Lundin announce first oil from Solveig field
The Solveig field in PL359, is located 15 km south of the Edvard Grieg field and the Phase 1 development consists of a five well subsea tie-back to the Edvard Grieg platform. Phase 1 has gross proved plus probable (2P) reserves of 57 million barrels of oil equivalent (MMboe) and with gross peak plateau production of 30 thousand barrels of oil equivalent per day (Mboepd) it will be a significant contributor to the extension of the plateau production period at Edvard Grieg, which has already been extended by five years to the end of 2023. First oil has been delivered on schedule and in line with the budget estimate of USD 810 million gross, and with a breakeven oil price of below USD 20 per boe.
Solveig Phase 1 drilling results to date have been above expectations, with two of the five development wells already completed. With further discovered resources in the area, such as Segment D, and further upside potential being de-risked by the Phase 1 development drilling data and production performance, a Plan for Development and Operation (PDO) for a Phase 2 development could be submitted by the end of 2022. The total gross resource potential for Solveig, including upsides, is up to 100 MMboe. In combination with the results from the Rolvsnes extended well test, currently on stream, the plateau production period at the Edvard Grieg platform could be further extended beyond 2023.
Lundin Energy is operator of both the PL359 (Solveig) and PL338 (Edvard Grieg) licences with a 65 percent working interest and the partners are OMV and Wintershall Dea with 20 and 15 percent working interests respectively. This alignment of ownership allows for optimisation of production and maximises value for all partners.
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