Lundin Says First Oil From Johan Sverdrup Discovery Expected In 2018

Lundin Petroleum released Thursday the forecast development milestones for the Johan Sverdrup discovery, offshore Norway, agreed between the various licencees in PL501 and PL265.

A pre-unit agreement was signed in March 2012 whereby it was agreed that Statoil will act as working operator for the Johan Sverdrup discovery until the plan of development is submitted.

The current timetable for Johan Sverdrup is as follows:

• Fourth quarter 2013: Concept selection

• Fourth quarter 2014: Plan of development submission

• Fourth quarter 2018: First oil

It is expected that Johan Sverdrup will have a production life extending to 2050.

Lundin Norway AS is the operator of PL501 with a 40 percent interest. Partners are Statoil Petroleum AS with 40 percent and Maersk Oil Norway AS with a 20 percent interest.

Lundin Norway is a partner with 10 percent interest in PL265. Statoil ASA is the operator with 40 percent interest, Petoro has 30 percent and Det norske oljeselskap ASA 20 percent.

Commenting on the news, Ashley Heppenstall, President and CEO,  said, ”We are very pleased that the Johan Sverdrup partners have agreed a development schedule to move forward this very large discovery. This highlights the importance of this project to all stakeholders.”