Swedish oil and gas company, Lundin Energy, has entered into an agreement with Idemitsu Petroleum to acquire interests in a portfolio of licenses in the Barents Sea, according to a press release.

This includes a 10% working interest in the Wisting oil discovery and a further 15% working interest in the Alta oil discovery.

Alex Schneiter, CEO of Lundin Energy, said, “I am very pleased to announce this strategic acquisition which strengthens Lundin Energy’s position in one of our core exploration areas and provides an interest in a major commercial oil discovery, as well as increasing our working interest in the operated Alta oil discovery.” 

With estimated gross resources of 500 million barrels of oil (mmbbl), the Wisting oil discovery is expected to be one of the next Barents Sea production hubs.

Polmak is the first of three high-impact exploration prospects to be drilled by Lundin in the Barents Sea during Q4. The targeted prospective resources exceed 800 mmbbl. 

Polmak will be drilled by the West Bollsta semi-submersible drilling rig, with spud expected in October .