One of the most active companies on the Norwegian Continental Shelf, Lundin Petroleum, said on Monday that it had revised downwards its resource estimate for a recent discovery in the Barents Sea, and that it no longer considers that a stand-alone development would be commercial. Although Lundin Petroleum reported overall increased reserves and contingent resources as of December 31, 2019, its estimate for the Alta discovery in the Arctic waters of the Barents Sea “has been adjusted downwards,” based on the high specification 3D seismic survey and extensive data and analysis from the well drilled for the extended well test conducted in 2018. Initially, Lundin had expected that the combined gross resource range for the Alta discovery and nearby Gohta discovery was at between 115 and 390 million barrels of oil equivalent (MMboe). As of September 2018, the development concept for Alta was a subsea field development connected to […]