Lundin Petroleum, a Swedish independent oil and gas company, announced today that Rosnedra, the Russian licensing authority, has issued a production licence for Morskaya field in the Lagansky Block in the Caspian Sea.
According to Lundin Petroleum, the production licence is valid until 2035 and covers approximately 50 km². The company says that the Morskaya field, owned by LLC Petroresurs, is estimated to contain gross contingent resources of 157 million barrels of oil equivalent.
Lundin Petroleum holds a 70 percent shareholding in LLC Petroresurs with Gunvor Group holding the remaining 30 percent.
Ashley Heppenstall, President and CEO of Lundin Petroleum said: “We are very pleased to receive a production licence for the Morskaya field and will now work towards putting in place a plan to fully appraise this large discovery situated in the northern Caspian Sea.”