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Lundin Petroleum boasts of growth forecast from Norway

Jan. 29, 2014 at 7:40 AM   |   Comments

OSLO, Norway, Jan. 29 (UPI) -- Ashley Heppenstall, the top executive at Lundin Petroleum, said Wednesday his company expects strong production this year in part from its Norwegian assets.

Heppenstall told delegates at an investment conference in Oslo his company expected to see strong growth in 2014 production numbers through operations in Norway.

He said reserves held by Lundin, which has headquarters in Sweden, would increase more than threefold once the Johan Sverdrup field off the coast of Norway reaches its full production capacity. Johan Sverdrup is estimated to contain more than 1.8 billion barrels of oil equivalent reserves.

In a 200-page profile submitted at the conference, Lundin said combined production from the Boyla, Bertram and Edvard Grieg fields in Norway should exceed 75,000 barrels of oil equivalent per day once they start full production in 2015.

Norwegian developments represent 72 percent of Lundin's production forecast.

"Lundin Petroleum remains firmly committed to creating value through exploration," Heppenstall added.

Topics: Edvard Grieg
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