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Giant oil discovery in the Barents Sea

Lundin Petroleum has scored a jackpot in the Barents Sea. This could be good news for the Johan Castberg field.

Photo: COSL

The Norwegian oil reserves will likely need to be scaled up soon. This fact has become apparent following Lundin Petroleum's announcement today that the oil company has made a new giant discovery in the Barents Sea off the coast of Norway.

The drilling was performed by the Alta field and Lundin Petroleum estimates that the field could contain between 125 and 400 million barrels of oil and gas.

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