STOCKHOLM, Sweden, Dec. 29 (UPI) -- The start of production from the Brynhild field in the North Sea is expected to help increase Lundin Petroleum's output substantially, the company said Monday.
The company, which has headquarters in Sweden, said the field in the Norwegian waters of the North Sea started production Christmas Day. It's expected to hold around 23.1 million barrels of oil equivalent and peak at a production rate of around 12,000 barrels of oil equivalent per day.
The company said the field is one of four set to enter into production during the next four quarters. By the end of next year, those four should increase Lundin's production to more than 75,000 barrels of oil equivalent per day.
Lundin Petroleum 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.
Developments in Norway, one of Europe's largest oil and gas producers, represent more than 70 percent of the production forecast for Lundin. During the first quarter of the year, the company said it spent roughly $127 million on exploration programs during the first quarter of the year without much success.
