– Exploration is always gambling. But the discovery rate is relatively high in this area. We are pleased that Lundin has found more oil in the Edvard Grieg field, and we hope you will find more, says chief Karl Johnny Hersvik in The Norwegian DN.
Friday the company started production drilling on Ivar Aasen on Utsira High in the North Sea.
According to the newspaper The Norwegian drilling two new wells next year, a little over two mil from the field, hoping to find additional resources. Oil prices have more than halved compared with the same period last year, and Friday was a barrel of North Sea oil sold for just over $ 49.
According to an overview from the renowned consulting firm Rystad Energy as DN has gained access to, is not Ivar Aasen field profitably at current oil prices.
– Ivar Aasen is a costly field with relatively small resources. If it had not been for that they found extra resources would break-even price have been worse. Once companies find additional resources, go profitability, says Espen Erlingsen analyst Rystad Energy.
– The Norwegian and collaborators at the Ivar Aasen will make money, but only when oil prices are well above 65 dollars a barrel, says Erlingsen to DN.
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