Lundin Petroleum Sells Russian Assets to Arawak Energy

Lundin Petroleum signed a deal with Arawak Energy Russia BV (Arawak) to sell its interests in the Sotchemyu-Talyu and the North Irael Fields, Komi Region, Russia.

‘Lundin Petroleum holds a 50% interest in each of the two fields, with Arawak holding the other 50% interest and acting as the operator.’ reads a note released on Thursday. 

With the transaction, Lundin Petroleum’s production is likely to decrease by around 4%. 

‘In respect of the two fields, Lundin Petroleum reported aggregate net reserves of 6.1 million barrels of oil equivalent (boe) as at 31 December 2013, and net production for the first half of 2014 is estimated at 2,150 boe per day (boepd),’ the company wrote, adding that its revised full year 2014 production guidance is between 24,000 and 29,000 boepd. 

Earlier this month, the company sold its 15% interest in PL350 to Wintershall Norge.