26/06/2019 11:00:00

Plan for development and operation for Solveig approved

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has received final approval for the plan for development and operation (PDO) for the Solveig field (Solveig) from the Norwegian Ministry of Petroleum and Energy. The Solveig field is the first tie-back development project to the Lundin Norway operated Edvard Grieg platform on the Utsira High, Norway.

First oil from Solveig phase 1 in PL359 is expected in the first quarter of 2021 with a forecast gross peak production of 30 Mboepd. Phase 1 capital cost is estimated at USD 810 million gross1 (USD 527 million net to Lundin), with a breakeven below USD 30 per boe and consists of three horizontal oil production wells and two water injection wells.

The contract for the modification of the Edvard Grieg field facilities has been awarded to Rosenberg WorleyParsons and the subsea system contract has been awarded to TechnipFMC under a lump sum engineering, procurement, construction and installation contract (EPCI). Drilling work will be undertaken using the West Bollsta high specification semi-submersible rig, operated by Seadrill. 

Lundin is the operator of Solveig with a 65 percent working interest and the partners are OMV and Wintershall DEA with 20 and 15 percent working interest respectively, the same as Edvard Grieg; this alignment of ownership interests allows for optimisation of production and value for all partners.

Alex Schneiter, CEO and President of Lundin Petroleum commented:

“I am very pleased to note the final approval from the Ministry of Petroleum and Energy for the PDO of Solveig; this is our first tie-back project to Edvard Grieg and is an important part of the future for the Greater Edvard Grieg Area solution. We have assembled a very good team to lead the project, supported by industry leading contractors and I look forward to reporting on its progress as we head towards first oil in early 2021.”

Lundin Petroleum is one of Europe’s leading independent oil and gas exploration and production companies with operations focused on Norway and listed on NASDAQ Stockholm (ticker "LUPE"). Read more about Lundin Petroleum’s business and operations at www.lundin-petroleum.com

1 At NOK 8 to USD

For further information, please contact:

Edward Westropp

VP Investor Relations

Tel: +41 22 595 10 14

edward.westropp@lundin.ch 

  Sofia Antunes

Investor Relations Officer

Tel: +41 795 23 60 75

sofia.antunes@lundin.ch

  Robert Eriksson

Head of Media Communications

Tel: +46 701 11 26 15

robert.eriksson@lundin-petroleum.se

 

Forward-Looking Statements

Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including Lundin

Petroleum's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not

always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict",

"potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon. These statements speak only as on the date of the information and Lundin Petroleum does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading “Risks and Risk Management” and elsewhere in Lundin Petroleum’s annual report. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are expressly qualified by this cautionary statement.

 

Attachment

logo.png

Related content
05 Sep - 
Johan Sverdrup accelerated start-up schedule
30 Aug - 
Completion of the sale of a 2.6 percent stake in the Jo..
30 Aug - 
Reduced number of shares and votes in Lundin Petroleum ..
Del

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

#

EuroInvestor: In Focus
#

#

EuroInvestor: In Focus
#

#

EuroInvestor: In Focus
#

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
VAALCO Energy, Inc. Announces Intention to List on the Main Market of the London Stock Exchange
2
TransGlobe Energy Corporation Announces Director/PDMR Shareholdings
3
Pöyry shares best practices in world’s first thermal power plant operations and management body of knowledge
4
GC Rieber Shipping: Shearwater GeoServices awarded 1st Latin American Isometrix survey by Ecopetrol
5
Notification of managers and closely related parties’ transactions with A.P. Møller - Mærsk A/S shares in connection with share buy-back program

Related stock quotes

Lundin Petroleum AB 326.70 8.9% Stock price increasing

Copyright Berlingske Media 2019  Cookie- and Privacy policy  |  Cookies  |   General terms of trade  |   Terms of use and IP rights
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
17 September 2019 04:16:54
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20190829.2 - EUROWEB1 - 2019-09-17 05:16:54 - 2019-09-17 04:16:54 - 1000 - Website: OKAY