Lundin Petroleum Targets Tripling of Crude Output Within Next Four Years

Lundin Petroleum AB, Sweden’s largest oil explorer, expects to triple its production to about 100,000 barrels a day within the next four years as it starts output from three fields in Norway.

“Our objective is in the next four years to get close to 100,000 barrels per day,” Chief Operating Officer Alex Schneiter said today in an interview at a conference in Stavanger, Norway. Current production is about 33,000 barrels a day, including 23,000 barrels a day from Norway, he said.

Lundin, based in Stockholm, controls producing assets in Norway, France, Tunisia, the Netherlands, Russia and Indonesia, as well as exploration acreage in Asia and Africa. The company has a market value of 13.4 billion kronor ($1.8 billion.)

Lundin controls 50 percent of the three fields that it will bring into production. The Luno field is expected to produce about 70,000 barrels a day starting in late 2014, Schneiter said. The other two are Krabbe and Nemo.

The company also aims to start drilling in the Barents Sea early next year 2011, he said. “We feel that that’s perhaps where we are going to find the next big find.”

To contact the reporter on this story: Fred Pals at fpals@bloomberg.net

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