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LUNE - Lundin Energy AB News Story

SEK307.4 -0.6  -0.2%

Last Trade - 5:00pm

Sector
Energy
Size
Large Cap
Market Cap £7.41bn
Enterprise Value £9.91bn
Revenue £2.14bn
Position in Universe 111th / 1846

UPDATE 1-Norway's Sverdrup oilfield to boost output in May

Thu 29th April, 2021 7:43am
(Adds Lundin earnings, production)
    OSLO, April 29 (Reuters) - Western Europe's largest
oilfield, Johan Sverdrup, will ramp up its production in early
May, sooner than previously expected, Swedish independent oil
firm Lundin Energy  LUNE.ST  said on Thursday.
    "Phase 1 production capacity is about to step-up to 535,000
barrels of oil equivalent per day (boepd) gross, and I expect,
when the impact on the full field capacity has been assessed, we
will see an increase above the current guidance of 720,000
boepd," Chief Executive Nick Walker said in a statement.
    Sverdrup was previously expected to ramp up its capacity in
summer from 500,000 boepd at the start of the year. Its final
phase is expected to start up at the end of 2022.
    Lundin said studies to identify opportunities to increase
field's production continued and was expected to be completed
during the second quarter of 2021.
    Operator Equinor holds a 42.6% stake in Sverdrup, Lundin
Energy has 20%, Petoro holds 17.36%, Aker BP  AKERBP.OL  owns
11.57% and Total  TOTF.PA  has 8.44%.
    Lundin's production in the first quarter rose 20% from a
year ago to 182,900 boepd, helping boost quarterly revenue to a
record $1.1 billion as oil prices also rose, the company
said. urn:newsml:reuters.com:*:nFWN2ML1MA
    Lundin, which gets one fifth of the oil produced from
Sverdrup, said the company was on track to grow its overall
production to more than 200,000 boepd by 2023.
    The company generated record high quarterly earnings before
interest, tax, depletion, amortisation and exploration expenses
(EBITDAX) at $1.0 billion, up from $581.1 million a year ago, it
added.
    Lundin has upped its renewable expenditure guidance for 2021
to $100 million from $70 million due to adding the investment in
Karskruv wind farm project in southern Sweden.
    The company has invested in three renewable energy projects
to cover the electricity used to produce oil and gas offshore
Norway, as it aims to become carbon neutral from the production
stage by 2025.  urn:newsml:reuters.com:*:nL1N2MJ0SF

 (Reporting by Nerijus Adomaitis; Editing by Terje Solsvik and
Edmund Blair)
 ((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters
Messaging: nerijus.adomaitis.thomsonreuters@reuters))
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