After discovering one of the largest fields ever found off the Norwegian Continental Shelf, Lundin predicted that its production for 2012 would be between 32 000 and 38 000 boepd; a recent announcement has confirmed that Lundin expect production to be at the top end of this bracket. Even if production were only to reach the mid-point of the 2012 forecast, that would still signify a 5% increase on 2011.
The prediction comes despite a 'weather-related' delay to the Gaupe FieldÂ鶹´«Ã½Ó³»™s first oil date. The field had originally been expected to begin production late last year, but is now not believed to begin until February or March.
As a result of this announcement, the companyÂ鶹´«Ã½Ó³»™s shares rose by 1.3%. LundinÂ鶹´«Ã½Ó³»™s share price had previously doubled in 2011 as a result of the discovery of the Avaldsnes field, which contains an estimated 800 million to 1.8 billion barrels of oil.