Norway’s Biggest Oil Find Since ‘80s Sends Lundin to Record
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Lundin Petroleum AB increased its estimate of recoverable resources for the North Sea Avaldsnes prospect, part of a discovery that now ranks among Norway’s five biggest offshore finds. Lundin shares surged to a record.
Lundin, which operates Avaldsnes, raised its estimate for production license 501 to 800 million to 1.8 billion barrels of recoverable oil, it said today in a statement. Should the find reach the high end of the range it would be Norway’s third biggest, it said. The results from Statoil ASA’s discovery well at Aldous Major South were used to update the estimate.