Lundin Petroleum up after Norway oil find

Swedish oil firm Lundin Petroleum climbed fast on the Stockholm stock exchange on Friday morning after announcing a "significant" find in the Norwegian North Sea.

Lundin Petroleum up after Norway oil find

The firm confirmed on Friday that it has made a significant oil discovery in the Avaldsnes prospect, 25 kilometres east of the Lundin Petroleum operated Luno field.

“The Avaldsnes discovery is a major milestone for Lundin Petroleum and has confirmed our view that following the Luno discovery additional hydrocarbons would be found in the Greater Luno Area,” said CEO Ashley Heppenstall in a statement.

The find is reported to be estimated to contain recoverable resources of 100 – 400 million barrels of oil equivalent (MMboe) with further appraisal wells set to be drilled in 2011 to establish the extent of the find.

“We have found at Avaldsnes excellent reservoir quality within a large mapped structure and as a result the potential resources are larger than our pre-drill estimates. The discovery will result in further additional exploration potential in the Greater Luno Area,” said Heppenstall.

Lundin Petroleum’s stock is listed at the NASDAQ OMX, Stockholm and was up over 14 percent by 10am on Friday on the back of the announcement and the impact of Hurricane Karl on oil production in the Mexican Gulf.

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NGOs take Norway to European Court over Arctic oil exploration

Two NGOs and six young climate activists have decided to take Norway to the European Court of Human Rights (ECHR) to demand the cancellation of oil permits in the Arctic, Greenpeace announced on Tuesday.

NGOs take Norway to European Court over Arctic oil exploration
Northern Norway. Photo by Vidar Nordli-Mathisen on Unsplash.

It’s the latest turn in a legal tussle between environmental organisations Greenpeace and Young Friends of the Earth Norway on one side and the Norwegian state on the other.

The organisations are demanding the government cancel 10 oil exploration licenses in the Barents Sea awarded in 2016, arguing it was unconstitutional.

Referring to the Paris Agreement, which seeks to limit global warming to less than two degrees Celsius above pre-industrial levels, the organisations claim that the oil licenses violated article 112 of Norway’s constitution, guaranteeing everyone the right to a healthy environment.”

The six activists, alongside Greenpeace Nordic and Young Friends of the Earth Norway, hope that the European Court of Human Rights will hear their case and find that Norway’s oil expansion is in breach of human rights,” Greenpeace said in a statement.

In December, Norway’s Supreme Court rejected the claim brought by the organisations, their third successive legal defeat.

READ MORE: Norway sees oil in its future despite IEA’s warnings¬†

While most of the judges on the court agreed that article 112 could be invoked if the state failed to meet its climate and environmental obligations– they did not think it was applicable in this case.

The court also held that the granting of oil permits was not contrary to the European Convention on Human Rights, in part because they did not represent “a real and immediate risk” to life and physical integrity.

“The young activists and the environmental organisations argue that this judgment was flawed, as it discounted the significance of their environmental constitutional rights and did not take into account an accurate assessment of the consequences of climate change for the coming generations,” Greenpeace said.

On Friday, the Norwegian government unveiled a white paper on the country’s energy future, which still includes oil exploration despite a warning from the International Energy Agency (IEA).

The IEA recently warned that all future fossil fuel projects must be scrapped if the world is to reach net-zero carbon emissions by 2050.

The Norwegian case is an example of a global trend in which climate activists are increasingly turning to courts to pursue their agenda.