Swedish oilmen stronger than ever, move rigs towards Barents Sea

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The Swedish-owned company continues its success on the Norwegian shelf. In his Q3 report, President and CEO Alex Schneiter says that the financial position of the company is «stronger than ever». Third quarter average production amounted to 80,400 boepd and was a record high. Lundin now has around $1 billion of liquidity headroom.

Much is thanks to the engagement in the Edvard Grieg and Johan Sverdrup projects. However, it is in Norwegian Arctic waters that the company has its top strategic priorities.

«We are pleased to announce that our 2017 exploration and appraisal campaign will be a very exciting one encompassing four exploration wells and four appraisal wells with drilling in southern and eastern Barents Sea, the Utsira High area and the Alvheim area», Lundin chief Schneiter says.

In addition, three exploration wells are to be drilled in 2017 in licences where the company is partner.

Lundin has for the last years been the most successful company on the Norwegian Barents Sea shelf. In 2013, it made a significant discovery in the Gohta well and another in 2014 in the nearby Alta well. The two discoveries are both part of the Loppa High structure.

This year, the company is completing drilling of the Alta 3 appraisal well, as well as the Neiden exploration well. That is followed up with the drilling of the Filicudi exploration.

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«We are making a real commitment in this area because we believe there are significant undiscovered resources here,» says Managing Director Kristin Færøvik. «During 2016/2017, we will be investigating three new prospects on the Loppa High and we will continue to delineate the Alta and Gohta discoveries», she says in a press release.

Lundin is among the biggest winners in the latest 23rd Norwegian License Round, where it has five licenses with operatorships and three license minority stakes.