Offshore staff
STOCKHOLM, Sweden – Lundin Energy will scale back its production offshore Norway this year to 157,000 boe/d.
It follows the recent decision by the Norwegian government to implement production restrictions on fields offshore Norway to support measures to prop up oil prices.
Lundin had previously forecast production from its facilities of 160-170 MMboe/d.
The restrictions will take effect from June through December, with unfettered output set to resume from the start of 2021.
To take advantage of excess production capacity, the company will now bring forward a planned maintenance shutdown on its Edvard Grieg complex in the North Sea from 2021 to 3Q 2020.
With production capacity at the nearby Johan Sverdrup field recently raised, Lundin is now increasing its long-term production guidance from 2021 onwards to 170-180 MMboe/d.
Its operating costs guidance for 2020 remains unchanged at $2.80/boe.
05/18/2020
