Lundin Boosts Production during First Nine Months

Sweden's Lundin Petroleum reported Wednesday that its boosted production during the nine months to Sept. 30 2012 to 35,600 barrels of oil equivalent per day (boepd), compared with 32,800 boepd during the same period last year.

Production exceeded Lundin's forecasts, said the company, thanks to strong contributions from its participation in the Alvheim and Volund fields in the Norwegian North Sea. Uptime on the Alvheim FPSO vessel and the Volund reservoir performance both outperformed.

"I believe this strong performance will continue into 2013 with new multilateral development wells on both Alvheim and Volund expected to have a positive impact on production," Lundin CEO C. Ashley Heppenstall said in a company statement.

As a result of the strong production during the first nine months, Lundin has raised its 2012 production forecast from 33,000 boepd to 37,000 boepd.

Lundin reported that its net income during the nine months came to $156.6 million – down from the $169.3 million it posted for the first nine months of 2011.

Lundin also reported that its three ongoing development projects in Norway are all progressing, with the Lundin-operated Brynhild and Edvard Grieg projects well into their execution phases and the firm expecting to make a fast-track development decision about its Bertam field development, offshore Malaysia, next year.

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