Swedish player set to break record for capital spending

By Beate Schjolberg

 10 January 2013 23:59 GMT

Swedish player Lundin Petroleum is ramping up capital spending to a record this year as several Norwegian development projects move into the execution phase.

Out of a total budget of $1.7 billion for exploration and development, about $1.1 billion will be spent on Norwegian field developments.

About $550 million will go to the Edvard Grieg field, where Lundin is operator and holds a 50% interest.

Activities include engineering and construction of the platform jacket and topsides, as well as pipelines for the field, which is due on stream in late 2015. Lundin also operates the Norwegian Brynhild field, where costs are expected to reach $470 million this year.

Brynhild is set to start production at the end of…

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