Lundin eyes Norwegian drive as part of investment push

By Steve Marshall

 20 January 2012 01:27 GMT

SWEDISH independent Lundin Petroleum is planning a 40% increase in capital expenditure this year with well over half that total set to be directed to investment off Norway, writes Steve Marshall .

Lundin has earmarked $500 million for development activities that are focused mainly on Norway, where it plans to start developing the Luno field at a cost of about $200 million.

It also intends to drill production and water injection wells at the Bryhnild field and also install a subsea system for a tieback to the Haewene Brim floating production, storage and offloading vessel at Shell’s Pierce field in the UK sector. The company aims to bring the field on stream in 2013 at 8400 barrels of oil equivalent per day.

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