STOCKHOLM, Sweden, Aug. 6 (UPI) -- Swedish energy company Lundin Petroleum said Wednesday it was frustrated with offshore field developments in Norway but expects a rebound in 2015.
"The 2014 forecast has been impacted by the delays to the Brynhild field development," President and Chief Executive Officer C. Ashley Heppenstall said in a letter to shareholders.
The company in June said progress was moving slower than expected at the Brynhild field because of issues related to the commissioning of a floating production, storage and offloading vessel by Shell.
Production from Norway accounts for about 60 percent of the company's total production. Once other fields offshore Norway come online, Heppenstall said production should pass 50,000 barrels of oil equivalent per day by 2015.
"Production to close to triple by the end of 2015," the CEO said.
The company in April said it spent roughly $127 million on exploration programs during the first quarter of the year without much success. Heppenstall said his company's business model should return value to shareholders based on expectations of increased global demand for energy.
"We strongly believe in a world where there will continue to be a strong demand for energy as the primary fuel to drive economic growth and that fossil fuels will remain the most important energy source for the foreseeable future," he said.