Lundin Petroleum discovered the 2.7 billion barrel Johan Sverdrup oil field in 2010. CEO Alex Schneiter spoke to Nick Coleman shortly before first oil was produced in early October, about the company’s strategy, the challenges for small exploration and production firms, and how the sector can respond to changing societal and environmental demands. What does the startup of the Johan Sverdrup oil field mean for Lundin and Norway’s oil and gas industry? It’s tremendous on all counts. Johan Sverdrup is transformational for Lundin Petroleum. If you go a little bit back in history, to 2015, Lundin Petroleum was producing about 20,000 boe/d, we quadrupled our production mainly through a field we discovered [in 2007] called Edvard Grieg, which was an important field because it gave us the key to discover later on Johan Sverdrup in 2010. Alex Schneiter, CEO of Lundin Petroleum Watch the full Insight Conversation video interview with Alex Schneiter Edvard Grieg [which came on stream in 2015] was instrumental for the growth of the company and of cash flow, but Johan Sverdrup is going to be the field that will allow us in essence to almost double again our production. We are close to 50% under budget.… continue reading
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Source: CTRM Center