Lundin expects to double oil, gas output by 2015

Jan. 22, 2014 at 7:23 AM
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STOCKHOLM, Sweden, Jan. 22 (UPI) -- Ashley Heppenstall, president of Lundin Petroleum, said Wednesday oil and gas production from the company should more than double within two years.

Heppenstall said the company should increase production to more than 75,000 barrels of oil equivalent per day with the help of the launch of four fields -- Brynhild, Boyla, Bertam and Edvard Grieg -- off Norway.

"We have today reserves and contingent resources in excess of 1 billion barrels of oil equivalent and our reserve position will increase by over threefold on submission of the Johan Sverdrup development plan expected by the end of 2014," he said in a statement.

The Johan Sverdrup field is estimated to contain more than 1.8 billion barrels of oil equivalent reserves.

Lundin said Norwegian developments represent 72 percent of its production forecast for 2014.

Lundin said it set aside $380 million for exploration this year and the major focus of that spending would be on Norway. Lundin secured 9 new exploration licenses during the latest auction from the Norwegian government.

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