We’re improving our own record!
Lundin Norway is among the companies with lowest production costs on the Norwegian shelf. No other company had lower costs per barrel produced in 2017. So far this year, we have improved our own record by more than 17%.
Lundin’s average production cost in the first three quarters of the year was USD 3,49 per barrel. Our average production cost in 2017 was USD 4,25 per barrel. The average for the Norwegian shelf is around USD 11 per barrel.
The Edvard Grieg field is the most important contributor to Lundin’s production. Since start-up in 2015, the offshore team has made sure that the platform has produced with very high regularity from the very first day. To date, the platform has been on stream for as much as 97% of the time.
Many factors contribute to this good result, but people and work methods are definitely the key.
“High, safe and stable production will always be the foundation for good results in our industry. As such, our team on Edvard Grieg has exceeded all expectations,” says Managing Director, Kristin Færøvik.
Lundin Norway started out as a small exploration company in 2004. Today, we are a full-fledged oil company with activities in exploration, development and production. This incredible growth is based on our own discoveries and developments.
“This is obviously good for us as a company. But we should also remember that the majority of the revenues from production on the Norwegian shelf go to the State and the greater community. That is good news for everyone,” says Kristin Færøvik.