Lundin production ramps up

Kristin Færøvik, Lundin Norway md reveals that the company is proceeding with oil exploration in the Barents Sea where it is a major license holder in the Loppa High area and bid for a number of blocks in Norway's 23rd licensing round in December. Awards are expected by the summer.

According to the Norwegian Petroleum Directorate, Lundin has discovered close to half of all reserves found on the Norwegian Continental Shelf since 2007. Four fields have been commissioned by the company since December 2014 - Brynhild, Boyla, Bertram and Edvard Grieg where oil production is likely to level at 100,000 b/d by the second half of this year.

The southern Barents Sea is a key focus for Lundin: an estimated 8.8bn barrels of "yet-to-find" oil is likely to be discovered there. Five oil and two gas discoveries have already been made and the company will probably deploy a floating unit on the Alta discovery in due course.

Meanwhile preparations continue for the 2019 commissioning of the giant Johan Sverdrup field in which Lundin holds a 22.6% equity stake. By then, four platforms will be hooked up in the first development phase with the help of Allseas' pipelaying and heavy-lift vessel Pioneering Spirit. Oil production at the field will continue for at least four decades, according to estimates.