross resource estimate for the Neiden discovery is between 25 and 60 million barrels of oil equivalents," Lundin Petroleum said in a statement.

 

Lundin is the operator of the well and has a 40-percent stake. Its partners are Japan's Idemitsu and DEA, the oil firm controlled by Russian billionaire Mikhail Fridman, who have stakes of 30 percent, respectively.


(Reporting by Gwladys Fouche, editing by Terje Solsvik)