Arctic Finds Make Case for Northern Norway Oil Hub, Lundin Says

From Bloomberg

By Mikael Holter

Recent oil discoveries in Norway’s Arctic Barents Sea, including one by Lundin Petroleum AB (LUPE), have made the case for the construction of billions of dollars of export infrastructure, the Swedish oil explorer said.

“These discoveries alone are sufficient to be able to justify infrastructure starting to develop,” Lundin’s Chief Executive Officer Ashley Heppenstall said at a presentation in Oslo today. “Don’t ask me how or when but it’s coming.”

Stockholm-based Lundin, together with Austria’s OMV AG (OMV), made finds containing as much as 300 million barrels of oil in the Barents region last year. That helped revive optimism in the region after Statoil ASA (STL) shelved plans to build a $15 billion oil hub there for its Johan Castberg project because of rising costs and higher taxes.

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