Lundin Petroleum said it was on target to significantly boost its output this year as it posted its first quarter profits.
The company said earnings before interest, taxes, depreciation and amortisation (EBITDA) had more than halved to $86million in the quarter from $177million a year previously.
Output for the year is expected to be between 41,000 to 51,000 barrels of oil equivalent per day this year.
Lundin has also earmarked a target production rate of 75,0000 barrels per day by the end of the year.
A spokesman said:”Our existing production, low operating costs and minimal cash taxes ensure that we continue to generate positive operating cash flow even down to low oil prices.
“We will deliver significant production growth with Edvard Grieg coming on stream later this year,” Lundin Chief Executive Ashley Heppenstall said in a statement.
“The Johan Sverdrup project is moving forward and will be approved this year and will deliver further production growth in years to come.”