MOSCOW -- Swedish oil company Lundin Petroleum announced it has made a major oil discovery in Russia's north Caspian Sea. The discovery was made during exploratory drilling on the Morskaya-1 well on the Lagansky block, which has estimated reserves of more than 800 million barrels of oil.
"This is a world class oil discovery which has confirmed the excellent prospectivity of the Lagansky block," said Ashley Heppenstall, President and CEO of Lundin Petroleum.
Drilling is expected to commence at the end of September, and Lundin Petroleum plans to drill a further two wells in 2009.
MP: That seems like a pretty sensible drilling strategy: a Swedish company make a major discovery of oil in July, and it plans to start drilling in just TWO MONTHS. Compare that to the U.S. strategy - discover major deposits of crude oil in ANWR in 1987, and ban drilling for more than TWO DECADES.
HT: Clover Aguayo