STOCKHOLM -- Lundin Petroleum has announced the details of its $560 million development and exploration budget for 2009.
The development budget for 2009 is $215 million with a focus on the completion of ongoing development projects in Norway and Indonesia.
In Norway, the development of the Volund project (WI 35%) is ongoing with first production forecast in late 2009, the company says. The forecast plateau rate of the Volund field is 23,000 boe/d. The subsurface facilities installation is substantially complete and development drilling will begin shortly as scheduled.
In Indonesia, the development of the Singa gas field (WI 25.88%) is well advanced with first gas expected mid-year 2009. Gas production will build up to a plateau rate of 48 MMcf/d, the company says.
In 2009, the company will continue its investment program in exploration and appraisal activities with a continued major focus in Norway. The 2009 budget is $345 million with a work program involving the drilling of fifteen exploration wells and four appraisal wells.
In Norway, the company plans to drill nine exploration wells, six of which will be operated by Lundin Petroleum with a major focus upon the Greater Alvheim and Greater Luno areas.
Four of the exploration wells will be drilled in the Greater Alvheim area including the Mon prospect, the Aegis prospect, PL 340 (WI 15%), Marihone A/B, the Maur, and the Eiganes prospect.
Three wells will be drilled in the Greater Luno Area including PL 338 (WI 50%) drilling the Luno extension, PL 359 (WI 70%) drilling the Luno high prospect, and PL 410 (WI 100%) drilling the Luno 3 prospect.
One exploration well is currently drilling on PL006c (WI 75%) in the North Sea on the Hyme prospect, which will then be sidetracked as an appraisal well on the South East Tor discovery
One exploration well will be drilled on PL476 (WI 30%) in the Norwegian Sea on the Frusalen prospect just to the east of the Asgard field
In Russia, two wells will be drilled in the Lagansky block (WI 70%) in the northern Caspian Sea. These will include an appraisal well on the Morskaya discovery and a further exploration well on the Petrovskaya prospect.
In Vietnam, one exploration well will be drilled on block 06/94 (WI 33.3%), offshore Vietnam targeting the Tuong Vi prospect. In Congo Brazzaville, One exploration well and one appraisal well will be drilled on Block Marine XI (WI 18.75%) drilling the Sendji S1 prospect and the Viodo discovery respectively.