Lundin Petroleum AB (LUPE) , the Swedish explorer focused on Norway , said there won’t be any oil production in the ice-filled waters of the Arctic for at least 15 years because of technical and logistical challenges. “I don’t think we’ll see any oil production in the Arctic any time soon — probably not this decade and not the next,” Chairman Ian Lundin said in a Feb. 20 interview in Stockholm. “The commercial challenges are too big.” The Arctic holds 30 percent of the world’s undiscovered natural gas reserves and 13 percent of its undiscovered oil, according to U.S. Geological Survey estimates. Still, exploration of the Arctic ocean floor, where 84 percent of these resources are thought to be trapped, has suffered setbacks in recent years. Royal Dutch Shell Plc. (RDSA) , Europe ’s biggest oil company, in January again halted drilling plans off Alaska after a court ruled […]