STOCKHOLM, Sweden, Jan. 8 (UPI) -- Swedish energy company Lundin Petroleum said Wednesday nearly 75 percent of its exploration budget for 2014 would target developments in Norway.
Lundin said it set aside $380 million for exploration this year and the major focus of that spending would be on Norway.
The company said it plans to drill seven new exploration wells in Norwegian territorial waters of the North, Norwegian and Barents Seas. Two of the four appraisal wells on the Norwegian Continental Shelf are planned for the Johan Sverdrup field, which holds 1.8 billion to 2.9 billion barrels of oil equivalent.
Ashley Heppenstall, the company's president, said the Norwegian campaign, along with other projects in Malaysia, Indonesia and France, should help Lundin double its 2013 production levels in less than two years.
"Lundin Petroleum remains a very active exploration company," he said in a statement.
The Norwegian government estimates its continental shelf holds 88 billion barrels of total petroleum reserves.