STOCKHOLM, Sweden, Feb. 5 (UPI) -- While details about the Johan Sverdrup field in the North Sea are slow to develop, Lundin Petroleum's chief executive said Wednesday it's worth the wait.
Chief Executive Officer Ashley Heppenstall said Wednesday the appraisal of Johan Sverdrup is "substantially complete." The company said the field holds as much as 2.9 billion barrels of oil equivalent and oil production should begin in late 2019.
"I know it has been frustrating for many shareholders waiting for information on the development concept," he said in a statement. "However this is a huge project and it is important that the right investments are made today to maximize long term value."
Lundin, along with its partners at Johan Sverdrup -- Statoil, Maersk Oil, Det Norske and Petoro -- in December said the production target of 2019 was a year later than originally planned.
"The quality, location and size of Johan Sverdrup are unique for any company, not just Lundin Petroleum, and will ultimately deliver material long term value," Heppenstall said.
Lundin, which has headquarters in Stockholm, said Norwegian developments represent 72 percent of its production forecast for 2014.