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Lundin Submits $743 Million Development Plan for Brynhild

Lundin Petroleum AB (LUPE), Sweden’s biggest oil and natural gas producer, submitted a 4 billion kroner ($743 million) plan for development and operation of the North Sea Brynhild field to the Norwegian authorities.

Brynhild, located 10 kilometers (12 miles) from the U.K. area of the North Sea, is scheduled to start production in the fourth quarter of 2013 through Royal Dutch Shell Plc. (RDSA)’s U.K. Pierce field, the Norwegian Oil and Energy Ministry said today in an e-mailed statement.

The field is estimated to hold 20 million barrels of oil equivalent in recoverable reserves. The project, in which Lundin holds 50 percent, is the Swedish company’s first development in Norway, the ministry said. Talisman Energy Inc. (TLM) holds 30 percent and Norwegian Energy Co. ASA 20 percent, according to the statement.

To contact the reporters on this story: Marianne Stigset at mstigset@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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