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Lundin Energy updates 2020 production guidance

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Oilfield Technology,

Lundin Energy has announced that following the decision made by the Norwegian government to implement production restriction measures on the Norwegian continental shelf, the company’s updated production guidance for the full year 2020 will be targeting 157 000 boe/d.

This is at the top end of the original guidance range for 2020 of 145 – 165 000 boe/d, which was subsequently upgraded, to 160 – 170 000 boe/d, prior to the production cuts announced by the Norwegian government.

The production restriction measures being introduced will impact production output from the company’s assets from June through December 2020, with unrestricted production levels resuming at the beginning of 2021. In addition, to take advantage of excess production capacity, the planned maintenance shutdown on Edvard Grieg, that was previously deferred from 2020 to 2021, will now be expedited to take place in 3Q20.

Due to the recently announced increased production capacity at Johan Sverdrup, the company is increasing its long-term production guidance to 170 – 180 000 boe/d from 2021, from the previous guidance of 160 – 170 000 boe/d.

Operating cost guidance for 2020 remains unchanged at US$2.80/boe.

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