Though considered a minor discovery, the Norwegian government said the latest find from Lundin Petroleum could tie into the larger Edvard Grieg field.

Lundin Petroleum, which has headquarters in Sweden, announced it made an oil discovery in a previously untapped area within the Luno II North prospect in the Norwegian waters of the North Sea. The company said the discovery is estimated to contain between 12 million and 26 million barrels of oil equivalent.

The Norwegian Petroleum Directorate, the nation's energy director, characterized the discovery as minor, though it could potentially tie into the nearby Edvard Grieg field.

Lundin last week revised its production guidance lower to 32,000 barrels of oil equivalents per day as a result of less than expected output from the Brynhild filed off the coast of Norway and infrastructure delays for its Edvard Grieg rig.

"While the analysis of the economic viability of the various development concepts is ongoing, one possible development solution could be a combined Luno II and Luno II North subsea tie-back to the Edvard Grieg field," Lundin said in a statement on the latest discovery.

Luno II is estimated to hold between 27 million and 71 million barrels of oil equivalent.

Edvard Grieg was discovered in 2007.

Lundin says first production from the field is expected in late 2015. Peak production is anticipated at 90,000 barrels of oil and 53 million cubic feet of natural gas per day.