Subsidiary Lundin Norway announced drilling at an exploration well in the Barents Sea confirmed a natural gas discovery was of "good reservoir quality in the sandstone."
Calculations of the discovery from the Norwegian Petroleum Directorate found the volume of gas discovered in the area ranges from 29 million-41 million barrels of oil equivalent.
Lundin said it aims to drill another well in the Barents Sea this month.
Norwegian energy company Statoil said in August it that it's well-suited for a non-stop exploration campaign in the Barents Sea next year. The company was involved in more than 90 percent of the 94 exploration wells drilled in Norwegian waters of the sea.
The Shtokman natural gas field in the region is said to contain more natural gas than the combined reserves the Norwegian and British continental shelves.
Advocacy groups such as Greenpeace say drilling that far north comes with inherent environmental risks.