Lundin Petroleum said it has raised output estimated for the first phase of the Johan Sverdrup field as it bear first quarter earning expectations.
The Swedish company said it has raised it daily output estimate for the first phase of the Sverdrup field in the North Sea up to 440,000bopd.
It had previously been set at a guided range of between 315,000 to 380,000bopd.
The operator of the project is Statoil, while other partners include Petoro, Det Norske and Denmark’s Maersk Oil.
The company’s first quarter earnings rose 45% to $125million.
It also swung to a net profit of $114million from a loss of $231million a year earlier.
In a statement, Lundin said this was “mainly driven by the excellent production performance and a net foreign exchange gain of $158.6million as a result of the weakening USD against the Norwegian Krone and the euro.”
First quarter production rose to 62,400 barrels of oil equivalent per day from 25,800 barrels of oil equivalent per day a year earlier/
This was buoyed by output from the Edvard Greig field which came onstream at the end of 2015.
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