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 Field’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 company’s shares rose by 1.3%. Lundin’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.