Lundin exploring new potential in Barents Sea
Lundin's subsidiary in Norway said it started drilling an exploration well in the Børselv prospect in the southern Barents Sea. Lundin made discoveries near the Børselv prospect about three years ago. A fourth appraisal well was drilled in the Alta discovery in May and the company put the estimated reserves there at between 125 million and 400 million barrels of oil equivalent. Addressing some of the concerns about operations in frigid northern climates, the company said the part of the Barents Sea where it's focusing ice-free because of the Gulf Stream. Norway is one of the largest oil and gas producers in the world and an important part of European energy security because it designates nearly all of what it produces offshore for exports.