Lundin Energy Chief Schneiter: Output Trending Upward at Sverdrup
Norway's Johan Sverdrup oilfield, the largest in western Europe, is ramping up production in the fourth quarter after the government increased its production permit, Lundin Energy, a partner in the field, said on Friday.Equinor-operated Sverdrup increased its production capacity to 470,000 barrels of oil equivalent per day (boed) in March from an original 440,000 boed, but output was soon after capped by government-imposed limits.Norway in May joined OPEC and other producers in voluntary output curbs to help prop up oil prices as the novel coronavirus pandemic undermined demand.Maintenance work and technical problems at some fields cut output more than expected
Lundin Petroleum's Q3 Beats Forecast
Swedish oil firm Lundin Petroleum , a partner in Norway's giant Sverdrup oilfield, posted a smaller-than-expected decline in third-quarter earnings on Thursday, while raising output forecasts and cutting capital spending guidance.Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $411 million in the third quarter from $504 million a year earlier as crude prices declined, beating a mean estimate of $378 million in a Refinitiv poll.The company's shares hit an all-time high in early trade but later pulled back to trade down 2.9% by 1000 GMT as investors pocketed recent gains amid a broad decline in energy stocks."It's just profit taking…
Lundin Buys Stakes in Rolvsnes, Goddo
Lundin Petroleum, Europe's independent oil and gas exploration and production company with operations focused on Norway, has increased its stake in the major Rolvsnes oil discovery in the Norwegian North Sea, flagging a potential tieback eventually to its operated Edvard Grieg oil field.A press statement from the Swedish oil and gas company said: "Lundin has entered into an agreement with Lime Petroleum, a subsidiary of Rex International Holding Limited, to acquire its entire Utsira High acreage position covering the Rolvsnes and Goddo…
Lundin Raises Output Guidance Despite Arctic Setback
Sweden's Lundin Petroleum lifted its full year production guidance on Wednesday and said it still expected to find more oil in the Barents Sea despite a recent setback. Lundin, a partner in Norway's giant Johan Sverdrup field, reported $355.8 million in earnings before interest, tax, depreciation and amortisation (EBITDA), above the forecast of $325 million in a Reuters survey of analysts. Lundin said it was able to increase production capacity at its Edvard Grieg platform to 145,000 barrels of oil equivalents per day (boepd) from its designed capacity of 126,000.
Lundin Petroleum CEO to be Questioned on Sudan Allegations
Swedish prosecutors will question the CEO and chairman of Swedish oil firm Lundin Petroleum about possible crimes against international humanitarian law in Sudan, a company spokesman said on Friday. In 2010, prosecutors opened a preliminary investigation into Lundin Petroleum's activities in the country after a report by the European Coalition on Oil in Sudan (ECOS) said the company was possibly complicit in human rights abuses between 1997 and 2003. "Personally, I am convinced the investigation will not lead to prosecution," Lundin Petroleum chairman Ian Lundin told the daily newspaper Dagens Industri on Friday.
Lundin Petroleum Slashes 2016 CapEx
Sweden's Lundin Petroleum said on Friday it will cut its 2016 capital spending by around a quarter compared to last year and doubled its production guidance due to a new oilfield coming onstream. Oil and gas firms have been squeezing costs as crude prices have dropped by around 70 percent since mid-2014. Lundin said it expects to spend $1.1 billion on total capital expenditures this year, down 26 percent from last year. "More than ever in this challenging oil price environment, a strong focus on operational efficiency, production performance and cost discipline will be in the forefront of our minds," Chief Executive Alex Schneiter said in a statement.
