Lundin Petroleum Announces $1.05B Budget for 2018
Lundin Petroleum AB announced Tuesday that its development, appraisal and exploration budget will total $1.05 billion in 2018, an 11 percent decrease on 2017 capital expenditure.
The company’s 2018 development spend is budgeted at $800 million. Approximately 80 percent of this relates to the non-operated Johan Sverdrup field, with 2018 being the peak year in terms of facilities installation for Phase 1 of the project, Lundin stated.
Pre-tax appraisal spend is budgeted at $135 million in 2018, and pre-tax exploration investment is budgeted at $115 million.
Lundin’s appraisal program involves two operated appraisal wells in the Utsira High area in the Norwegian North Sea. An extended well test will be conducted at the Alta oil discovery in the southern Barents Sea and front end engineering design and PDO studies will also be conducted for Johan Sverdrup Phase 2.
As for exploration spend, Lundin is planning eight exploration wells this year. Four of these are planned in the southern Barents Sea and four in the Norwegian North Sea.
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