Sweden’s Lundin Energy will buy stakes in several oil discoveries in the Barents Sea from Japan’s Idemitsu, adding 70 million barrels of oil equivalent (MMboe) in reserves in a $125 million deal, Lundin said Oct. 5.
The company simultaneously announced plans to drill three exploration wells in the Barents Sea during the fourth quarter of 2020, with the hope of discovering more than 800 MMboe if the campaign is successful.
While some banks and asset managers have been backing away from Arctic oil exploration amid criticism from environmental campaigners, Norway still hopes to encourage more drilling in the vast, far-flung region.
Lundin, one of the most active oil firms in the Norwegian Arctic in recent years, maintained it would continue to make bolt-on acquisitions when strong opportunities emerge.
The Idemitsu transaction includes a 10% stake in the Wisting oil discovery and a 15% stake in the Alta find, increasing Lundin’s ownership of the latter to 55%, as well as stakes in several exploration prospects, Lundin said.

The deal, which is subject to Norwegian regulatory approvals as well as approval by Idemitsu’s board, also increases Lundin’s stake in the Polmak exploration well to 47.5% from 40%.
“With the high impact Polmak well due to spud shortly, I am excited at the opportunity and position we have built in the Barents and look forward to reporting on our progress in the months ahead,” Lundin CEO Alex Schneiter said.
Recommended Reading
Produced Water: One Man’s Garbage is Another Man’s Gold
2025-06-10 - It will take time to figure out which solutions to the produced water problem scale up the best. Good legislation is going to be crucial, experts say.
Get a Lift: Baker Hughes Innovates ESPs with AI, Physics Modeling
2025-05-13 - The Leucipa ESP Optimizer was recognized with the Spotlight on New Technology award at the Offshore Technology Conference.
There’s Something in the Permian’s Water, and That’s a Problem
2025-05-14 - Companies big and small are figuring out how to manage the Permian Basin’s unprecedented volume of produced water.
Plan to Convert Frac Water into Hydrogen Could Bring $5MM/Year
2025-06-18 - A group of collaborators are working to convert frac wastewater into clean hydrogen in an initiative that could lead to hydrogen sales of up to $5 million annually.
Glass Half Full: Produced Water Can be Constraint or Growth Driver
2025-05-21 - Water management strategies from innovative companies address challenges that include operational efficiency, seismicity and water scarcity to take advantage of the reuse of produced water.