Lundin Energy AB lowered production guidance for full-year 2020 following the Norwegian Government’s production restriction on the Norwegian Continental Shelf. The new guidance will target 157,000 boe/d, which is at top end of the revised 145,000-165,000 boe/d guidance range. Previous guidance had been upgraded to 160,000-170,000 boe/d prior to governmental production cuts.
Production restriction measures will impact the company’s output from June through December 2020, with unrestricted production resuming in 2021. To take advantage of excess production capacity, planned maintenance shutdown on Edvard Grieg, previously deferred from 2020 to 2021, will now take place third quarter 2020.
Due to recently announced increased production capacity at Johan Sverdrup, Lundin is increasing its long-term production guidance to 170,000-180,000 boe/d from 2021 (OGJ Online, Jan. 14, 2020).