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    Sweden's Lundin raises 2021 output guidance

Summary

The company cited extra contributions at the Johan Sverdrup and Edvard Grieg fields.

by: Joseph Murphy

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Sweden's Lundin raises 2021 output guidance

Swedish oil company Lundin Energy has raised its production forecast for this year to 180,000-195,000 barrels of oil equivalent/day, it said on June 14, up from an original guidance of 170,000-190,000 boe/d.

Year-to-date output has averaged 185,000 boe/d, which is towards the higher end of the original guidance range Lundin said, citing "excellent production efficiency" across all its assets, the Johan Sverdrup field reaching its first-phase plateau rate of 535,000 barrels/d of oil sooner than expected and additional capacity available at the Edvard Grieg field.

Lundin has a 20% interest in the Equinor-operated Sverdrup field. The project was originally expected to flow only 440,000 b/d during its first phase, but its wells have performed better than anticipated. At Lundin's Grieg field, extra capacity is available as the Ivar Aasen field has not been using its contractual capacity and this is expected to remain the case for the rest of the year.