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%.