"We are very excited with the potential in the southern Barents Sea following our Gohta and Alta discoveries," Lundin's CEO Ashley Heppenstall said, in a statement accompanying the review.
The two oil discoveries off the Norwegian coast are estimated to hold about half a billion barrels of oil.
Lundin Petroleum's Year End Report 2014 https://t.co/EOk9wAuELe— Lundin Petroleum (@lundinpetroleum) 4 февраля 2015
"I believe that as the major license holder in this area we will find significant additional oil resources and ultimately this will act as a catalyst for the development of this region… It is critical that exploration continues in the region despite current markets," Heppenstall added.
Many oil firms have been scaling down exploration of new oil and gas fields in the Arctic amid the oil price collapse. Norway's Statoil, and energy giants Exxonmobil and Chevron announced earlier they had shelved Arctic drilling plans indefinitely.
Anglo-Dutch firm Shell announced $15 billion in spending cuts, but said it may begin drilling in the Arctic region next summer.