Sweden's Lundin Energy increased its reserve estimates at the Edvard Grieg field in the central North Sea by 50 million barrels of oil equivalent (mmboe) and extended the plateau production period to 2023, the company said on Wednesday.

The outperformance of Edvard Grieg field also lifted the gross proved plus probable (2P) reserves to 350 mmboe, representing an increase of 90% from the original plan for development and operation (PDO), according to Lundin Energy.

"The Edvard Grieg field continues to outperform, with the water production levels significantly lower than anticipated, which is supported by a recently completed 4D seismic survey that provides excellent imaging of the movement of water in the reservoir and shows the water injection flood front to be further away from the production wells than predicted, indicating increased oil-in-place in the field," the company said in a statement.

The company explained that no further expenditure is needed to develop the reserves, which will see a five-year extension from the original PDO.

The gross 2P ultimate recovery for the Greater Edvard Grieg Area, which includes Edvard Grieg, as well as the Solveig Phase 1 and Rolvsnes EWT developments, is increased to 410 MMboe, extending the plateau production period for the whole field by a further year, to late 2023.

Considering the total gross ultimate resource potential is estimated to be 800 MMboe, the company said it aims to keep the facilities full beyond 2023.

“Since Edvard Grieg first oil in 2015, the field has year on year exceeded our expectations both from a reservoir as well as an operational performance perspective,” Nick Walker, the chief operating officer of Lundin Energy, was quoted as saying in the statement.

Walker attributed the achievement at Edvard Grieg field to the “application of subsurface expertise, cutting-edge technology and operational excellence, combined with a determined and entrepreneurial approach to operatorship.”

By Sibel Morrow

Anadolu Agency

energy@aa.com.tr