The Luno field in production license PL338 contains about 186 million barrels of oil equivalents of gross proved and probable reserves, and first production from the field is expected in late 2015.
The field development and operation plan includes 15 wells drilled from a jack-up rig, a processing platform on a jacket structure and export pipelines tied back to existing infrastructure.
Capital cost of the field development including platform, pipelines and production wells is expected to be about $4bn.
Lundin Petroleum said it is in negotiations with Det norske Oljeselskap in relation to a coordinated development solution for the Luno and Draupne fields.
The Draupne discovery is located ten-km to the northwest of Luno in the PL001B license operated by Det norske Oljeselskap.
The design capacity of the Luno platform will accommodate more than 120,000 barrels of oil per day when Draupne production is combined with that from the Luno field.
Lundin Petroleum has also awarded a letter of intent to Kvaerner for engineering, procurement and construction of the jacket for the Luno platform.
Rowan Companies has been awarded a contract for a jack-up rig to drill the Luno development wells.
Lundin Petroleum operates the Luno field with a 50% working interest, while Wintershall Norge and RWE Dea Norge hold a 30% and a 20% interest, respectively.
