Lundin Petroleum Announces its 2018 Budget and Production Guidance
Wednesday 24 January 2018
Lundin Petroleum AB is pleased to announce its 2018 development, appraisal and exploration budget which totals USD 1.05 billion and represents an 11 percent decrease on 2017 capital expenditure. The production guidance for 2018 is between 74 to 82 thousand barrels of oil equivalent per day.
The average production in 2017 was 86.1 Mboepd, which was 15 percent above the mid-point of the original guidance and above the revised 2017 production guidance. Lundin Petroleum’s production guidance for 2018 is between 74 to 82 Mboepd with approximately 75 percent of the production contribution from the Edvard Grieg field.
The 2018 development expenditure is budgeted at USD 800 million. With respect to committed development projects, 2017 was the peak year of capital expenditure leading up to Johan Sverdrup first oil and 2018 development expenditure is 16 percent below the 2017 level.