Lundin Petroleum Raises End-2015 Output Guidance

Lundin Petroleum Raises End-2015 Output Guidance


OSLO, Jan 22 (Reuters) – Swedish oil company Lundin Petroleum increased its end-2015 production guidance on Wednesday, saying that new fields in Norway would produce more than it earlier thought.

Lundin, which holds a major stake in the Johan Sverdrup field in the North Sea, expects production to rise to more than 75,000 barrels per day (boepd) by the end of 2015, above previous guidance of 70,000 boepd and more than double last year's 32,700 boepd as fields such as Norway's Brynhild, Bøyla and Edvard Grieg, and Malaysia's Bertam start production.

For 2014, it sees production broadly steady between 30,000 and 35,000 boepd and rising to average 50,000 boepd in 2015, Chief Executive Ashley Heppenstall said in a statement.

In 2013, Lundin increased its proven and probable reserves by 2 percent but that figure excludes Sverdrup, which is still under appraisal by Lundin and Norway's Statoil and thought to contain up to 2.9 billion barrels of oil.

"Our reserve position will increase by over threefold on submission of the Johan Sverdrup development plan expected by the end of 2014," Heppenstall said.

Its reserve replacement ratio was 38 percent, a relatively low number, but the firm spent much of 2013 drilling appraisal wells on Sverdrup, an oilfield which could start production in 2019 and produce over 500,000 boepd, pushing Lundin's own production to over 150,000 boepd.

(Reporting by Balazs Koranyi; editing by Jason Neely)

Copyright 2016 Thomson Reuters. Click for Restrictions.


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