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Lundin sees output more than doubling next decade



Petroleumworld.com 02 02 2017

Swedish oil firm Lundin's output will more than double before the middle of the next decade after development of Norway's giant Johan Sverdrup oilfield is complete, the company said on Wednesday.

Even if Lundin finds no additional oil, output will rise to more than 120,000 barrels of oil equivalents per day when the first phase of Sverdrup comes on stream in late 2019 from 72,600 barrels in 2016.

Lundin's output will then increase to more than 150,000 barrels per day when the second and final phase of Sverdrup hits maximum output some time after 2022, it added.

"We also expect that we will do better with new developments in the pipeline and the new resources we will discover in the years to come," the company added in a statement.

In the fourth quarter, Lundin reported operating earnings before depreciation and amortisation slightly ahead of forecasts in a Reuters poll, while its net loss was somewhat larger than anticipated.

Reporting by Nerijus Adomaitis, editing by Terje Solsvik from Reuters

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