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Lundin deems major oil discovery non-commercial

The oil company has had to realize that it may have been too optimistic about its assessment of the Alta discovery in the Barents Sea.

Although Lundin Petroleum has upgraded its overall reserve estimates, the company has taken a major hit in the Barents Sea. | Photo: Lundin

Discoveries in the Barents Sea have so far been pretty mediocre. Expectations were high, but reality has not quite been able to live up to them.

The same now rings true for Lundin Petroleum's discovery of the fields Alta and Gohta in the same waters. Lundin first expected reserves between 115 and 390 million barrels of oil and even upgraded these figures later.

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