Lundin’s profit, output down | Offshore Energy Today
Lundin’s profit, output down
Swedish oil company Lundin Petroleum saw its profit drop to $54.9 million in the first quarter of 2019, compared to $228.8 million earned in 1Q 2018. Revenues for the quarter fell to $491.6 million, from $692.9 million a year ago.
Edvard Grieg platform / Image source: Lundin Petroleum
Production declined to 78.8 thousand barrels of oil equivalent per day, down from 83.1 Mboepd in the first quarter of 2018.
Despite the drop in production, CEO Alex Schneiter said the output was at the upper end of expectations, boosted by Edvard Grieg and Alvheim offshore fields in Norway.
Lundin’s quarterly report shows production was 3 percent above mid-point of the production guidance for the quarter and towards the upper end of the guidance range
“This result is due to facilities and reservoir performance at the Edvard Grieg field. Production guidance for the full year remains between 75 and 95 Mboepd, reflecting a range around the expected start-up of the Johan Sverdrup field in November 2019,” Lundin said
CEO Schneiter commented: “At Johan Sverdrup, a significant milestone has been reached with the offshore installation of all the topsides and bridges completed at the end of March, meaning commissioning and hook up has begun in earnest, alongside the tie-back of the eight pre-drilled production wells. With the majority of commissioning for these facilities having taken place onshore and the ability to perform single lift installation using the Pioneering Spirit vessel, I am confident in the expected November 2019 start-up of this world-class asset.”…….
