Lundin Petroleum provides Johan Sverdrup update
Published by Laura Dean,
Deputy Editor
Oilfield Technology,
Lundin Petroleum AB (Lundin Petroleum) has announced that the Johan Sverdrup development project continues to improve.
Phase 1 of the Johan Sverdrup project continues to progress according to plan and is now close to 70% complete. A summary of the positive update provided by Statoil is presented in the table below:
| Updated guidance | Previous guidance | |
| Resource range | 2.1 - 3.1 billion boe | 2.0 - 3.0 billion boe |
| Captial expenditure Phase 1 (nominal) | NOK 88 billion | NOK 92 billion |
| Capital expenditure Phase 2 (nominal) | NOK 40 - 55 billion | |
| Full field breakeven price | < US$20/bbl | < US$25/bbl |
Alex Schneiter, CEO and President of Lundin Petroleum comments:
“With the good progress on the Johan Sverdrup project it is encouraging to see that the partnership has managed to reduce costs even further. Phase 1 costs have now been reduced by close to 30% since the PDO, excluding additional foreign exchange rate savings. This improvement, in combination with the resource upgrade for the field, truly shows what a world class asset Johan Sverdrup is and I am particularly pleased to see further tangible evidence of this from Statoil’s announcement today.”
Lundin Norway has a 22.6% working interest in the Johan Sverdrup field and Statoil is operator with 40.0267%. The remaining partners are Petoro with 17.36%, Aker BP with 11.5733% and Maersk Oil with 8.44%.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/08022018/lundin-petroleum-provides-johan-sverdrup-update/
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