Rosnedra, the Russian licensing authority, has issued Lundin Petroleum AB a production license for Morskaya Field located within the Lagansky Block in the Russian part of the Caspian Sea, the company said in a news release.
The production license is valid until 2035 and covers approximately 50 sq km (19 sq miles). The Morskaya Field is estimated to contain gross contingent resources of 157 million barrels of oil equivalent, Lundin said in the release.
The field is owned by LLC Petroresurs. Lundin Petroleum holds a 70% shareholding in LLC Petroresurs with Gunvor Group holding the remaining 30%, the release said.
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